Sales and Purchase Agreement vs. Title Deeds
A Sales and Purchase Agreement (SPA) is provided to the Buyer by the Master Developer, and is only replaced with Title Deeds once they've been released from the Ministry of Justice here in Doha, Qatar.
The process to attain Title Deeds is facilitated by the Master Developer and the Ministry of Justice. The Buyer is charged 1.25% by the Master Developer based on the purchase price mentioned on the SPA. At the time of processing, the Master Developer will confirm that there are no pending amounts owed by the Buyer, Air Conditioning and Kahramaa are all paid, and the Common Area and Master Community Charges are also all paid up to date.
Please note: You will be required to hand in your original SPA copy to the Master Developer at the time of processing so they can replace it with an original copy of your Title Deeds. If you have misplaced or lost your SPA, you will be required to sign a letter confirming this for their records.
If a Seller only has the SPA (Title Deeds have not yet been released by the Master Developer and Ministry of Justice for the property), they will still be able to sell the property using the SPA. The resale will be facilitated by the Master Developer directly, and a transaction fee of 1% will be charged to the Seller based on the purchase price of the property mentioned on the SPA. In some instances it will be agreed upon both parties that the Buyer will pay the 1% instead of the Seller, however that will depend on the individual sale transaction.
Please note: If a Seller wishes to sell their property, and the title deeds have been released by the Master Developer and the Ministry of Justice, the Seller can only sell the property once they obtain the title deeds first.
FAQ's
Can I take out a mortgage on a property I wish to purchase that only has an SPA?
Yes it is possible. You can take out a mortgage given your bank approves the price, and the conditions of the property in question. We advise you to contact the bank first, and see if you're eligible for a mortgage.
Can I apply for a residency permit with an SPA (Sales and Purchase Agreement)?
Yes it's possible. You can visit the Ministry of Justice to confirm that you're eligible once you provide them with the property details, and the property SPA.
Can I sell my property if I only have an SPA?
Yes. You can arrange the resale directly with the Master Developer, if title deeds have not been released out yet for your property.
Can I receive Title Deeds on a property that has an ongoing payment plan?
No Unfortunately not. Properties that have an ongoing payment plan from a Developer cannot get title deeds, until the payment plan has been paid in full.
Can I receive Title Deeds on a property that is mortgaged?
Yes, however in some cases it will depend on which bank the property is mortgaged from.
If you have any further questions regarding your property and the sale procedure you can contact 25 Spaces Real Estate now by calling our office +974 4464 2525 or send us an email to info@25spaces.com
