What it Takes To Own a Real Estate in Ghana
Own it Now
It is not sophisticated to acquire property in Ghana, particularly when it comes to foreigners. The Ghanaian government does not restrict non-natives from owning real property. Nonetheless, there are several kinds of land and investors who have done their research are aware that some property cannot be privately possessed.
The four major types of land in Ghana include: Vested Land, Government Land, Family/Private Land and Customary/Stool Land. In order to get Vested Land or Government Land, you are required to file an application with the Regional Lands Officer or the Executive Secretary of Lands Commission, depending on where the property is located.
For you to invest in real estate in Ghana, you will be required to understand the different laws that govern ownership of the various types of lands. This is because ownership of property in Ghana is not just straightforward although incredibly affordable. For instance, Stool Land belongs to various stools across Ghana – the different stools in Ghana have the right to transfer ownership of property that they are appertained to.
The 1992 Constitution affirms that free hold interest should not be granted in land. Therefore, people or families who owned Customary Land before 1992 Constitution lost their property as the property was considered private land from then. In such a scenario, the buyer is required to contact the owner of the land directly. When acquiring real estate in Ghana, services of a legal expert and real estate agent are a requirement. It is very essential to do a title search as it helps you verify the ownership and type of Ghana property you’re hoping to purchase.
After all contracts have been signed, your lawyer should prepare a Deed of Conveyance or even an ideal tool of transfer. The buyer acquires ownership of the title upon signing and has to make payments for the property at the same time. Title registration usually takes place at the Lands Commission Secretariat. Moreover, it takes about 14 to 15 days to complete the property registration process, which involves roughly five procedures.
The Ghana Bar Association regulates all the legal fees, and they are prescribed official fees for conveyance. For instance, property valued between $11,500 and $40,000 has a maximum rate of 10%. Consequently, there is also a stamp duty that is imposed on the property’s value; the progressive rates usually range from 0.25% to 1%.
The only thing that might scare away and investor looking forward to acquiring real estate in Ghana is the complicate tilting system in the country. As an investor, you will be amply armed if took the time to understand the charges of lawyers and realtors in Ghana as well as the cost of the Ghana property.