Obtain survey plan and valuation report from licensed surveyor
Agency: Licensed Surveyor
The survey plan and valuation must be produced by a certified surveyor. If there are no changes in the property, the surveyor simply copies the previous survey plan without an actual visit to the site and provides a valuation. This can take around 2 days depending on the availability of the surveyor. The surveyor fees are standardized according to the Dominica Land Surveyors Association scale of fees for the copying of lot plans and they include a valuation fee.
Time and cost: 2 days, XCD 2,500 (XCD 2,500 surveyor fee)
Lawyer searches the title at the Land Registry
Agency: Land Registry
A search is conducted at the Registry of Titles of any Certificate of Title to determine whether there are any encumbrances or matters affecting it. The records at the Land Registry are recorded by number in the computer system, while the original certificates are kept in paper form. The XCD 5 stamp fee is for an adhesive stamp that can be obtained at a post office, but normally a lawyer would have a supply of these for this purpose.
Time and cost: 1 day, XCD 5 (XCD 5 Stamp Fee)
Lawyer prepares Memorandum of Transfer
It is mandatory for companies in such a transaction to be represented by a lawyer. For the preparation of the Memorandum of Transfer, the vendor presents his proof of payment (receipts) of government fees to the to the Treasury Office and brings his duplicate original of the deed, including the copy of the survey plan. A 15% VAT on legal services was introduced in 2006.
Time and cost: 2 days, XCD 28,550.58 (3% of property value (lawyer’s fees))
Payment of government fees and Stamp Duty at the Accountant General’s Office “Treasury Office”
Agency: Accountant General’s Office “Treasury Office”
The lawyer pays all fees on behalf of the clients, which are the Assurance Fund, the Stamp Duty paid by the purchaser, the vendor’s fee which is 2.5% of the property value and the judicial fees. Fees are paid by the purchaser, except the Vendor’s fee (2.5%). The fees are paid and the Memorandum of Transfer is embossed with proof of payment of these fees at time of payment.
Time and cost: 1 day, XCD 95,168.61
- 1% of property value (assurance fund)
- 4% property value (Purchaser’s Stamp Duty)
- 2.5% property value (Vendor’s fee)
- 2.5% property value (judicial fee))
Memorandum of Transfer is filed with the Registry
Agency: Land Registry
The Registrar vets the Memorandum of Transfer and signs the Certificate of Title. The Certificate of Title is issued in duplicate, one remains at the Registry and the other is issued to the registered proprietor or his/her lawyer. Documentation required by the Registry includes: (i) Memorandum of Transfer (embossed); (ii) 3 copies of the Survey Plan; (iii) valuation; (iv) copies of the ID of the vendor and the purchaser; and (v) the duplicate of the Vendor’s Certificate of Title which is cancelled upon new Certificate of Title being issued to the Purchaser.
Time and cost: 120 days, no additional cost