STANDARDIZED PROPERTY
Property value: 12,438,259
City: Moroni

Registration Requirements:

 
Procedure 1. Title search at the Service des Domaines
Time to complete: 3 - 4 days
Cost to complete: no cost
Comment: Parties should conduct a search of the title at the Service des Domaines to check the ownership and any encumbrances or liens.
Procedure 2. Buyer and his topographer visit the property to survey and see that the title description matches the property
Time to complete: 15 days
Cost to complete: approx. 40,000 FC
Comment: This is not a mandatory procedure, but it is standard practice for buyers. Topographers are in high demand, which accounts for the delay. They are often hired from the Service des Domaines. During the survey, the topographer and buyer may also consult with the neighbors of the property to verify the owner and limits.
Procedure 3. Contract a lawyer or notary to draft the sale purchase agreement
Time to complete: 1 - 2 days
Cost to complete: 5 - 10% of the actual property value (legal fees)
Comment: This is not a mandatory procedure but it is standard practice. The contract can be written by anyone. The parties can write it themselves if they want but companies normally contract a lawyer to draft it. Normally the buyer pays a deposit of 10% to 20% of the price value when signing this contract.
Procedure 4. Notarize the sale purchase agreement at the notary
Time to complete: 2 days
Cost to complete: 0.5 - 1% property value
Comment: The agreement must be notarized by a notary.
Procedure 5. Register the sale purchase agreement with the Service des Domaines
Time to complete: 1 day
Cost to complete: 12% transfer tax on the declared price + 32,000F registration fees + 500F per page stamp duty (4 pages)
Comment: The Service des Domaines will record the transfer in their books and officially change the name on the existing title to that of the buyer.
 
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*).