Buying Property in Cameroon
Cameroon is surrounded by Nigeria, Chad, Guinea, Congo and the Central African Republic. It is often referred to as a miniature Africa because of its cultural and geological diversity. You will find a little of everything in there—mountains, beaches, deserts, broad savannas and beautiful rainforests.
Foreign ownership of property is legal in Cameroon but it is not without pitfalls. Care should be taken in buying property on the northern border, as border disputes with Nigeria are a long way from being settled. If you need to finance your purchase with a foreign bank it will be subject to certain controls and will usually require government approval. Public officials in Cameroon have been known to confiscate properties that don’t exactly conform to all legal requirements so it is highly advisable to engage a good attorney when you purchase.
It is best to work through a realtor, of course. They will know all the properties that suit your needs whether you want to live in an urban area, a beachfront house or a cottage on the outskirts of a large city. A realtor can also guide you through all the steps needed to set up payment of taxes and fees and, with your attorney, make sure that your purchase is protected by an ironclad contract.
Buying Property in Egypt
Egypt allows foreigners to buy property if they have a visa that allows them to live there. There are no other qualifications that you must meet and the visa is only needed in order to give your lawyer Power of Attorney in property negotiations and purchase.
Some people think buying directly from the builder will save money but in fact, and agent can often get you a better price. Agents also know the properties and can tell you if there is a better one at a comparable price than the one you’ve selected.
You should then engage an attorney to review the contract and demand a Due Diligence Report, which proves that the property is legal. You will also need to list your heir or heirs on the contract as a will is not sufficient to pass on property when you die.
Foreigners cannot own more than two properties and there are size limits. You cannot sell property within five years of purchase. This rule applies if you register your property, which authenticates the sale. However, if you make the sale authentic and legal through a Signature Validation suit you can then buy and sell more than two properties at a time. This method is quite common and completely legal.
The exception to this is South Sinai, where you will not be able to get freehold rights on any property according to a 2005 decree by the Prime Minister. If you are offered freehold rights on a property in this area you are being scammed!
If you are buying a property with a romantic or business partner who is Egyptian, they may tell you that you are not allowed to have your signature on the contract. This is not true. Be sure that you sign the contract and specify which portion of the property each of you own whether it’s a 50/50 split or other arrangement.
Buying Property in Nigeria
After years of civil wars and internal strife, Nigeria is slowly getting ready for a tourist boom, thereby paving the way for great number of opportunities for foreign investors. Real estate is developing rapidly and the housing sector is coming up in a major way. For those of you who would like to buy property in Nigeria either as an investment or for personal use, it is best that you do so after thoroughly checking up every legal point.
Corruption is one major problem faced in Nigeria. And when combined with the problem of ‘omoonilies’ who are the descendants of erstwhile land owners of Nigeria, and who are heavily into the game of extortion in every possible manner, it pays a lot to be aware of the various tangles associated with the land or property that you are intending to buy.
Make sure that you purchase the property from a reputed real estate agent or directly from the government and again, be wary of fraudsters in this area by verifying the authenticity of the agency.
Foreign nationals are only allowed to lease out land rights from the government for a period of 99 years provided that this purchase is informed beforehand to the government. This is because, as per the Land Use Act of 1978, the land is managed by the government on behalf of the people and requires a consent certificate from the state. The government charges a consent fee for this purpose. Make sure that you have this consent before enacting the purchase since otherwise it becomes impossible to do so.
Another charge levied on the purchaser by the Finance Ministry is the Capital Gains Tax that is calculated as 10% of the difference between the original acquisition tax and the sale price. The commission taken by the real estate agent is also calculated as per a scale which is regulated by the Securities and Exchange Commission.
In Nigeria, a foreign national cannot purchase property. He can only get the rights of occupation of the property transferred to his name through an ‘assignment’. The seller is the assigner while the buyer is the assignee. It is up to the buyer to check out the relevant title deeds and other documents of the property through a competent and trusted attorney before paying money because as said before, it is very easy to be tricked in this country.
Buying Property in South Africa
One of the most attractive and diverse nations in the world, South Africa is renowned for its rich culture, vibrant history and natural scenic beauty. It is ideal as a place for retirement, holiday with family or even as a permanent home due to its extremely warm and friendly people who are only too eager to share their country with foreigners. Though seriously challenged especially in the political scenario, South Africa, nevertheless, is a great place to invest your hard earned money.
It is very much possible for foreigners to buy property in South Africa. In fact, it can be seen that a lot of expats own a variety of commercial establishments from hotels to resorts in this country and many of them have been functioning since generations. Purchasing a property in South Africa needn’t be a stressful affair once you get to know the legal formalities. You could purchase a property either directly or through a real estate agent. However, you need to adhere to certain procedures in compliance with the law of the land. A good lawyer could help you with the various documentation processes necessary for purchasing a property in South Africa.
The initial step towards purchasing the property in South Africa is the ‘offer’ or the written contract of agreement between both the buyer and the seller stipulating various clauses like the purchase price, time taken in transferring title, deposit clause, fixture and fitting clause, etc. This follows a period of due diligence when the buyer inspects the property and the various documents connected with it to verify its credentials. It is also advisable to source out funds for the property during this period, especially if you intend to approach banks for purposes of mortgage.
Once the requirements of the initial agreement are satisfied, it is now time for the final agreement to be effected as well as the transfer of title deed and the registration process which should be mandatorily attended by a legal attorney (conveyancer) who is paid by the purchaser. Other costs involved in the deal apart from the conveyancer’s fee are transfer duty, deeds registration fees, rates clearance fee, attorney fees, etc that need to be paid before the transfer of deed is realized.
The property is transferred to the name of the buyer once the registration process is over and the payment is made.