Total transaction costs are unknown
August 15, 2006
How high are realtors’ and lawyers’ fees in CNMI? What about other property purchase costs?
|Costs paid by buyer||US$250|
|Costs paid by seller||US$250|
|ROUNDTRIP TRANSACTION COSTS||US$500|
| See Footnotes
Source: Global Property Guide
How difficult is the property purchase process in CNMI?
The CNMI has one of the smallest land masses among the South Pacific Islands with a total land mass of 176.5 square miles (457 sq. km.). Consequently, local leadership has insured that much of the control of the land, its use and management be retained among people of Northern Marianas descent. Local law requires property owners to be of at least 25 percent CNMI descent.
Persons of non-CNMI descent are allowed to lease private land for a maximum of 55 years.
Once a suitable property is found and an agreement regarding the lease price have been reached a visit to CNMI’s Land Commission and Recorder’s Office to check that the records confirm that the land is in fact owned by the party contacted. The land or property should next be surveyed and a clear description of boundaries is expected to be incorporated in the lease agreement. The lease agreement is then filed with the Recorder’s Office with a cadastral map attached.
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property – lawyers’ fees, notaries’ fees, registration fees, taxes, agents’ fees, etc.