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EC$20 (registration fee) + EC$50 (land certificate) + lawyer’s fees (2.5% on the first EC$25,000, 2% on the second EC$25,000 and 1% on the next EC$950,000 and 0.5% on the balance)
* Takes place simultaneously with another procedure.
Registration Requirement Details
Procedure 1.
Conduct title search at the Land Registry
Time to complete:
1 day (simultaneous with procedure 2)
Cost to complete:
EC$35
Name of Agency:
Land Registry
Comment:
The lawyer checks for encumbrances at the Land Registry. The Registry is computerized, so the lawyer gives the clerk the block and parcel number, and he then provides the title record.
Procedure 2.
Preparation of the sale purchase agreement and instrument of transfer
Time to complete:
3 - 4 days (simultaneous with procedure 1)
Cost to complete:
(paid in procedure 5)
Name of Agency:
Comment:
It is standard practice that the sale purchase agreement is prepared by a lawyer. At this point the purchaser usually gives a deposit on the property to the vendor. The vendor guarantees that there are no encumbrances (or they are noted in the agreement) and no outstanding taxes associated with the property. Both companies present the resolution of their shareholders to engage in the transaction, as well as powers of attorney to act on behalf of the company. At the end of this time period, the parties execute the instrument of transfer (a prescribed form according to Laws of Antigua and Barbuda, revised in 1992, Vol. 13, CAP 374) and swear the certifications of their signatures.
Procedure 3.
Executed instrument of transfer submitted to the Inland Revenue Commission
Time to complete:
14 days (simultaneous with Procedure 4)
Cost to complete:
no cost
Name of Agency:
Inland Revenue Commission
Comment:
The Inland Revenue Commission checks that all property taxes have been paid, and assesses the value of the land according to the existing cadastre to decide the amount of stamp duty to be paid. Occasionally, evaluation officers may need to inspect the property at this point in order to determine its value if there is a discrepancy in the records of property taxes vs. the cadastral value.
Procedure 4.
Inspection of the property by the Inland Revenue Commission
Time to complete:
1 day (simultaneous with procedure 3)
Cost to complete:
no cost
Name of Agency:
Inland Revenue Commission
Comment:
The Inland Revenue Commission assesses the property value for purposes of charging the stamp duty on the property. To complete this assessment a valuation officer must inspect the site.
Procedure 5.
Payment of stamp duty on the instrument of transfer at the Inland Revenue Commission
Time to complete:
1 day
Cost to complete:
10% of property value
Name of Agency:
Inland Revenue Commission
Comment:
Usually the vendor pays 7.5% and the purchaser pays 2.5%, but the parties can negotiate this between themselves. Once it is found that no taxes are owed, the certification of rates and taxes attached to the transfer is completed by an evaluation officer from the Property Tax Division. Parties pay the assessed stamp duty and the instrument of transfer is stamped.
Procedure 6.
Instrument of transfer is submitted to the Land Registry for registration
Time to complete:
7 days
Cost to complete:
EC$20 (registration fee) + EC$50 (land certificate) + lawyer’s fees (2.5% on the first EC$25,000, 2% on the second EC$25,000 and 1% on the next EC$950,000 and 0.5% on the balance)
Name of Agency:
Land Registry
Comment:
The previous Land Certificate must be submitted to the registry for destruction. The documents for the instrument of transfer are then filed with the date and time submitted noted on the document itself. All copies are sealed by the registry, but only one copy needs the stamps attached. A copy is returned to the buyer. The change of ownership is then noted on the requisite register. This is then submitted to the Registrar of Lands for signature, at which point the transfer is considered registered. The application for a new Land Certificate can occur during this time, and is usually issued simultaneously. The registration fee of ED$ 20 is paid in stamps at the Antigua & Barbuda Registry of Lands. Lawyers/notaries will usually keep a supply of these at their offices for this purpose. The registration fee is EC$20 if not more than 3 months have passed between execution and registration of the instrument of transfer. For every month that passes thereafter, one pays EC$20, but not exceeding EC$100. Lawyer/notary fees are usually paid once the Land Certificate is issued and the documents are registered.
Documents required: - Instrument of transfer (2 copies required by law) - Proof of payment of all taxes relating to the property - Old land certificate - Application for new land certificate (optional, blanks available at the registry)
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