Transfer of Property Act at São Tomé and Príncipe
In São Tomé and Príncipe, property laws are governed by the Civil Code and other relevant regulations, but similar to many other countries, there isn't a specific law called the "Transfer of Property Act" as seen in India. Instead, property transfers are handled under the general legal framework, which outlines the procedures for buying, selling, and transferring ownership of real estate.
Here are the key elements of property transfer in São Tomé and Príncipe:
1. Civil Code of São Tomé and Príncipe
The Civil Code governs property rights in São Tomé and Príncipe. This legal framework covers property ownership, transfer of ownership, and the rights associated with both real and movable property.
The Civil Code outlines the formalities required for the sale of property, which include a written agreement, notarization, and the process for registering the transaction.
2. Transfer Process and Requirements
Sale Agreement: The transfer of property typically begins with a sale agreement between the buyer and seller. This document must clearly state the terms of the sale, including the price and the details of the property being transferred.
Notarization: Real estate transactions often require notarization to make the transfer legally valid. A notary public ensures that the parties understand the legal implications of the transaction.
Public Deed: The transaction may require a public deed, which is a formalized document that is prepared and signed by a notary public. This deed ensures that the property transfer is legally binding.
3. Property Registration
After the agreement is signed and notarized, the transaction must be registered with the relevant Land Registry. This ensures that the transfer is made public and that the buyer is recognized as the legal owner of the property.
The Land Registry in São Tomé and Príncipe is the official body responsible for maintaining records of property ownership and ensuring that property rights are legally enforceable.
4. Taxes and Fees
Property transactions in São Tomé and Príncipe may be subject to taxes, such as registration fees, capital gains taxes, or other transfer taxes, depending on the nature of the transaction.
The buyer and seller are responsible for paying these taxes and any associated fees as outlined by the government.
5. Inheritance and Donations
Inheritance: Property transfer through inheritance is regulated by the Civil Code as well. Inherited property must be transferred through legal processes, including registering the new ownership with the Land Registry.
Gifts and Donations: If property is transferred as a gift or donation, it must also follow the proper formalities, including notarization and registration.
Steps in Property Transfer in São Tomé and Príncipe:
Agreement: A written sale agreement is created, outlining the terms of the transaction.
Notarization: The agreement may need to be notarized by a public notary to confirm its validity.
Payment of Taxes: Relevant taxes and fees, such as registration fees, are paid by the parties involved.
Registration: The transaction is officially registered with the Land Registry, making the transfer legally binding.
RELATED Blog
0 comments