Contract Preparation & Transfer of Ownership

Drafting and Review

Once financing and due diligence are in place, a formal SPA is drawn up. Key elements include:

Purchase price, payment schedule, and deposit

Hand-over date and penalty clauses

Conditions precedent (e.g., financing approval, completion of works for developments)

Signing and Registration

Finalizing the contract typically involves signing before a notary or authorized official. The transfer of ownership is recorded at the Real Estate Registration Department under the Ministry of Justice. Upon successful registration, the buyer receives the updated title deed.

Reference: Real Estate Registration Law No. 16 of 2018