Guide to buying property in Ghana

Are you planning to buy land or property in Ghana but unsure where to start? Don’t worry, we’ve got you covered. By the end of this article, you will understand the buying process and learn about the right people to talk to, the red flags to look out for, and what to do after purchasing the property.

Avoid making costly mistakes when acquiring real estate by reading this informative article. We’ll guide you on making the right investment and securing long-term peace of mind.

Where to Buy Your Properties From in Ghana

Numerous people own properties in Ghana, and you’ll find both genuine and ingenuine ones. To avoid losing your property to litigation, it’s best to buy from trusted estate development companies or real estate agencies. Brokers and agencies usually conduct due diligence on behalf of their clients to ensure the property is litigation-free and safe to purchase. Although their services may seem expensive, their ability to absolve the complexity, stress, and litigation associated with buying property makes it worth every penny.

What is Due Diligence?

Confirming the true ownership status of the property seller is not enough to ensure a problem-free purchase. You’ll need to conduct background checks before making any financial commitments.

Start by hiring a surveyor you can trust to give you the right markings of the property or verify the existing site plan through a search at the Lands Commission. This helps to ensure that you’re dealing with the rightful owner of the property. You may want to compare the owner’s name from the search result with that on their ID. If the names match, you can move on to the next step. Otherwise, the seller may need a Power of Attorney (POA) from the owner indicating authority to step in for them as the rightful seller of the property. If the seller inherited the property from a deceased person, they’ll need to provide a letter of Administration and Vesting Assent.

You’ll also need to do further checks to ensure the property has not been mortgaged or used as collateral. Checking with the courts to confirm there is no pending litigation on the property is also essential.

Purchase and Transfer of Deed

Once you’re satisfied with the results of your background checks, you’ll need to draft a purchase agreement to be signed by both parties and their witnesses, after which part payment would be made. This agreement should indicate the initial payment, the payment schedule, and deliverables by each party.

A transfer of title into the name of the new owner is then done by the legal owner of the property. In doing this, it must be ensured that all names are spelled correctly to ensure the transfer is effective. This document attests to the fact that the ownership of the land has been passed on to the buyer. Once the transfer of ownership has been made by the seller into your name, you can pay the outstanding balance.

Registering Property in Ghana

If your land or landed property doesn’t have a title yet, you’ll need to register it with the Lands Commission of Ghana to obtain a title in your name. This process makes you immune to future litigation. During this process, you’ll be required to pay stamp duty.

Can a Foreigner Buy Property in Ghana?

Foreigners are allowed to buy property in Ghana, although the maximum lease allowed is a 50-year term rather than the standard 99-year term for citizens.

Conclusion

Real estate has proven to be a lucrative investment over the years as the value of lands and landed properties continue to appreciate over time. The time to invest in real estate is now. When making such investments, ensure that you use the right processes to avoid being defrauded. Talk to us today about available opportunities within your budget, and we’ll be happy to consult with you.

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