Real Estate Development
As of October 2014, there are more than thousands companies and more than tens of thousands foreign expatriates living in Cambodia so that there is a big increase in demand for superior quality and service in properties. Please feel free to give us inquiries if you are considering doing development of an office building, serviced apartment and condominium. We are ready to give you a proposal based on marketing data, from rental to sale properties, which we own through our actual transactions for years.
Representative service for strata title deed registration
The following expenses are necessary when you register the strata title deed for condominiums in Cambodia:
1. Processing fee: USD1,300 ~ USD1,500
2. Registration tax 4% (4% x "Estimated building value per square meter by government" x Exclusive Area)
3. Agency fee: USD500 ~
Here is an example of computing the expense.
Ex) In the case of De Castle Royal Condominium 1BED Type with exclusive area of 74.25 square meters
As of October 2014, "Estimated building value per square meter by government" for this condominium is set as USD800 by Ministry of Economic and Finance. Therefore, the registration tax 4% is computed to 4% × USD800/m2 × 74.25m2 = USD2,376. In this case, total expenses for this title deed registration becomes USD1,500 ＋ USD2,376 ＋ USD500 ＝ USD4,376.
NOTE: The necessary expenses and documents may differ depend on each officer in charge as of October 2014 because the process is not well arranged and the actual cases for title deed registrations are still few in this country. Please ask us for the latest information as needed.
<< Law for Title Deed Registration >>
"Real estate transactions can be closed based on the agreement of parties unless otherwise stipulated by law. The ownership transfer based on the agreement becomes only effective if it is registered in ministry level according to the law for title deed registration". (Article 135 of Civil law)
In other words, without-registration shall have no effect under the civil law of Cambodia. It means that the ownership can not be transferred unless registration is completed. We can say that title deed registration is necessary process to transfer the ownership which means this country is different from Japan where title deed is to be registered against any third parties. On the other hand, people tend to sale and buy real estates practically only with sale purchase agreement but without title deed registration and which may lead people misunderstand that title deed is not necessary. This misleading may include future risks. We will recommend you to understand the law of Cambodia and protect your ownership of rights. 。
For further details, please feel free to give us inquiry through here.