STANDARDIZED PROPERTY
Property value: 6,426,239
City: Niamey
Procedure 1. Check the ownership of the property at the Land Registry ("Service des Domaines" )
Time to complete: 1 day
Cost to complete: Free of Cost
Comment: The buyer should perform due diligence at the Land Registry before entering into a sale agreement with the owner of the property. The buyer will be able to check all useful information regarding the property and its history since its registration. More importantly, the buyer will know whether the title is encumbered with mortgages or liens.
Procedure 2. Obtain an Assessment of the True Value of the Property
Time to complete: 14 days
Cost to complete: CFA 20,000
Comment: It is the practice in the country that the potential buyer hires a price expert to assess the true value of the property before the sale agreement. These are called "Démarcheurs". After investigating the place and the building these facilitators provide a range of acceptable price for a fixed fee that varies with cases but can be estimated to be around CFA 20,000.
Procedure 3. A Notary drafts the sale agreement
Time to complete: 3 days
Cost to complete: 2% of the property value
Comment: The law requires that the sale agreement be notarized. It is the practice that parties ask the notary to draft the sale agreement himself. The Notary will draft a preliminary sale agreement and will take the parties' final observations. The notary will then take the final sale agreement to the land registry for final transfer of property. The notary's fees are an estimate.
Procedure 4. Transfer of the property title with the Land Registry ("Service des Domaines")
Time to complete: 30 days
Cost to complete: CFA 5,000 + 1.5% transfer tax
Comment: The notary takes the notarized sale agreement to the Land Registry and files a request of transfer of property. The Land Registry, after due diligence, operates the final transfer of the property to the buyer by changing the mention in the land files. It then issues a new title of ownership in the buyer's name.
Procedure 5. Register the new ownership certificate with the Tax Authorities ("Direction Générale des Impôts" )
Time to complete: 1 day
Cost to complete: 10% of the Property Value + Stamp Duty @ CFA 1,500 per page [assume 4 pages]
Comment: The new ownership certificate should be registered with the Tax Authorities to have full probative powers. The registration fees amounts to 10% of the property value. The Tax Authorities do not check the accuracy of the stated price and it is common practice in the country for the parties to understate the value of the transaction in their sale agreement. The procedure is done promptly in just one day, at the tax authority location.
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*).
| Location: | |||
