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The notary checks that the Limited Liability Company is the correct owner
Time to complete:
2 days
Cost to complete:
10,000 FCFA
Name of Agency:
Company Registrar
Comment:
The notary verifies the ownership of the property
Procedure 2.
The notary checks for encumbrances on the property (land and building)
Time to complete:
2 days
Cost to complete:
20,000 FCFA
Name of Agency:
Property Registry (Conservation Fonciere)
Comment:
The notary will check for encumbrances at the Conservation Fonciere and obtain a certificate "de non-inscription d'hypotheques". The cost is fixed by the Art.94. Régime de la propriété foncière - Loi n°17-2000 du 30 décembre 2000 (2000 CFA/year)
Procedure 3.
Evaluation of the property by a private appraiser
Time to complete:
21days
Cost to complete:
50 FCFA per square meter
Name of Agency:
Cadastre
Comment:
A private surveyor's services are retained (geometer) to draw a ‘plan de bornage’ or delimitation of the land. This private surveyor is sworn-in and therefore habilitated to draw the plan de bornage. The cost at 50 CFA/square meter was fixed by the Law No 4-2007 of May 11, 2007 (Financial Law)
Procedure 4.
Notary drafts the sale agreement and both parties sign
Time to complete:
1 day
Cost to complete:
Notary fees on a sliding scale
0 to 5 000 000 7% 5 000 001 to 20 000 000 5% 20 000 001 to 50 000 000 3% 50 000 001 to 100 000 000 2% 100 000 001 and over 0.50%
Name of Agency:
Comment:
The parties can draw the sale agreement among themselves, but this sale agreement must be notarize. Therefore most parties will retain the services of a notary to draw the sale agreement.
Procedure 5.
Register the sale agreement with the Property Registry
Time to complete:
1 day
Cost to complete:
5% property value (registration fee) + 5% of the registration fee + 0.5% property value (transfer tax) + 0.2% Frais de conservation + Frais de depot 10,000 CFA + Publication fees 10, 000 CFA + Frais d'ordonnance 10, 000 CFA + Transcription fees 5,000 CFA
Name of Agency:
Property Registry (Conservation Fonciere)
Comment:
The Conservateur will check the file and transmit it to one colleague to calculate if all costs are accurate
Procedure 6.
The transfer is published at the local paper to allow contestation
Time to complete:
61 days
Cost to complete:
20,000 FCFA (publication)
Name of Agency:
Comment:
The notice of the request for registration of the ownership title is published in the Official Gazette, on the wall of the town hall, the tax authorities, the registry, the seat of the arrondissement, and in one of the weekly legal journals. The Land Registry waits two months to receive any disputes to the registration. After this period the registrar writes a certificate of contestation or no contestation and gives the relevant file to the president of the court in the area where the property is located. In case of no contestation, the president of said court orders the registration and the transcription of the rights of the buyer to the property. Official cost for publication is FCFA 20,000 The publication should include: - the Sale Agreement - Copies of the Statutes of the Limited Liability Company - the Property Title - Minutes of the Company's Assemblee authorizing the manager of the company to sell that property
Procedure 7.
Land title is prepared and issued to the new owner
Time to complete:
28 days
Cost to complete:
(included in procedure 5)
Name of Agency:
Property Registry (Conservation Fonciere)
Comment:
The Land registrar issues a copy of the land title to the Limited Liability Company and keeps the technical file. After publication, the land title is prepared and issued in the name of the Company.
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