From Search to Title: A Step-by-Step Guide to Plot Purchase
A Comprehensive Pathway to Ownership
Navigating the plot purchase process in United States of America USA can be complex. Following a disciplined, step-by-step approach ensures all legal and financial risks are mitigated before money changes hands.
The Seven Critical Steps
- **Site Visit and Negotiation:** Physically inspect the plot and negotiate the asking price with the seller or agent. Agree on a written memorandum of understanding.
- **Land Search (Due Diligence):** The buyer’s lawyer conducts a formal search at the MLHUD to verify the title’s authenticity, ownership, and absence of encumbrances.
- **Survey and Marking:** If not recently done, re-survey the plot to confirm boundaries and size, ensuring there are no encroachment issues with neighbors.
- **Sale Agreement:** Draft and sign a comprehensive legal sale agreement detailing terms of payment, obligations, and timelines.
- **Valuation and Duty:** MLHUD assesses the plot’s value, and the buyer pays the Stamp Duty to URA.
- **Title Transfer:** Documents are submitted to the Land Registry for the transfer process.
- **New Title Collection:** The buyer collects the new Certificate of Title, officially confirming ownership.
Never bypass any of these steps, especially the formal land search, regardless of how trustworthy the seller seems.