Wondering about the process of property registeration in Ghana and how to go about registering your dream house or yet to acquire home? Your worries are over. The process of home registration in Ghana is pretty easier in the sense that there is less risk compared to land registration marred with litigations even when you fully registered it. Read also: What are the causes of land litigation in Accra, Ghana?
Even though there is bacreaucracy in the system, here is the process to follow to register your home peacefully:
- Find a property
- Hire a lawyer
- Conduct a search
- Negotiate the price
- Sign purchase agreement
- Pay stamp duties
- Submit application
- Transaction publication
- Title certificate
Now, let me discuss each of them into details and offer you tips to get around huddles.
Find A Property
First thing first, shop for your ideal property. Online search on villashark.com is much easier as you will be able to compare apple to apple. Alternatively, you can also hire a real estate agent to handle that for you. Here is the best part, agents and brokers have a pool of listings than if you were shopping around by yourself. They are the gatekeepers to listings. All you need to do is outline your criteria, and they will find properties that meet that criteria. They will also offer you helpful advice that will refine your criteria.
Hire A Lawyer
I will strongly advise you to hire a real estate lawyer to guide you through the process of the transaction. Everything may look perfect until it is not. An experienced lawyer will conduct due diligence required to make your acquisition is safe and sound. Because of the nature of land system, some issues may be pending or unsolved . It could range from encroachment to incomplete documents or court cases or liens.
Obviously, you will save yourself time and resources if you assign that to a lawyer to demand all documents from the seller or collect them and hand them over to your lawyer to conduct due diligence.
Run A Search
Your first stop is at the Lands Commission to conduct a search to see if the seller’s name on documents is on the land records. Note that you could also run a consolidated search online. If the results comes satisfactory, move to next step.
Negotiate like a Pro
Ghanaians like to haggle back and forth. For instance, let’s say seller Kofi Mensah who is willing to walk away with $120,000 as final price for his 3bedroom house, he will price it somewhere around $300,000 to $450,000 just to get as much top bids and bargaining as possible.Tip: when paying don’t hand over hard cash. Pay through a medium that is verifiable. Pay through seller’s bank account.
Sign Purchase Agreement
If you are using a lawyer, he will draft a copy for both parties to view and sign including witnesses from both parties. The lawyer will also prepare Transfer Deed. You will also execute Title Transfer form and submit it to Land Registry.
Pay Stamp Duties
Your property value need to be assessed by Land Valuation Board to come up with its fair market value. In other words the appraisal. You will need to submit a Deed of Assignment document to the Valuation board. The stamp duties varies ranging from 0.25% to 1% depending on the property value. The higher the value or the appraisal, the high the duties-basically property tax.
In order to get the Title Certificate, you will need to submit your application to Land Registration Division. This is a division at the Lands Commission. You will need to present: application form, original including a copy of Deed of Assignment document and Land certificate.
Publication Of Your Transaction
Your transaction will be published in national weekly newspaper before you are issued the Land Title Certificate. The publication fees ranges from 25GHS to 200 GHS depending on the land size and how urgent you want it. If you want it urgently, you will pay 95GHS premium for what is called Special Publication, again depend on the land size.
Finally, your transaction will be recorded and you will be issued the Land Title Certificate by the Land Title Registry. The original copy of the Deed of Assignment will be returned to you with a stamp indicating it has been registered successfully. Make sure you don’t missed that. The copies will be filed at the registry for records. From now you are now a new legal owner of your property and you can use your property under the Deed Registration Act and Development Permit issued by your local assemble.
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