Special dedication to Abrafi, Ellworth, Nick, Laurentine and Billey.
Your curious minds inspired this write up
How do I negotiate with buyers as a young Realtor?
A Realtor is basically a real estate agent, affiliated to a professional body like the National Association of Realtors.
To be able to negotiate with buyers efficiently, knowledge of the property you are dealing with as a Realtor is of key importance. Prior knowledge of the market guides the price you put up for negotiations and puts you on top of your game during negotiations. It is very important that you dedicate much time to studying the property market and trends as a young realtor
As a foreigner, what does it take to secure a land in Ghana in my name?
To acquire (the purchase process) a land in Ghana as a foreigner is no different from a Ghanaian. You may want to read our previous post on the steps to land acquisition in Ghana for more enlightenment.
The difference comes when it comes to registering the land. Before the land document of a foreigner is accepted for registration, the Lands Commission does a little verification to be sure if the owner is a Ghanaian or a foreigner. Once it is verified that the owner is a foreigner, only a maximum of 50 years of ownership would be allowed for registration.
Before the registration process begins, it is required that stamp duty (an acquisition tax payable to the Ghana Revenue Authority) is paid.
These are a few requirements to be satisfied before land will be accepted for the payment of stamp duty:
• Original copies of land document or certified true copies
• The document type of must be clearly stated (Whether it is a lease, assignment, conveyance, sub-lease or a gift)
• Date of agreement.
• Names, signature, contact and addresses of parties.
• Names, signature, contact and addresses of witnesses/deponents.
• Site plan showing the precise location. This should be approved by a licensed Surveyor and approved or signed by the Regional Surveyor of the region in which land is situated.
• It must bear a Solicitor’s seal, have the Oath-of-Proof executed, and the deponent column completed and signed by the grantor’s principal witness.
• Commencement date and term of transaction
• Narration/Schedule, vividly describing the location of the land
Why do people abroad pay mortgages? Why should I lose my house if I can’t pay for it? Will it start in Ghana soon?
A mortgage is an agreement that allows you to borrow money from a bank or a similar organization in order to buy a house, or to use one’s house to secure a loan. The way and manner in which mortgages are regulated vary from country to country, depending on the law that regulates mortgages in that country. A mortgage may be acquired to build, to complete a building that has started or to purchase land. In mortgages, the lender is known as the Mortgagee, whilst the borrower is known as the Mortgagor.
People abroad pay mortgages because they borrow money from lenders or lending institutions to acquire building, and have agreed to pay.
Mortgages in Ghana are regulated by the Mortgages Decree, 1972 (NRCD 96). In Ghana, mortgages are only an encumbrance on whatever property is used for mortgage. They do not give the mortgagor the right to possession. Even when the mortgagor has defaulted in an act specified by the mortgage agreement, he is not outrightly entitled to possession till a Court has given the mortgagee the authority to do so.
In this case, if the mortgagor is unable to pay for the loan within the period specified in the mortgage agreement, the mortgagee does not have the outright right to take possession of the mortgaged property or to sell it unless a Court has directed it to do so. In moments when the Court deems it fit to sell the property to defray the cost, the sale is done under the direction of the Court, in what is termed a judicial sale.
Why can’t land be owned forever? What is the basis of this law?
This law is to safeguard Ghanaians from being landless in the future. If no limit is placed on the number of years land can be owned, a time will come where there would no longer be lands for the future generation. Foreigners may probably become owners of our lands here in Ghana, as most of the possession of lands would be perpetual.
Are the databases of Lands Commission detailed and up to date enough to help me know who the true owner of land is, How many people have paid or bought the land previously?
The answer is yes, as far as Lands Commission is involved. Meaning that, the Lands Commission only has details of landed transactions that have passed through the Lands Commission. The Lands Commission, therefore has records of transactions at any point at which the Lands Commission is involved. However, there may be other transactions concerning that land which may not have passed through the Lands Commission. That is why it is not enough to solely rely on the records of Lands Commission.
How can I know who is genuine and who is not at Lands Commission?
To be sure if one is a true worker of Lands Commission, you may have to do a little scout in the Commission to ensure that whoever you are dealing with is a true worker at the Lands Commission.
I don’t understand how land owners can sell one land to 5 people and each having documents to that land?
There may be different documents pertaining to land and the fact that a person has a document to land may not necessarily be a proof of the person’s title to land. Similarly, a person may have a legal document pertaining to a piece of land (for e.g. an indenture) but may not have begun the land title registration process. The process begins upon the payment of stamp duty. The land certificate is a true proof of title to land.