| Author |
 Topic  |
|
toubab1020
12312 Posts |
 Posted - 21 Jun 2007 : 10:16:01
|
| I think what Jambo really wants is a step by step timeline of buying land and when documents should be produced and paid for so that he is guarenteed to OWN the land he has paid for,there has been a lot of advice given from taking a handful of Kola nuts as a sign of good faith to employing a good solicitor.TINTINTO's last posting recomends an expert, but even the expert has got caught and taken years going through the courts to establish his ownership.I remember a recent comment by a magistrate that was published in one of the newspapers where it was said that lawyers should make their own notes and not rely on court records.So where are we? It seems that you pay your money and take "pot luck" (a UK saying that means take a chance)I know of an instance where a man from Serrekunda has swopped a small truck for a big piece of land on the north bank,paperwork or permission in that case I doubt it (but there might be!) as there is no nationally recognised system of buying land,depends where you are and who you deal with.(and of course who you are Toubabs be prepared to pay more !)This is the reason I think that the experts are not coming forward and posting.This excellent Bantaba is visited by many foreigners who want to do things properly and legally and on this subject they are not getting clear and concise informaition. |
 |
|
|
jambo
3300 Posts |
Posted - 21 Jun 2007 : 10:31:31
|
thank you for the posting, it confirms what i thought, "you definately take pot luck with buying land in Gambia". i will make other enquiries. because this is in the rural villagers the meeting will be arranged for my by the family. So i am hoping the middle men will be out of the picture.
|
|
|
|
tintinto
United Kingdom
105 Posts |
Posted - 21 Jun 2007 : 10:56:00
|
| toubab1020, you are quite right, my friend did buy disputed, unsafe land years ago, and this is what led him to educate himself on all aspects of buying land, he now knows more than most Solicitors on the subject. |
|
|
|
toubab1020
12312 Posts |
Posted - 21 Jun 2007 : 11:40:46
|
| Everyone, I am NO EXPERT on this topic I make my posting through my own observations and I am quite happy to have anything questioned or disputed, I think that this is an important subject and deserves an airing,critisise if you will you are all most welcome. |
Edited by - toubab1020 on 21 Jun 2007 14:37:19 |
|
|
|
Ramou
90 Posts |
Posted - 22 Jun 2007 : 00:58:57
|
quote:
Originally posted by concort
It's been a couple of years since I bought a land in Sanyang and I paid around 17% tax. Things may have changed since then so please don't quote me word for word.
Concort,
You were robbed! The current rate is 15%...it has been so for as long as I can remember. By the way, Capital Gains Tax (CGT) should be paid by the seller NOT the buyer unless it is by mutual agreement.
I prefer doing all the paperwork, including payment of the CGT, surveyor fees, Area Council form, some money for the Alkalo and the Chief for their endorsement. Prior to processing the transfer document, I'll have my lawyer prepare a conveyance of sale, which should include the fact that monies will change hands ONLY upon completion of the transfer. And also include a clause for reimbursement of money spent towards the transfer (and possibly damages too) should the seller change their mind upon initiation of the transfer process. Put everything that is important to you in the conveyance; if the seller wouldn't agree to the clauses, move on! You're better off looking for another property.
The biggest mistake is to show your desperation for that particular property for you'll be taken to the cleaners! Sorry for my pessimism, but I do NOT trust a soul in the real estate market in the Gambia.
Thanks!
Ramou
|
Edited by - Ramou on 22 Jun 2007 01:49:08 |
|
|
|
toubab1020
12312 Posts |
Posted - 22 Jun 2007 : 01:20:25
|
quote:
Originally posted by Ramou
Concort,
You were robbed! The current rate is 15%...
Thanks for joining in Ramou,your input is very useful I am sure,and the fact that you have great reservations of anyone in the Real estae field,I think highlights the extreme caution that should be excercised by anyone buying land in Gambia,but people want to buy in our paradise,so they will dispite the considerable risks involved .
you also say in your posting "some money for the Akalo and the Chief" it would be helpful if you could put some sort of figure on "some money" for clarification. |
Edited by - toubab1020 on 22 Jun 2007 01:22:57 |
|
|
|
Ramou
90 Posts |
Posted - 22 Jun 2007 : 02:19:28
|
Well Toubab1020,
I agree our's is paradise, but the real estate market is infested with a lot of crooks. And the legal system is not helpful especially for most of us living overseas. The last thing I (or any other investor in the diaspora) want is a protracted legal battle over a piece of land when you are several thousand miles away. Nevertheless, we all want a place to retire, and I certainly do NOT plan on spending my golden years in sub-zero temperatures. So, my advice is to do all your transactions through an attorney. Stay away from "freebie" allocations from Alkalos; remember that Alkalos die, and the next fellow could repossess your land! If you must obtain land from an Alkalo, please get all the proper documents.
