Contract broker to assess the true value of the property
Agency: Notary
The notary will contract the services of a broker to assess the true value of the property for tax purposes.
Time and cost: 5 days, SRD 3,844.8 (0.2% of the property value)
Conduct title search at Lands Office
Agency: MI-GLIS
The notary conducts a search at the Land Registration Office (MI-GLIS) to check ownership, encumbrances and any other limitations of the property.
Time and cost: 3 days, SRD 25
Broker assessment is verified at Mortgage Registry Office
Agency: MI-GLIS
The notary deposits the broker’s report at the Land Registration Office (MI-GLIS) to be verified and signed off.
Time and cost: 9 days, no charge
Execute and notarize final sale purchase agreement
Agency: Notary
Once the MI-GLIS has agreed on the property value, the parties execute the final sale purchase agreement at the Notary, as required by law. At this time the parties also pay the registration fee (buyer) and the notary fees (between the parties). The notary will transfer the registration fee to the Lands Office when he submits the notarized sale and purchase agreement for registration.
Time and cost: 1 day, SRD 269,135.98 (Registration fees: 7% property price + notary fees: 3% property price + (8% of notary fees for VAT not included in calculation) + government levied tax: 3.5% property price + 0.5% as MI-GLIS fee for land transaction)
Notary registers final sale purchase agreement at the Lands Office
Agency: MI-GLIS
The notary brings the notarized sale and purchase agreement to be registered at the Land Registration Office (MI-GLIS).
Documents to be provided: (i) The original instrument of conveyance; (ii) a certified copy of the instrument of conveyance; (iii) a Valuation report; and (iv) Zegelrecht “The transfer tax”.
Time and cost: 1 day, paid in Procedure 4
Buyer receives original deed proving ownership
Agency: MIGLIS
The notary receives a stamped and registered sale and purchase agreement from the Lands Office and delivers it to the buyer.
Time and cost: 30 days, paid in Procedure 4
