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THE FORMAL / LEGAL STEPS OF THE PROCESS
In Mauritius , the appointment of a Notary is mandatory during real estate acquisition ; they provide expertise in the administration and execution of the various steps of the process to purchase real estate , and buyers are free to select a notary of their choice .
assists the parties with preparation of the Preliminary Reservation Contract ( PRC ) or a promise of sale
prepares the Deed of Sale
The Notary collects the sums due and pays the seller the amount of the sale
settles the various taxes and other charges owed by the seller and the buyer , and
registers and transcribes the original deed of sale at the registration office , within the statutory time of 8 days following its signing .
The Steps ...
1 . Purchase Offer
Expresses the intent of the potential buyer to purchase a property for a specified price from the seller .
Contains the proposed price , a deadline for the validity of the offer ( a maximum of 15 days is recommended ), and conditions regarding the seller ’ s response .
2 . Pre-sale Contract
Defines the terms and conditions under which each party will buy and sell the property .
3 . Promise of Sale ( Preliminary Reservation Contract – or PRC )
Lays out the conditions under which the seller provides an option on the property to the buyer .
Is binding on both parties , and is valid for a defined period , by the end of which the buyer commits to buying the property , and usually pays a deposit .
5 . Registration / Transcription and Completion
The deed of sale ( and a copy for transcription ) is submitted to the office of the Registrar General within 8 days of it being signed .
Once payment of the Registration fee has been processed , a transcription number is generated by the Registrar
General , preventing any 3rd party interference in the transaction .
An authentic copy of the deed of sale is passed to the buyer , and the property is officially sold .
4 . Deed of Sale / Sale Agreement
Constitutes the terms of the purchase / sale of the property .
The seller agrees to hand over the keys to the property ( as well as the title deeds and any relevant certificates for the property ), and the buyer undertakes to pay the price stipulated in the contract .
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