As per your questions regarding amount of money for the Alkalo and Chief for their stamps on your land transfer form, there is no fixed amount. It depends on whether you are "Toubab" like yourself or Ramou Just kidding. Actually it depends on the location of the property. A number of things boil down to location, location, location doesn't it? I "payed" both the Alkalo and the Chief D2000 apiece for a piece of land I recently purchased. I do know for a fact that some of the Alkalos use some of these funds towards the development of their Village - a good cause if you ask me.
Just to summarize, you'll need the following:
1. Purchase a land transfer form from the Area Council (D3000)
2. Surveyor fee (~D3000 negotiable)
3. Alkalo (D2000 left to your discretion)
4. Chief (D2000 left to your discretion)
5. Capital Gains Tax (15%)
6. Attorney fee (negotiable)
7. Your time, priceless!
Hope I've answered your questions.
Thanks!
Ramou |
Edited by - Ramou on 22 Jun 2007 13:08:44 |
|
|
|
toubab1020
12312 Posts |
Posted - 22 Jun 2007 : 10:03:55
|
Ramou, thanks for a super and clear answer,I did not post this topic but did join in as there appeared to be very little guidence for the poster who made a genuine enquiring posting,so I put my input in and you gave such a great and clear answer that the whole of the Real estate industry in Gambia must be shaking,as for the Akalos and chiefs,it is certain that their "Stamp Duty" has now been set by you and may well in future be referred to as "THE RAMOU SCALE" hensforth
Remember I am only a poor farmer from the North Bank,so I shant be buying any land  ! |
|
|
|
sab
United Kingdom
912 Posts |
Posted - 22 Jun 2007 : 13:15:20
|
Do not let anyone sign papers on your behalf - or, you may find out at a later date the land belong's to them!
sab |
The world would be a poorer place if it was peopled by children whose parents risked nothing in the cause of social justice, for fear of personal loss. (Joe Slovo - African revolutionary) |
|
|
|
Ramou
90 Posts |
Posted - 22 Jun 2007 : 13:19:35
|
Toubab1020,
Glad you found my contribution useful. The Ramou Scale...now that's funny. I'm off to work; will write again later in the day.
Thanks!
Ramou
|
|
|
|
jambo
3300 Posts |
Posted - 22 Jun 2007 : 13:20:14
|
| thank you everyone, this has been informative and interesting, ramou your posting was really helpful. |
|
|
|
toubab1020
12312 Posts |
Posted - 22 Jun 2007 : 13:53:02
|
quote:
Originally posted by sab
Do not let anyone sign papers on your behalf - or, you may find out at a later date the land belong's to them!
sab
Good Point.........Your friend may not then be your friend!  |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
|
Edited by - toubab1020 on 22 Jun 2007 16:40:45 |
|
|
|
Ramou
90 Posts |
Posted - 24 Jun 2007 : 17:29:39
|
Jambo & Toubab1020,
I promised to be back on this thread on Friday, but has been down with allergies since then hence the silence. I don't have anything further to add at this point unless you guys have other querries.
Have a good Sunday afternoon.
Thanks!
Ramou
quote:
Originally posted by Ramou
Toubab1020,
Glad you found my contribution useful. The Ramou Scale...now that's funny. I'm off to work; will write again later in the day.
Thanks!
Ramou
|
|
|
|
jambo
3300 Posts |
Posted - 25 Jun 2007 : 10:10:48
|
thank your for the facts and figures it will help my decision a lot, but who is more powerful the chief or alkalo and why am i paying both |
|
|
|
LEMON TIME
Afghanistan
1295 Posts |
Posted - 25 Jun 2007 : 17:23:58
|
| YEA A VERY GOOD QUESTION,HOW DO ALKALOS GET TO OWN OUR LANDS. |
There is no god but Allah |
|
|
|
Topic |
|
Topic Locked
