When you have received the indenture, the next thing is to register it. The indenture simply means you have a receipt showing that you have bought the land. It is not enough to hold only the indenture for the land you have purchased.
LAND REGISTRATION
The only organisation with the power to register land transactions is the Lands Commission. You will have to present your indenture with all the necessary signatures and authentication stamps such as a lawyers stamp and a court registrars stamp etc.
Off late, the lands commission requires a barcoded site plan before your transaction can be registered. Therefore, a new site plan with bar code will be prepared for you before registration begins.
The registration process can take time. But it pays to wait and get it done. It may take you a minimum of 8 months to get a title registered and it can take much longer time if there are any issues with your primary documents.
Aside a completed house, Land for many people is the biggest purchase you might make and it's a lifetime investment. Buy Land and Wait, Don't Wait to Buy Land. If you have to buy one, please don't do it in a hurry. Take time to do it right for your peace of mind.
TAX COMPLIANCE
Buying land is a taxable transaction, therefore upon presenting the land, the Lands Commission will send its officers to the site. They will put a value on the land and then you pay a Stamp Duty Tax of 1% on the value of the land you are buying. Remember the stamp duty is not on the price at which you bought the land but rather on the value the Lands commission will put on the land.
Upon the payment of the stamp duty, the lands commission will proceed to do its internal checks to satisfy itself that you can register that transaction. Your proposal will then be published in the gazette and if no person comes to object to your registration, then you will be issued with a Land Title Certificate, if your land is in Accra or Takoradi or a deed if your land is in any other region of Ghana.
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