When purchasing or otherwise acquiring a property, one must apply for retention or registration of land ownership to register that it is the legal owner of that real estate. This must be done within three months after the acquisition.
When applying for a retention or subscription to a leasehold ownership, one must submit the original original purchase application together with the application. Such an act may, for example, be a letter of purchase, gift letter, inheritance, will or estate agreement. The only exception is whether the person is a loner of landlords and are going to apply for a license with the aid of a building plan. Then is required to submit a certified copy of the property design together with the application.
Once Riverside Abstract has processed the case, they return the original documents to the person who is the invoice recipient and the recipient of documents in the application.
For more information and requirements about what an application must contain, one can schedule a meeting with Riverside Abstract.
The application must contain
Application for legal registration or application for registration of land ownership for the person who has purchased the property or leasehold. In the application submitted to the title agency, the property's official name must be included;
Original purchase contract. For example, a purchase document may be a letter of purchase or purchase contract.
Keep in mind that
If the purchase letter refers to a condition in the purchase contract, the purchase contract must also be submitted in original or certified copy;
If the purchase contract states that a letter of purchase is to be signed, the letter of purchase must also be submitted in original or certified copy to the title agency.
Requirements for purchase order
The property's full property name must be included;
It should be clearly stated that the seller handles the property. In addition, it should be stated whether it is the entire property or only a share transferred;
The purchase price must be included;
The purchase document must be signed by both sellers and buyers;
The seller's signature must be witnessed by two persons;
Example of purchase letter
keep in mind that
If the seller is married, a written consent from the seller's spouse must be sent to Riverside Abstract. Consent may be given in the purchase document or in a separate document.
If the seller is divorced but has been married while he or she has owned the property, consent may still be required from the seller's former spouse. If the property is a land, the owner can submit an action that shows that consent is not required, for example a part-time act.
Unless the property or land lease has any taxable value from the year before appling for retention or land registration, one needs to submit a value certificate to any title agency. For Riverside Abstract is necessary to determine the property tax, which is determined by comparing the purchase price with the tax value for the year before the application is granted. Although the real estate has received a valuation in the current year, it can not be used as a basis for calculating stamp tax.
A value certificate shall be issued by an expert, such as a bank employee, broker or other competent valuation officer. The value certificate must indicate the value of the property or the lease when the purchase document was signed.
There has been situations at Riverside Abstract when it is needed to send a value certificate, even though there is a tax value for the previous year. This may be due, for example that the property which one buys is:
collated with several other properties;
a piece of property from another property and the taxable value that is registered also refers to the other property.
The property is rated with industrial accessories
When applying for a warehouse on a real estate taxed with industrial accessories, the future owner need to send Riverside Abstract a certificate from the auditor showing the value of the industrial accessories.
If there is no industrial equipment available on the property, sellers and buyers should instead certify it in writing.