Below is a detailed summary of the steps, time and cost involved in registering property in Mauritius. It assumes a standardized case of an entrepreneur who wants to purchase land and a building that is already registered and free of title dispute. Source: http://www.doingbusiness.org/data/exploreeconomies/mauritius/registering-property/
Measure of Efficiency
||TIME TO COMPLETE
||A land surveyor prepares a new survey plan and a situation plan Agency: Land Surveyor The seller must obtain a situation plan done by a Land Surveyor and apply for the PIN (Parcel Allocation Number).
||4-8 days to prepare a new survey plan(simultaneous with Procedure 2)
||MUR 4000 to MUR 6000
||Notary checks for encumbrances at the Registrar General Agency: Registrar General The notary public consults the register of transcriptions and the list of deeds which are waiting for transcription in order to ascertain the title of the seller, the status of encumbrances, charges, liens, etc. The notary pays an annual subscription to the Registrar General, which enables him to check the registers free of charge. He may however pass the cost to the client as part of the fees charged for the whole transaction. (Note: The annual fee paid by the notary to the Registrar General is Rs24,000 since last budget).
||2 days (simultaneous with Procedure 1)
||A notary prepares and notarizes the deed of sale Agency: Notary The notary prepares the sale deed. The seller is responsible for giving all the required documentation to the notary. The deed is signed by the parties and the notary. According to the law (Registration Duty act and Notaries Act), the notary has up to 7 days from date of deed to submit the deed at the Land Registry.
||Notary’s fees according to the following cumulative schedule: Notary Fees Up to MUR 250,000: 2% (minimum MUR 100) From 250,000 to 750,000: 1.5% From 750,000 to 1,750,000: 1% Excess over MUR 1,750,000: 0.5%
||The notary deposits the signed deed for registration and transcription Agency: Registrar General The notary will deliver the signed deed + one copy of the deed to the Registrar-General for registration. The notary will pay the registration fee, the stamp duty and the transfer tax on behalf of the seller when applying for registration at the Registrar General’s office. As from January 2012 the transfer tax is as follows : 5% of the property The stamp duty amounts to MUR 1,000 The registration fee is equal to 5% of the property value. Once payment is made, the Conservator of Mortgages will enter the transaction in the book and will give a Transcription Number (TN) to the notary. Once this TN number is available at the Registrar General, the property is opposable to third parties. The notary will then issue the “Copie authentique” to the buyer. There is a statutory time of 48 hours for the Registrar General to complete the transcription and give the Transcription Number (TN) to the notary. After the TN has been issued, the Land registry will verify and re-assess the transaction through internal processes. The Notary will subsequently pick up the registered deed and will keep the document for 40 years and then transmit it to the Chief Archivist, National Archives Department for safe keeping. If this time limit is not respected, there is a penalty of 50% to be paid.
||5% of property value (transfer tax) + 5% of property value (registration fee) + MUR 1,000 (stamp duty)
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