Private Land Lease
If you intend to purchase a commercial property or private lot of land you may want to engage a lawyer to assist with all the necessary legal documentation and safeguard your business interests.
If you are applying for a financing facility to fund the purchase, your bank will assign a lawyer to prepare the security documents.
Step 1: Checking encumbrances
Your assigned lawyer will conduct a land search and a bankruptcy search at the Lands Department. This is to ensure that the property you intend to purchase is free of encumbrances before proceeding with the preparation of legal documents, such as the Sale and Purchase Agreement.
This can be done within a day and will carry a nominal charge of BND$1.
Step 2: Pay Stamp Duty
Once encrumbance checks are done, applicant or assigned lawyer must pay stamp duty at the Finance Unit counter located at Land District Offices.
The amount of stamp duty is based on the amount stated in the Sale and Purchase Agreement.
Calculation for stamp duty can be reffered in the First Schedule Item 44 of the Stamp Act (Cap 34).
Step 3: Submit Application for Private Land Lease Online via LARIS
Next, your assigned lawyer will need to complete online application forms and submit the required documents via LARIS (Land Application and Registration Information System).
The Lands Department will then process your Private Land Lease application to obtain approval from the Higher Authority, which will take approximately 3 to 6 months.
Step 4: Receive approval notification via letter
After your application has been approved, your lawyer will be notified via letter to submit title deed and original lease agreement to the Registration Section, Lands Department for registration process.
Step 5: Submit title deed and original lease agreement for registration
Your lawyer must submit title deed and original lease agreement to the Registration Section, Lands Department for registration process.
Submission can be done within 1 day and will carry a charge of BND$6 for registration fee.
Step 6: Receive SMS notification that lease has been registered and to collect title deed
Finally, after registration process is completed, your lawyer will be notified via SMS to collect new title deed at Registration Section, Lands Department.
Registration process and SMS notification are usually done within 3 working days.