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How long from completion does it take to recieve funds?
Posted: 20 Aug 2019 19:44
This is the scenario...
We completed selling our property on the 9th August. The estate agent was paid on the 16th August, how long does it usually take for the remaining funds to be transferred to a UK bank account?
Also, can you explain to me what a tax registration certificate is?
Re: How long from completion does it take to recieve funds?
Posted: 20 Aug 2019 21:10
Hi James & welcome to the forum
When you sell a property you need to get confirmation for the Tax Department and the local Community/Municipality that you've paid all outstanding taxes before the property can be transferred to your purchaser. Here's an extract from the 'Department of Lands & Surveys Citizens Charter':
Transfer of immovable property means the passing of the title of immovable property from one person (the transferor) to another (the transferee) by the voluntary act of such persons.
Completion of Form N.270 (Declaration of Transfer of Immovable Property). The certificate of registration (title) of the immovable property, which is to be transferred, must be attached thereto. Where the transfer of the property takes place at a Lands Office other than the Lands Office of the District where the property is situated Form N.270 must be completed in duplicate.
Completion of Form N.313.
Production of the receipts of payment of all fees, charges and taxes payable for the property under transfer. Such fees, charges and taxes may be one or more than the following:
- Immovable Property Tax.
- Capital gains tax.
(Receipts of payment for all the above taxes and duties may be obtained from the Internal Revenue Department).
- Sewerage Board Tax.
(Receipt obtained from the Sewerage Board).
- Town rate.
(Receipt obtained from the municipality in whose boundaries the property is situated)
- Communal rate.
(Receipt obtained from the community in whose boundaries the property is situated)
All documents mentioned above must be completed and signed by the interested persons and deposited with the Lands Office accepting the transfer.
Acceptance of Transfer
The acceptance of the transfer is effected by order of priority. Both parties must appear either in person or by agent and produce their identity card or other documents proving the same before the Lands Officer accepting the transfer.
As for the time it takes to receive the funds, it can take several weeks. (Someone was complaining about the time it takes and there were a number of transfers over several weeks.)