Using an Agent for housing

Purchases

For purchases, as in the case of rentals, the agent will take between two and a half to five percent of the price of the property depending on the value of the property (from the buyer, owner or both). The actual figure will depend on the value of the property, the work involved (preparing documents, conducting investigations on owners' titles, doing the registration at Lands Dept., etc.). It should be pointed out that non- Ghanaians are only allowed to purchase the "leasehold" interest, and that it can only be for a maximum of 50 years (building and/or land reverting to the original owner or government at that time).

Leasehold interest can eventually be sold in the same way. In all property dealings, legal advice and reference to the Lands Commission is recommended.

Rentals

Agents can represent the landlord, the prospective tenant or both. Although there is no fixed fee, it has become convention to pay as a commission either 10 % of the annual rent or the equivalent of one month's rent. It is wise to have clear guidance as to how much, and which party is going to pay the commission since based on the above, agents often collect from both parties.

Last modified on Wednesday, 29 May 2013 11:42