The purchase of a property must be the concretization of a project, a financial investment, but also an emotional one. In this sense, each step must be carried out serenely. In addition to the support of a certified real estate agent whose reputation is well established, prepare your acquisition by taking note of the main steps to follow.
Find the right property in the right location
Whether a local or a foreign investor, the idea is that the buyer of a property finds a house, a villa or an apartment that corresponds exactly to his expectations, his desires and his budget. If the private individual to private individual is tempting in the first case, the partnership with a real estate agency always proves to be much more fruitful on all levels for the purchaser. Indeed, the agent is his advisor, his companion, he delivers sound advice, always in the interest of the buyer he guides.
Concerning the ideal property, several criteria are to be taken into consideration:
- Its price per m² ;
- The type of property (floor, number of rooms, elevator, bathtub, exposure, etc.) ;
- The environment surrounding the property (proximity to amenities, the sea, schools, medical areas, etc.).
As for its geographical location :
If you want to spend your retirement in Mauritius or to make a rental investment for tourists, the property is located, for example, in the western region of the island.
Otherwise, if you want to live and work in Mauritius, for a comfortable and efficient quality of life, it is important to be close to amenities, but also to be close enough to traffic routes, for example, to go to the office in the morning and return in the evening.
Contact a registered, serious and reliable agency
The quality of a real estate transaction is also based on the quality of the buyer’s support. By having an experienced intermediary between him and the seller, the buyer has an additional channel to get answers to any questions that arise.
This real estate agent must be part of a recognized agency and officially registered with the relevant authorities. In Mauritius, the real estate agent profession is regulated by the “Real estate agent authority act”.
The verification phase between what is described and reality
Always in the company of his real estate agent, the buyer must take the time to verify the validity of the documents inherent to the property for sale. It is also a question of validating (or not!) the correspondence between the written elements and reality.
The notary’s entry into the scene
The Mauritian law provides that the notary is responsible for drawing up the deed of ownership. It is also up to him to verify the regularity of the documents given by the seller, as well as the absence of charges or mortgages on the property for sale and finally the effective payment of all taxes and utility bills after the sale. As for the notary fees in Mauritius, which are to be paid by the buyer, they are generally equivalent to 7 to 8% of the price of the property if it is old, and to 2 or 3% in the case of a new property.
Registration and transcription
The notary drafts and signs the agreement, and then makes an “identical copy” of the document for transcription to the Registrar General.
Registration of the property
8 days from the date of signing the agreement, the notary must register the acquired property with the Registrar General so that the sale and purchase becomes enforceable against third parties. Failure to meet this deadline will result in a 50% penalty.
Delivery of the authentic copy of the property deed to the seller
Upon receipt of the transcription number for the registration of the property, the buyer is given an authentic copy of the deed of sale by the notary.
Generally, real estate agencies in Mauritius take a 2% commission from both the buyer and the seller.
Buying a property in Mauritius is much easier than it seems. Because of the application of the Napoleonic Code, but also of the different regimes and laws put in place by the government, this type of investment is advantageous and secure, including for non-residents.