How to own a building at Buildnet
The 1995 Constitution grants land ownership rights solely to citizens of Uganda. Foreigners cannot own land freehold. They may, however, obtain leases for 49 or 99 years. Foreign investors, individual or corporate, cannot acquire land for the purpose of crop or animal production. Foreigners can either rent/lease from citizens or from the Government.
Buildnet real estate lawyer is needed in all transactions. When offer on the property is accepted by the Buidlnet, due diligence follows. The lawyer conducts a title search and obtains the transfer forms from the Land Office.
Buildnet team and the buying party then visit the property to confirm the features and ammenities of the property. Depending on size and location, this shouldn’t take more than 12 hours. When this has been done, the transfer forms are submitted to the Land Office to receive consent to transfer. The property is inspected by a government valuer to ascertain proper taxation. An assessment form is given to the buyer, which is then presented to a commercial bank for payment of stamp duty.
When all has been cleared, the lawyer draws up the sale agreement. A deposit of 20% is paid upon signing, with the remaining balance to be settled within 30 to 360 days.
The transfer forms are then submitted, together with the signed sale agreement and stamp duty receipt, to the Registrar´s Department of the Land Office, and registration fee is paid. This process, dealing with the Registrar´s Department, takes about three weeks to accomplish.