Buying property in Mauritius is an exciting process, however, it's crucial to ensure you have all the necessary legal documents to secure a smooth transaction. Here's a breakdown of the essential documents you'll need:
Identity Documents:
Valid identification documents of both the seller and buyer, such as a passport or national ID card.
Sales Agreement:
A preliminary agreement outlining the terms and conditions of the sale, signed by both the seller and the buyer.
Title Deed:
Official document that proves ownership of the property by the seller. This is a fully comprehensive document outlining all details of the property including site plans and floorplans. In Mauritius, this document can be quite long at approximately 40 pages. It also included all past history or previous ownership of the property.
Promise of Sale:
An official document that outlines the intention to transfer ownership of the property under specified conditions and within a certain timeframe. This document is legally binding and serves as a precursor to the final sale deed (Acte de Vente). This document is usually prepared by a notary to ensure its legality and compliance with Mauritian laws.
EDB Approval:
For properties under designated foreigner schemes the seller will need to obtain a Non-Objection Certificate from the Economic Development Board (EDB) - this is done by sending the EDB a ‘Notice of Sale’ letter for the intention to dispose of the property. In conjunction, the buyer will need to obtain approval from the EDB for his or her intention to purchase the property through the submission of various KYC documents. EDB guidelines here.
Bank Documents:
In the case the property is currently mortgaged, the seller will need to inform his or her bank of their intention to sell the property. When the funds have been received, the escrow account handled by the Notary will transfer the outstanding loan balance directly to the bank who will then provide the seller with an official letter stating the inscription of fixed and floating charge against the property has been cleared.
In the case the buyer requires a mortgage to purchase the property, he or she will follow the bank home loan application process with the financial intuition dispersing the funds directly to the seller.
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