The reform on the banking of real estate transactions mentioned between the Ministry of Land Affairs and the IGF

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Kinshasa, May 23 2021 (ACP).- The Minister of Land Affairs, Aimé Sokombi Molendo, had a working session in his office at the end of the week, with the Chief Inspector of the General Inspectorate of Finance (IGF), Jules Alingete, relating to the implementation of the reform on the banking of real estate transactions of more than 10,000 (ten thousand) USD, the CPA of the Ministry of Land Affairs learned on Saturday. According to Aimé Molendo Sakombi, the IGF has made a commitment to support the Ministry of Land Affairs in the fight against the flow of revenue from proportional mortgage rights and the banking of real estate transactions. « The ultimate stake of this reform is to render immense services to the State, by replenishing its coffers considerably, and by securing the title deeds of the buyers of real estate » continued the Minister of Land Affairs. To put an end to the flow of revenue in his sector, Minister Sakombi Molendo has concocted a 3 (three) point strategy namely, no authentication of a deed of sale can be done without a prior certification of the value of a real estate or land that is the subject of the transaction; make mandatory any real estate transaction whose amount is equal to or greater than 10,000 (ten thousand) USD and finally, the contracting parties will be required to designate a bank in which an escrow deposit will be made until the certificate of expertise is validated by Land Affairs within 15 (fifteen) days, while subordinating the establishment of the new title in favor of the purchaser by proof of the certified expertise of the value of the immovable property which was the subject of the transaction and payment by bank of the related price. It is since February 2021, that the Ministry of Land Affairs has implemented its reform relating to the banking of all real estate transactions of more than 10,000 (ten thousand) USD in the Democratic Republic of the Congo (DRC), it is recalled. ACP/