The Process of Title Conveyance in the Sale of Real Property-Sciaroni & Associates and Member of the Real Estate Practice Group

• 10 June 2019
• Local News
• 3375 Views

After the pre-conditions to the closing of a land sale-purchase transaction are met, the title to the real property will be conveyed to the buyer by the seller. In order to start the title transfer process, the parties will sign and thumb-print a Vente Definitive (title conveyance document) in the presence of a Cadastral officer. The parties must then submit supplemental documents as required to the Municipal Department of Land Management, Urban Planning, Construction and Cadastre (the “Cadastral Authority”) some examples of which follow:

For corporate parties– a shareholder resolution and three (3) certified copies of the ID card (Khmer national) or passport (foreign national) of the authorized representative;

For individual parties– three (3) certified copies of the ID card are required and for any party that is a naturalised citizen of Cambodia a certified copy of the Royal Decree granting citizenship is also required.

The cadastral officer will take the Vente Definitive and other required documents to the Sangkat for certification. The cadastral officer then contacts the person who engaged the officer and notifies that person that the transfer application documents are ready to be picked up and taken to the General Department of Taxation (“GDT”).

The application documents received from the Cadastral Authority are submitted to the GDT and a GDT officer is assigned to the matter. The GDT officer inspects the land/ property to be transferred and determines the transfer tax amount based on the assessed value of the land. Within 1-2 weeks, the GDT officer assigned to the matter may be contacted to confirm the amount of transfer tax owed.

Land transfer tax owed is paid to the GDT through a local bank by the designated party and a receipt is issued to the paying party (the buyer is obligated under law to pay land transfer tax but the usual practice is that the seller pays the tax).

All approved documents including evidence of land transfer tax payment and the Vente Definitive are brought to the Cadastral Authority office at the Ministry of Land Management, Urban Planning and Construction and new title ownership is recorded in the records of the Cadastral Authority and registered at the national level – at the General Department of Cadastre and Geography of the Ministry of Land Management, Urban Planning and Construction.

• Analysis
• Knowledge and Key Success
• Business and Market
• Projects Development
• Urbanization and Architect
• Technology and Engineering