October 20, 2018: About 150 participants attended the workshop on “Reducing the risk in buying and selling property” organized by FIRST FINANCE Microfinance Institution at Raffles Hotel Le Royal in Phnom Penh
Mr. Sao Vary, Director of Cadastral Conservation Department, Ministry of Land Management, Urban Planning and Construction, presented principle and procedure of property ownership registration as well as ownership transfer, types of the property ownership certificate, and procedure in confirming real and fake of the certificate. He also remarked specifically on ownership transfer from property developer to individual buyer and from parents to children or relatives,
In the workshop, Mr. Sao Vary suggested that buyers should carefully select a property developer for buying decision. In some reasons such as project title has been pledged with bank or it is an illegal project, etc. will lead to unable transfer the ownership.
Mr. Yet Kolketya, Bureau Head of General Department of Taxation, Ministry of Economy and Finance, shared the practice of tax collection on properties and stamp duty tax on property ownership transfer.
Ms. Chun Sothany, FIRST FINANCE’s Chief Executive Director said with 10 years of experience as a micro-mortgage provider for low and middle income Cambodians, we find that people [buyer/seller] are still facing with a lot of problems in buying/ selling property such as buying land or house that there is no recorded history, buying from illegal property developer (Boreys), land or house with duplicate titles, accepting soft title while the original title is hard, or transferring ownership at village/commune level to avoid tax duty, etc. These issues are risky for them to lose the right on owning their properties. These problems caused by their limited knowledge on property buying/selling, managing or legal ownership transfer. That is the reason we cooperated with partners and expert from related ministry to create an educational campaign for the public.
Chun Sothany added. “This workshop is the starting point amongst the other activities such as publicizing key tips video clips that shared by speakers from relevant ministries, developing infographic animation, and especially operating a calling center that allow the public to call in to question or consult matters related to property management or buying/selling.”
Participants are interested in the topic of the workshop and they raised a number of questions for speakers after their presentation.