Contributed By MMC Africa Law
The process of acquisition of property begins with the purchaser’s advocate conducting a search on the property.
The vendor’s advocate prepares the agreement for sale for execution by the parties upon approval by the purchaser’s advocates.
The vendor then embarks on preparation of the completion documents. In the meantime, the purchaser’s advocate prepares the transfer document for execution by the parties upon approval by the vendor’s advocates.
The transfer is then filed at the Lands Offices for valuation purposes. The purchaser pays stamp duty once valuation is finalised.
Once stamped, the transfer is filed for registration together with the completion documents. Upon registration, the purchaser is issued with a new title.
There are no mandatory requirements for purchasers to buy real estate title insurance. As such, title insurance is not common. However, financiers would require that insurance be obtained in the case of a financed purchase.
A certificate of title issued by a registrar upon registration is taken as prima facie evidence that the person named as proprietor is the absolute and indefeasible owner subject to any registered encumbrances, and the title shall not be subject to challenge except on the grounds of fraud or misrepresentation to which the person is proved to be a party or where a certificate of title has been acquired illegally, unprocedurally or through a corrupt scheme.