Transfer of ownership of property

 

Introduction

The transfer of property ownership process can be a complex and sensitive matter. It requires a well-structured and documented process to ensure the rightful transfer of assets to the new owner. In Zimbabwe, several legal and administrative requirements must be met before an individual can become a legitimate owner of a property.

Here are some requirements you should know before transferring ownership of property in Zimbabwe:

1. Title Deeds

Title deeds are legal documents that prove the ownership rights of the property. The first step in the transfer process is to obtain the original title deeds from the current property owner. The title deed must be checked for any outstanding charges such as mortgages or liens. Clearing any such charges is essential in transferring the property ownership.

2. Property Valuation

The value of the property in question is a crucial factor that determines the transfer costs. An assessment of the property value, preferably through a trusted valuator, will give a fair estimate of the property’s worth. This information is necessary for the calculation of transfer fees and taxes charged.

3. Capital Gains Tax

This tax is payable on any gain realized from the disposal of property. It is calculated based on the difference between the purchase price and the selling price of the property. The seller is responsible for paying this tax, which is a requirement in the transfer process.

4. Conveyancer

The Zimbabwean legal system requires that a conveyancer, who is a legal practitioner and focuses on property law, handles the transfer process of ownership. The conveyancer prepares the sale agreement, ensures compliance with legal requirements, and registers the transfer of the property.

5. Rates Clearance Certificate

A rates clearance certificate is issued by the local authority that shows that all rates due on the property have been fully paid up to the date of issue. The seller must obtain this certificate, as it is one of the required documents for transfer of property ownership.

6. ZIMLAR

The Zimbabwe Land Administration and Management System (ZIMLAR) is an electronic platform that is used to register all land transactions, including transfer of property ownership. The conveyancer must use this platform to submit all relevant documents and obtain the necessary clearances from the Registrar of Deeds.

7. Identification Documents

The conveyancer will require a copy of the identity documents, including passport or national ID, of both the seller and buyer as part of their due diligence evaluations.

Conclusion

The transfer of ownership of property in Zimbabwe is a rigorous process that requires careful planning and adherence to legal requirements. Understanding these requirements and working with a conveyancer who is well-versed with Zimbabwean property laws will make the transfer process less daunting. By providing the essential information, documents, and complying with the legal requirements, you can successfully transfer ownership and acquire your property with ease.

Rugare Madzara 

Guest and Tanner Real Estate (Pvt) LTD