Land Title Transfer
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Anyone able to confirm the procedure?
I know that land transactions here are often done on a nod and a wink with large sums of cash passing between parties. I know that the majority of the land sales are soft title and that more often than not no lawyers are required merely the presence of witnesses who have sufficient digits to provide thumbprints.
What is the actual procedure to transfer title?
Is is something along these lines:
1. Pay initial deposit of $x with balance to be paid within 1 month or so and receive thumbprinted contract confirming that the seller will have to compensate by three times the deposit amount if he sells to somebody else.
2. Pay balance within the specified time and receive contract confirming sale together with a copy plan, in the case of hard title, indicating the location of the plot.
3. Go to Sangkat with contract and copy of hard title plan to have transfer done to name of Khmer citizen.
Are these the essential conveyancing steps? In the case of hard title what is the fee, if any, to transfer from seller to buyer? Is there a standard fee or is it a case of a public servant trying to extort as much money as possible out of the purchaser?
Thanks in advance for responses
1. Pay initial deposit of $x with balance to be paid within 1 month or so and receive thumbprinted contract confirming that the seller will have to compensate by three times the deposit amount if he sells to somebody else.
YES AS ABOVE HOWEVER WE DID NOT AGREE TO ANY X3 STIPULATION. WE SIMPLY PAID A 5% DEPOSIT AND WENT BAK IN 2 WEEKS WITH FULL BALANCE.
2. Pay balance within the specified time and receive contract confirming sale together with a copy plan, in the case of hard title, indicating the location of the plot.
CANNOT COMMENT. WE ARE STILL AT SOFT TITLE LEVEL. WITH THIS YOU GET A THUMB PRINTED DOCUMENT WITH ALL OWNERS AND YOUR OWN NEXT TO EACH OTHER. ALSO A GOOD IDEA TO GET ANY NEIGHBOURS THAT SHARE YOUR BOUNDARY TO THUMBPRINT IT TO INDICATE THEY ARE AWARE OF THE SALE AND WILL NOT DISPUTE.
Quote:
In the case of hard title what is the fee, if any, to transfer from seller to buyer?
I WAS TOLD ON THE WEEKEND IT IS NO MORE THAN $1200
I am also interested in people's DIRECT experience with this process - not hearsay.
IT
How is land ownership held jointly between foreigners and Khmer citizens? Would my Khmer partner own it 100% or is it split? Assuming the Khmer has majority control, what type of contract enforces my rights to the land? Am I considered an investor or is the foreigner left off the books altogether?
Thanks for the rundown.
Here's a useful link:
http://www.doingbusiness.org/ExploreTopics/RegisteringProperty/Details.a...
It's provided by the World Bank and is mainly geared towards businesses but as far as I can tell the procedure is the same for private individuals.
Re ownership of the land - there are several ways to go about it including setting up a shelf company with Khmer shareholders, buying Cambodian citizenship by making a donation to the country etc. However, the most straightforward is by having your Khmer partner buy the land as they can have outright ownership of the property. If you are married to your partner you can have it so that it is stated on the deed that you and your partner are married. Then under Cambodian divorce laws married partners are entitled to a 50/50 split of the matrimonial estate.
If you are married to your partner you can have it so that it is stated on the deed that you and your partner are married. Then under Cambodian divorce laws married partners are entitled to a 50/50 split of the matrimonial estate.
Yes, on your contract it will list your name and title as HUSBAND and your thumb prints are taken alongside your wifes. If you wanted to, you can also get a legal document drawn up at minimal cost that says you have lent your wife the money and the land cannot be sold until the money is paid back. This obviously will never happen but it does "protect" you in the event of divorce.
Personally. I have not been worried about any of this. I am on the contracts for our blocks of land as the Husband and that is fine with me.
it
it depends on soft title, hard title and new world bank hard title. taxes are higher on the latter.
I have already bought land in these ways;
through the services of a land holding company, i just pay an annual fee
through a cambodian friend who signs a power of attounrney document
buying land is high risk, with potentially high returns. it would never pass due dilligence with american lawyers! bear in mind relationship is everything here, rather than a piece of paper.
also, you may want to consider the possibility that a law will pass in the future (after the elections?), where foriegners can hold title.
a law will pass in the future (after the elections?), where foriegners can hold title.
Personally I don't think it will ever happen but if it does.....stand back.
The vacuum created by the rush of investors will be humongous and land prices will sky-rocket..........
it