Surveyor verifies property or plan
Agency: Surveyor
If it is a new property title, the cost for the new survey is ECD 1,000 per acre. If it is not a new title, the cost is ECD 350 per copy.
Time and cost: 14 days, XCD 350 (XCD 350 per copy of plan)
Lawyer searches the title at the land registry
Agency: Land Registry
The lawyer will search the title at the Land Registry for encumbrances. The fee is ECD 5 adhesive stamp that can be purchased at the Registry or post office.
Time and cost: 1 day, XCD 5
Lawyer prepares a memorandum of transfer
Agency: Lawyer
After obtaining the documents in previous procedures, and checking the properties standing with the Inland Revenue Department (through the presentation of relevant tax receipts by the Seller), the parties’ lawyer will prepare the memorandum of transfer over about two weeks. At the end of this period, the parties sign the memorandum of transfer.
Documents required:
- Tax receipts relevant to the property (vendor)
- Survey plan (obtained in procedure 1)
Time and cost: 14 days, paid in Procedure 5
Submit revenue receipt voucher & memorandum of transfer to the Inland Revenue Department
Agency: Inland Revenue Department
The revenue receipt voucher (a standard form) is submitted with the memorandum of the transfer, along with payment of Stamp Duty. The vendor pays the Stamp Duty. All fees are paid at the Inland Revenue Department. The Stamp Duty rate was reduced to 10% for local citizens after the Stamps Amendment Bill was passed on November 2015.
Additionally, it is necessary to contribute to the Land Assurance Fund. The contribution equals to 0.2% of the purchase price.
Time and cost: 14 days, XCD 258,351.59 (10% of purchase price (Stamp Duty) + XCD 7.20 (Registration fee) + 0.2% of purchase price (Land Assurance Fund))
Vendor’s attorney prepares a linen copy of the new certificate of title and finalizes the memorandum of transfer
Agency: Lawyer
At this step, the balance of the purchase price is exchanged for the memorandum of transfer and the vendor’s attorney prepares a linen copy of the new certificate of title. Documents required: (i) Stamped memorandum of transfer (obtained in Procedure 3); (ii) Receipts for payment of fees (obtained in Procedure 4)
Time and cost: 1 day, XCD 18,288.94
Lawyer’s fees (cumulative and regressive scheme) based on the property purchase price:
- First XCD 25,000: 2.5%
- Second XCD 25,000: 2%
- Third: Between XCD 50,000 and XCD 1,000,000: 1%
- Fourth: Amounts above XCD 1,000,000: 0.5%
Memorandum of transfer submitted to Supreme Court Registry
Agency: Land Registry
The memorandum of transfer is submitted to the Registrar for approval. The old certificate is then cancelled and a new certificate of title is issued. All records at the Registry are in paper format. The Registry is often overloaded with work, and therefore registration is experiencing long delays. Documentation required: (i) One copy of the cadastral survey of land, attached to the linen copy of the certificate of title (Obtained in Procedure 5); (ii) Proof of payment of all taxes relating to the property (Obtained in Procedures 3 and 4).
Time and cost: 180 days, paid in Procedure 4
