A government tax levied on the execution of certain legal documents such as sale or lease agreements; rates vary widely across Gulf and African jurisdictions and are a real cost in deal budgeting.
Related terms
- Statutory land tenure
Rights to land created and governed by written law and formal registration, as opposed to customary tenure; the basis of most Gulf and urban African freehold a…
- Title
The legal evidence of ownership of a property and the rights attached to it.
- Title deed
The official document recording ownership of a property.
- Title insurance
A policy indemnifying an owner or lender against loss from defects in title, undisclosed liens, or registration errors; common in the US but rare in Gulf and A…
- Transfer fee
A charge payable to the land authority on registering a change of ownership, often a percentage of price; Dubai Land Department's 4% and Egypt's registration l…
- Vendee
The buyer of a property under a sale contract; the counterparty to the vendor.
- Vendor
The seller of a property under a sale contract.
- Adverse possession
Acquisition of title by occupying land openly and continuously for a statutory period without the owner's objection; recognised in Egyptian civil law (hiyaza)…