Acquiring a luxury property in Mauritius can become a real headache for those who are not used to it. There are now many ways to find a house or apartment to buy in Mauritius. But to go through a real estate agency, a real estate professional or a notary is a solution to secure a real estate investment and facilitate a real estate transaction in Mauritius.
Finding the perfect home
To find a freehold home in Mauritius, you can either consult the classified ads published in local newspapers, or view real estate offers published directly on the websites of professional agencies. On real estate portals like Immobilier Ile Maurice, you have access to a very wide choice of real estate, among the most coveted in Mauritius.
Finding the best real estate agency?
If everyone can present themselves as an experienced real estate agent, the expertise of a professional in the sector is the only guarantor of a successful transaction in Mauritius, especially for a foreign national. A recent study in this sector indicates that 8 transactions out of 10 are carried out through real estate agencies in Mauritius, although it is no longer rare today to find owners who sell their property directly for sale. without going through a professional. Nevertheless, the intervention of a real estate agent in a real estate transaction remains the ideal solution to evaluate a property at its fair value and especially avoid construction defects often hidden by the owners.
Verify the property and the property titles of the seller
From the moment you have found the property of your dreams, you should immediately check if the documents relating to it are complete and that the description of the offer you found on the internet or from the agency, also corresponds to the actual condition of the property. For the purchase of an apartment, it should also check with the real estate agent if there are maintenance costs, maintenance or co-ownership regulations in the building.
Appealing to a notary
The real estate law in Mauritius requires that the deed of property be drafted by a local notary. He must also certify all documents and permits related to the property. Privileges, charges, mortgages on the property as well as all taxes and utilities must also be verified by the notary. Generally, specialised agencies like Immobiler Ile Maurice offers a complete service including a notary. But the buyer can also choose to use a third-party notary and a land surveyor for the preparation of the site plan.
Additional costs related to the purchase of a property
Generally, a commission of 2% is retained by real estate agencies on the price of real estate. A Land Transfer Tax transfer rate of 5% applies in addition to the transfer of real estate whose leases were registered from January 2014, regardless of the duration of possession of the property.
The process of a real estate transaction in Mauritius
All documents related to the sale of a real estate must be hand-delivered to the notary: receipt of municipal tax, two final bills from the Central Water Authority. At the time of signing the final sales contract, the seller agrees to hand over the keys to the buyer, with all the necessary documents (certificates, title deed, etc.). The buyer must in return pay in full, or the balance due, according to what has been agreed in the contract. Both parties and the notary affix their signatures at the same time on the deed of sale.
It is the role of the notary to deliver the deed thus signed and a true copy of the deed for transcription to the Registrar General. This registration is mandatory for the transfer of the property and to make it enforceable against third parties. The buyer has exactly 8 days from signing the deed of sale to make the registration to the Registrar General. Beyond that, a penalty of 50% will be required.
The Registrar General issues a transcription number (TN) signifying the completion of the transaction to the notary. Therefore, the property is opposable to third parties. An authentic copy will be issued to the new owner. After 15 days, the legal deadline for land registration, the transaction can be re-evaluated through internal processes. The buyer then receives the title deed. If the property is the subject of a mortgage, the bank will retain leverage on it. Once the loan has been repaid, the bank will inform the owner.
In the event that the market value of a property or the value determined by the valuation review committee is greater than the value of the property indicated in the deed of transfer, the parties concerned shall pay to the Registrar General, the cost of the duties and taxes claimed, a penalty of 100% of the total amount indicated.
