Step-by-Step Property Purchase Procedure: A Comprehensive Guide

1. Identification of the Land

Begin by searching for a plot that aligns with your criteria—consider location, size, and price. Verify ownership to ensure the land is legitimately for sale and the seller is the rightful owner.

2. Legal Checks

Request the title deed to confirm ownership and check with local authorities for zoning and land use regulations. Ensure the land is suitable for your intended use (residential, commercial, agricultural) and assess accessibility to water and electricity.

3. Due Diligence

Conduct a land survey to determine the exact boundaries of the plot. Perform an environmental inspection to rule out issues like flood risks.

4. Financing

If financing is required, apply for a mortgage from financial institutions. Be prepared to submit all necessary documents for evaluation.

5. Signing a Preliminary Sales Agreement (Option to Purchase)

Once you’ve chosen a plot and verified its legitimacy, negotiate and draft a preliminary sales agreement. A deposit of 10% to 20% of the purchase price is typically required. Include suspensive clauses such as obtaining building permits or securing financing.

6. Finalizing the Sale

Proceed to sign the deed of sale, ensuring the cheque is made out to the notary. Pay the remaining balance to the seller, and the deed will be registered at the Conservator of Mortgages, completing the transaction.

7. Registration and Payment of Taxes

Pay the registration duty, usually 5% of the purchase price, along with any applicable stamp duty and notary fees.

8. Transfer of Ownership

Once all formalities are complete, take possession of the property. The notary will register the transfer, and you will receive the contract within 15-20 days.

9. Post-Purchase

With the land now in your name, you can begin land development according to the permits obtained.

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