Transfers, Gifts, Leases, Wills, Trusts, Local & Foreign Power of Attorney, Corporate Agreements, Title Reports, Organizing Documents for Bank Loans

In the Sri Lankan legal system, Conveyancing (Execution of Deeds) is the specialized practice governing the transfer of title and creation of interests in immovable property, primarily requiring notarial attestation under the Prevention of Frauds Ordinance. Transfers and Gifts of land are formalized through a Deed of Transfer, which must be executed before a Notary Public and two witnesses, signed in duplicate, and registered at the relevant Land Registry for legal validity against third parties. Leases exceeding a year are also typically notarially executed and registered. Wills and Trusts are crucial for estate planning, with testamentary documents affecting immovable property also requiring strict notarial compliance and subsequent registration or probate to effect asset transfer. Local and Foreign Powers of Attorney must be notarially attested (with specific requirements for foreign execution) and compulsorily registered with the Registrar General’s Department, especially if they are to be used for land transactions, with a validity period of five years unless granted by a state institution. Corporate Agreements involving property follow the same notarial and registration rules, with the company’s common seal affixed according to its Articles of Association. Finally, comprehensive Title Reports (often searching back 30 years) and Organizing documents for bank loans are mandatory due diligence steps to establish a clear title and create a valid mortgage (often by a notarial mortgage bond or deposit of title deeds) for finance.