Obtain tax clearance from Inland Revenue
Agency: Inland Revenue
There are no costs involved unless there are unpaid taxes for the concerned building and other buildings owned by the owner.
Time and cost: 7 days, ERN 15
Obtain non-objection from Commercial bank
Agency: Commercial Bank of Eritrea
There are only two banks in Eritrea and as part of due diligence, a non-objection clearance is obtained from both of them to show that there are no outstanding loans or other credits on the property.
Time and cost: 1 day, ERN 50
Obtain non-objection clearance for unpaid loans from housing and commercial bank
Agency: Housing and commercial bank
Time and cost: 1 day, ERN 20
Obtain a tax clearance from the Municipality
Agency: Municipality
This is also part of the due diligence. The seller will provide proof that there are no outstanding property taxes
Time and cost: 1 day, ERN 50 (25 ERN (1-5 days), 50 ERN (express 1 day))
Obtain non-encumbrance certificate from the Cadastral Office
Agency: Cadastral Office
The clearance secures that the property is free from any mortgage and pledge.
Time and cost: 1 day, ERN 15
Submit all registration documents and clearances to the Notary Public and define tax to be paid
Agency: Notary public office
The Public Notary examines all the documents thoroughly, with all the clearances and delivers the documents, particularly the previous survey plan, to the Department of Infrastructure for new plan (from the previous owner to the new owner).
Time and cost: 1 day, no charge
Creates a map of land
Agency: Dept. of Infrastructure
The Department of Urban Development of the Ministry of Public Works prepares a map and ensures compliance with all building regulations. The Department of Infrastructure sends the new map to the Public Notary, and the Public Notary, based on the declared price of agreement or on the recorded value in the computer (database), orders the buyer or any beneficiary to pay transfer taxes at the Municipality and at the Inland Revenue.
Time and cost: 60 days, no charge
Buyer pays tax at Municipality
Agency: Municipality
The buyer pays the necessary tax at the Municipality.
Time and cost: 1 day, ERN 40,081.19 (5% for Municipality)
Buyer pays tax at Inland Revenue
Agency: Inland Revenue
The buyer pays the necessary tax at the Inland Revenue.
Time and cost: 1 day, ERN 32,064.95 (4% of property value as valuated by committee)
The Public Notary approved the contract in front of the parties and two witnesses
Agency: Notary public office
The Public Notary reads the content of the contract in front of the parties and witnesses. All parties must give their own free will for the contract to be effective. The Notary duly monitors the documents particularly whether the transfer payment is fully paid or not, and sends all the relevant documents to the Cadastral Office.
Time and cost: 1 day, included in the 9% of property value
Submit registration of title at the Cadastre
Agency: Cadastral Office
At this point in the process the buyer obtains full possession of the title. They give copies of the title to the Cadastre and the Municipality.
Time and cost: 7 days, ERN 150
