Most Cameroonians hope to buy land in Cameroon at some point in their lives.
This is because the land is the most valuable fixed asset you can purchase and own today.
However, if you plan to buy a piece of land anywhere in Cameroon, you must follow specific essential or critical procedures.
This ultimate guide addresses the legal steps to take when buying land in Cameroon.
Suggested: Read This Before You Buy a Plot of Land For Sale in Cameroon.
Here are the nine legal steps to purchase or buy land in Cameroon:
- Searches and inspection of the title
- Price negotiation and preparation of offers
- Sale agreement and deposit payment
- Payment of land rates
- Transfer documents and consent to the transfer
- Valuation
- Payment of Stamp Duty
- Registration of transfer
- Exchange of documents
1. Searches and inspection of the title
Once you identify land, it is always recommended that you visit the lands registry in your region to search for the piece of land in question.
You will need a copy of the land title deed from the seller to facilitate the search. This will typically take three or five days to get the actual land owner's results. Also, verify if any caution or remark is put against the land.
2. Price negotiation and preparation of offers
Once the buyer is satisfied with the search results presented by their advocates from the lands registry and the company registry, they will confirm their advocate to prepare an offer.
The advocate involved should prepare a letter of offer or intent showing the seller and purchaser's details, the description of the property on offer, and the proposed purchase price and payment methods.
3. Sale agreement and deposit payment
Once you all agree that it's the buyer and the seller, you must ensure that the offer has both terms and conditions.
It is usually drafted by the seller's advocate and presented to the buyer's advocate for confirmation or approval.
Upon the sales agreement's execution, the agreed deposit is paid by the purchaser through their advocate to the seller's advocate's account.
4. Payment of land rates
A few years ago, the Ministry of State Property and Land Tenure, Cameroon, blacklisted houses that failed to remit rates.
Buyers should be aware of such property because the payment of rates on land is a legal obligation of landowners, and the seller should clear any pending rates on the land before completing the transaction.
5. Transfer documents and consent to the transfer
The seller's advocate prepares transfer documents that will be executed by both the buyer and the seller. The transfer documents are only performed after consent to transfer has been issued by the Delegate in charge of lands.
6. Valuation
For stamp duty, an application for valuation is always made to the government valuer, who makes a site visit to enable him or her to prepare the requisite valuation report. Stamp duty is essential as it is used in registering property.
The payable duty is determined by a government valuer, and the valuation is done to determine the actual value of the land on the open market as of the date of transfer.
The intention is to estimate the value declared in the instruments presented for registration to ascertain whether the value stated in the instruments will be raised or not.
7. Payment of Stamp Duty
It is the responsibility of the buyer to pay the stamp duty. Stamp duty is a tax levied on all lands.
8. Registration of transfer
Once the land registration process is complete, the land's legal ownership should have legally changed hands.
9. Exchange of documents
Upon receipt of the complete documents from the seller, the buyer is obligated, in exchange for the documents, to pay the seller the entire balance against the land through his advocates to finalize the registration of the documents after paying the requisite stamp duty.
Suggested: Real Estate in Cameroon (Step-by-step Guide)
How Much Does it Cost To Buy Land in Cameroon?
The cost or price of a piece of land in Cameroon varies depending on the location and valuation, among other factors.
Generally, the cost of land in Cameroon is between 500 FCFA per square meter to about 10000 FCFA per square meter or more.
Best Places to Buy Land in Cameroon
- Douala
- Limbe
- Kribi
- Yaoundé
- Bamenda
- Buea