Under what circumstances do we need to apply consent from state authority for the sale and purchase of a property?
Consent from State Authority is needed if there is a restriction in interest attached on the title. This restriction in interest is shown on the title deed, as well as title search.
If there is a restriction on the title on transfer, then the Vendor needs to obtain consent for State Authority for transfer. The Vendor is required to pay consent see to State Authority, i.e. 0.1% of the sale price.
If the restriction on the title includes restriction on charge or mortgage, then the Purchaser needs to obtain consent for State Authority if Purchaser is getting a loan from the bank to finance the purchase. The Purchaser is required to pay consent see to State Authority, i.e. 0.1% of the loan amount approved by the bank.
The Vendor and Purchaser can apply consent from state authority simultaneously. Normally, the State Authority will take between two to eight weeks in granting the consent.