The parties report the transaction at the notary public’s office
Agency: Notary public
Both seller and buyer shall go to a notary public licensed by the Ministry of Justice. The notary public first verifies the title deed which should be duly certified by the court and registered at the Land Registry. The notary public shall review the agreement concerning the selling price, way of payment, and location of the real estate. Then they shall specify a date to visit the location of the real estate for inspection.
Time and cost: 1 day, charge is paid in Procedure 3
Inspection of the land location by the notary public
Agency: Notary public
The notary public shall inspect the location, area, and borders of the land, thus measuring all dimensions. He shall verify whether the title deed is consistent with the physical status of the property.
Time and cost: 5 days, no charge
Parties return to the Trustee’s office where the notary executes the sale deed
Agency: Notary public
In case the inspection in Procedure 2 is consistent, the notary will prepare the handwritten draft of the deed. The notary will note down the checking of other documents such as the building permit, electricity bill, water bill, telephone bill, the municipality ground rent payment certificate, and the previous sale deeds in case the property had different owners in the past. All above documents provided by the seller. Both parties sign and add their left-hand thumb impression on the paper in front of two witnesses. The notary keeps all the records of the agreement and then executes a formal handwritten deed of sale on the official form accepted for the Ministry of Justice for being held at the Trustee. Usually, this form is already available at the notary’s office. At this stage, this document bears only the notary’s signature and stamp. The notary maintains a copy of the sale contract with a copy of the title. The seller either receives the money in front of the notary or admits having received the money previously. The notary charges his fee according to the prescribed fee in the law for registration/ authentication of documents.
Time and cost: 1 day, YER 126,727.15 (Notary fees: 1.5% of property value up to YER 100,000 + 0.5% of property value for properties exceeding YER 100,000)
Submit the sale deed to a competent court for certification and authentication.
Agency: Court
The new owner submits the title deed to the court for certification and authentication of the signature and seal of the notary public after payment of authentication fees. The chairman of the court endorses and transfers the title deed to the documents’ registration branch in the same court. The registration branch checks the Trustee’s jurisdiction. The sale deed is received for registration by the purchaser who pays the registration fee. The law does not require this procedure but companies still prefer to certify the sale deed at the court for comfort. Before a legal reform in 2002, this Procedure was mandated by law.
Time and cost: 3 days, YER 78,579.47 (0.25% of property value (Court fees) + 0.0625% of property value (Judiciary Support Fund fees))
Stamp the sale deed at the chairman of the court
Agency: Court
After paying the registration fee, the purchaser takes back the sale deed to the chairman of the court, who stamps the document.
Time and cost: 2 days, already paid in Procedure 4
Apply for the registration to the Survey & Land Registration Authority
Agency: General Authority for Lands, Surveying & Urban Planning
The buyer applies to the Survey & Land Registration Authority for registration of the title deed of the land, filling up a specific form and, enclosing copies of the old and new title deeds along with the C.R. of the Company. The Registration Department studies the documents to ensure their legal validity. Then all the documents are referred to the Examination Department, Ownership Confirmation Department, and Survey Department for completion of the required Procedures. The Examination Department ensures that there is no objection, dispute, or mortgage against the transfer of title deed. After that, they enter the application with a serial No. and refer it to Ownership Confirmation Department for a survey and visit of the location of land to ensure compliance of the borders and area with the new title deed, adding the property finally to their cadastral map. The application and the survey are registered in their records and submitted to the Legal Department. The Legal Department writes to the General Director of Survey & Land Registration Authority stating that all the primary Procedures have been completed under the law. The parties are notified for completing the registration procedure and, pay the duties and taxes at the Financial Affairs Department in the Survey & Land Registration Department. After the payment, the Department shall complete the Procedures of registration stating the name of the new owner. Lastly, documents of the application are sent to the Information & Documents Department for archiving.
Time and cost: 7 days, YER 253,487.3 (YER 2,033 (fees for examination of property location) + 1% of property value (transfer tax))
