Registering Property in Ghana-gctid29003

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Registering Property in Ghana
 

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This is a step by step walk-through of how to register property in Ghana sent out on Feb 15, 2008 on okyeame Googlegroup.

 
 Registration  Requirements:
 
 Procedure 1.
 Preparation of the transfer document to include the site  plan
 Time  to complete:  2-5 days
 Cost  to complete:  GHC 100.00 - 150.00
 
 Comment:
 An attorney prepares the transfer document (transfer deed) to  include site
 plan preparation. The deed must be signed by both the vendor and  the purchaser
 and their witnesses.  
 
 Procedure 2.
 Assessment and payment of Stamp  duty
 Time  to complete:  3-14 days
 Cost  to complete:  GHC 55.00 (Processing fee) + 0.5% of property value
 (stamp  duty)
 
 Comment:
 Stamp Duty is assessed and paid at Land Valuation Board. The  buyer presents
 the deed of assignment to the Land Valuation Board or the  Valuation.
 Department of the Internal Revenue Service for the assessment of  Stamp Duty and pays
 the presentation fee. The property is inspected to  ascertain its current open
 market value. The buyer pays Stamp Duty to the Land  Valuation Board or the
 Valuation Department of the Internal Revenue Service.  The Stamp Duty Act of
 2005 (Act 6S9) reduced the stamp duty from 2% to 0.5%.  This Act states that for
 the conveyance or transfer on the sale of a property,  the stamp duty is
 0.25% where the property value is less than GHC 10000. For  properties valued
 between GHC 10000 and 50000, stamp duty is 0.5%, and for  properties valued above
 GHC 50000, stamp duty is 1%.  
 
 Procedure 3.
 Submit application for title certificate at Land Title  Registry
 Time  to complete: 1  day
 Cost  to complete:  GHC 2.00
 
 Comment:
 Submission of application form for Title Certificate and payment  of
 processing fee at Land Title Registry. The documentation shall include:  Application
 form Original and one copy of the deed of assignment, duly  completed Land
 Certificate Company's certificate of  incorporation.
 
 Procedure 4.
 Publication of transaction in national weekly  newspaper
 Time  to complete: 7-21  days
 Cost  to complete: GHC  8.00
 
 Comment:
 The transaction must be published in the national weekly  newspaper in order
 to issue Land Title Certificate. The fee for publication is  GHC 8 for land
 the size of 0.25 acres or less. Where the Land Certificate is  urgently
 required, the applicant has the option to choose what is known as  "special publication
 ". In that case, the amount payable is GHC 95. However, if  the size of the
 land plot is above 1 acre (but less than 4 acres), the amount  payable is GHC
 125. If the size of the land plot is above 4 acres, the amount  payable is 2%
 of GHC 8 on every 0.25 acre. The current position, however, is  that where the
 size of the land is more than 4 acres, the amount payable is a  flat rate of
 GHC 200.  
 
 Procedure 5.
 Issuance of title certificate
 Time  to complete: 1-14  days
 Cost  to complete: no  cost
 
 Comment:
 The title Certificate is issued by the Land Title Registry. The  transaction
 is recorded on the Land Certificate, which is returned to the  owner. The
 original of the deed of assignment, having been stamped to show  that it has been
 registered, is also returned to the applicant. The Registry  keeps a
 duplicate. The folio of the Register is filed and the transaction  document is placed
 in the land parcel file. The owner will use the property  after the title is
 issued by Land Title (in areas covered by Land Title  Registration) or when the
 Deed has been registered under the Deeds  Registration Act and Development
 Permit granted by the Assembly. Most often  property owners do not wait to go
 through these processes before making use of  the land.