STANDARDIZED PROPERTY
Property value: 166,740
City: Asmara

Registration Requirements:

 
Procedure 1. Obtain building plans to give to notary
Time to complete: 10-15 days
Cost to complete: 1% property value
Comment: Parties must hire an engineer to draw up the plans in order to give them to the notary. He will use this as part of the documents necessary to complete the transfer.
Procedure 2. Obtain original title deed at the Municipality
Time to complete: 15 days
Cost to complete: 50 ERN
Comment:  
Procedure 3*. Clearance from Inland Revenue
Time to complete: 14 days
Cost to complete: 10 - 20 ERN
Comment: There is no cost involved unless there are unpaid taxes. The Inland Revenue also makes sure the property is free from mortgage.
Procedure 4*. Tax clearance from the bank
Time to complete: 3 - 7 days
Cost to complete: 10 - 20 ERN
Comment:  
Procedure 5*. Tax clearance from Municipality
Time to complete: 30 days
Cost to complete: 10 - 20 ERN
Comment:  
Procedure 6. Give receipts to Notary at the Municipality
Time to complete: 1 day
Cost to complete: none
Comment: Parties go to the Notary at the Municipality and give him the documents and receipts. He sends them to the Cadastre.
Procedure 7*. Cadastral Officers inspect land
Time to complete: 15 days
Cost to complete: 100 ERN
Comment: This is the maximum time necessary to complete this procedure. If the cadastral office is not busy, it may take less than 10 days. A committee checks the design, limits, and documents.
Procedure 8*. Cadastral Office creates a map of land and assures compliance with all building regulations
Time to complete: 15 days
Cost to complete: no cost
Comment: Upon completion of procedure, Cadastral Office provides parties proof of compliance. Here the committee valuates the building for tax purposes.
Procedure 9. Committee notifies buyer how much to pay Inland Revenue
Time to complete: 1 day
Cost to complete: no cost
Comment:  
Procedure 10. Buyer pays tax at Inland Revenue
Time to complete: 1 day
Cost to complete: 4% of property value as valuated by committee
Comment:  
Procedure 11. Register title with notary and prove payment of taxes
Time to complete: 2 - 3 days
Cost to complete: 200 ERN (estimated nominal notary's fees)
Comment: If the buyer has obtained the property by succession, then he should publish the transaction at the Notaries Notice Board for 14 days, at a cost of ERN 500. Seller and buyer and two witnesses go to the notary office and make sure that all taxes and fees are paid (buyer brings receipts from Inland Revenue).
Procedure 12. Finalize registration of title at the Cadastre
Time to complete: 21 days
Cost to complete: none
Comment: At this point in the process the buyer obtains full possession of the title. They give copies of the title to the Cadastre and the Municipality.
 
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*).