Real Estate Brokerage company conducts due diligence
Agency: Real Estate Brokerage Company
It is common practice to hire a real estate brokerage company to conduct all due diligence on the property. This consists in checking whether there are any encumbrances and unpaid utility bills. As the Ministry of Housing does not have the information on utilities, the distribution companies must be contacted separately. The brokerage company will also check all the papers of the property to ensure that it is properly registered. A due diligence report is prepared within 1-2 weeks and given to the client.
Time and cost: 14 days, OMR 3,000
Submit application for registration at the Land Registration Department at the Ministry of Housing
Agency: Land Registration Department at the Ministry of Housing
Both parties submit the duly filled form of agreement (a standardized form) with full particulars about the seller and the buyer to the Land Registration Department at the Ministry of Housing. The Registration fee is paid at the Land Registration Department at the same moment when parties submit the sale agreement. Parties pick up the approved application on the same day. Both parties have to sign before the registrar, along with 2 witnesses. The registration department will take two hours to search for encumbrances. Note that records after 1998 are on the computer, whereas those submitted previously are still on paper.
Registration application should be combined with the following information and documents:
- Parties’ full information, such as name, age, nationality, address etc
- Capacity and powers of parties’ representatives and powers, if any
- Plot number, square, area and the type of use, i.e. commercial, residential or industrial use
- The deed requested to be recorded showing transaction amount
- The original ownership document
- Map of the land (Already in possession of seller)
- Shareholder resolutions for both buyer and seller
Time and cost: 1 day, OMR 15,712.4 (OMR 2 (stamp duty) + OMR 10 (application fees) + 5% of property value (registration fee))
Issuance of the new title deed in the name of the buyer
Agency: Land Registration Department at the Ministry of Housing
After payment of the registration fees, the Land Registration Department will issue the new title deed and drawings in the name of the buyer after 2-3 weeks. As of 2005, GCC nationals have equal rights as locals regarding the ownership and registration of lands and buildings. All foreigners have the ownership right in tourism-oriented complexes and compounds.
Time and cost: 3 days, already paid
