Welcome to the next video of our Real Estate course! We have talked about finding a house and paying for it. Now, we need to talk about the paperwork that makes it legally yours.Hi everyone! I am Aoede. I am going to save you from a huge headache by explaining zoning laws and why you cannot just build a shop in your front yard.Hello! I am Charon. I will explain the rules of renting, so landlords and tenants can live in peace.And I am Leda! I am going to talk about the inevitable: Taxes. But do not worry, I will make it simple. Let us secure your legacy!First, let us clear up a major confusion in Guyana: The difference between a Transport and a Title. You might hear people use these words interchangeably, but legally, they are different systems. A “Transport” comes from the old Roman Dutch law. It is a large, formal document held in the Deeds Registry. If you buy land with a Transport, the process takes longer because the sale has to be advertised in the Official Gazette for weeks to see if anyone objects. It is slow, but it is very secure. On the other hand, we have the “Certificate of Title.” This comes from the Land Registry system. It is more modern and faster because it does not require that public advertisement period. When you are buying land, ask your lawyer immediately: “Is this Transport land or Title land?” It affects how long you will wait and the specific fees you will pay. Both prove you own the land, but the path to getting them is different.Once you own the land, you probably want to build on it. But stop! You cannot just call a contractor and start mixing cement. You need permission. In Guyana, you must get approval from the Central Housing and Planning Authority (C H P A) and your local Neighborhood Democratic Council (N D C) or Town Council. You have to hire a draftsman or architect to draw your building plan. You submit this plan to the local authority. They check it to make sure you are not building too close to the fence, that your septic tank is in the right place, and that the building matches the “Zoning.” Zoning means some areas are for living (Residential), and some are for factories (Industrial). If you try to open a loud mechanic shop in a quiet housing scheme, the neighbors can complain, and the council can tear down your building. Do it right: Get your plan approved before you lay the first block.Now, let us talk about renting. Many of us start as tenants, or we buy property to rent it out. This relationship is governed by the Landlord and Tenant Act. The most important advice I can give you is this: Sign a Written Tenancy Agreement. A handshake is not enough. The agreement should state the rent amount, the security deposit, who pays for repairs (usually the landlord for big things, the tenant for small damage), and the notice period for moving out. If you are a landlord, listen carefully: You cannot just kick a tenant out or throw their clothes on the street because they are late with rent. That is illegal. You must go to court and get a Possession Order. If you are a tenant, you have a right to “Quiet Enjoyment.” This means the landlord cannot just barge into your house whenever they feel like it. Respect the contract, and you will avoid the courtroom.Finally, let us talk about Taxes. There are three types you need to know. First is “Rates and Taxes.” This is a small annual fee you pay to your local N D C or Town Council. It pays for garbage collection and drain cleaning in your village. It is usually very affordable, sometimes just a few thousand dollars a year. Second is “Property Tax.” This is paid to the G R A. It is a tax on your net worth, not just your house. But here is the good news: The first forty million dollars of your net property value is tax free. So, most regular homeowners do not pay this. Third is “Capital Gains Tax.” This is the big one. If you sell your house for a profit, the government takes twenty percent of that profit. However, if you have owned the property for more than twenty five years, you pay zero Capital Gains Tax! It pays to hold onto your property for the long term.This brings us to the end of our Real Estate journey. We have covered a lot of ground.From applying for a house lot to getting your building plan approved.From signing a safe lease to understanding your rights as a landlord or tenant.And navigating the banks and tax laws that keep our system running.Owning real estate is the most traditional way to build wealth in Guyana. It is something you can touch, something you can live in, and something you can pass down to your children.Do your research. Do not rush.Follow the rules, and your investment will be safe.Refer to the government websites we mentioned for the latest policies.Congratulations on completing this section! You are one step closer to your financial dreams. Goodbye!
