12. Are there any specific taxes impacting property purchase, ownership or sale?
Properties that are not built however registered to their owner’s name in the land registry according to Lebanese law, are not subject to any tax as long as it is not used for industrial or commercial purposes.
During the purchase of a property, the buyer is subjected to the payment of a fee in order to finalize the property transfer and registry to his name amounting to around 6% of the value of the deal.
13. What features must a valid property contract have?
There are several kinds of property contracts that must have certain features to be considered valid.
The property contract types are: sale, rent, endowment, insurance, mortgage, and waiver.
All above-mentioned contracts must state the name of the property owner and the person to which the property is to be transferred as well as the property’s number and real estate area. These contracts must be registered in the real estate registry to be considered valid.
14. What are the typical features of a property sale contract?
A property sale contract is one of the most common contracts and it must state clearly the name of the landlord and the name of the buyer in addition to the property’s number and location, most importantly it must state the selling price and the payment method and deadline. The contract must be a swabbed sale contract, authenticated by the notary public and registered by the buyer at the real estate registry for the preservation of the rights and prevention of any illegal concurrence.
