Everybody desires to own parcel of land in his home land. Its the most sought after fixed asset that you might actually possess today. However in the event that you are planning to purchase a parcel of land anyplace in Kenya, there are certain procedures you ought to follow. Here are legitimate and legal procedures to buying land in Kenya:
- Searches and assessment of the title
When you identify the land it’s always suggested that you visit the lands registry in order to conduct the land search in question. You will require a duplicate of the land title deed from the seller facilitate the search. This will typically take three days max to get the results of the genuine owner of the land and if there is any caution against the land.
- Planning of offers and price negotiation
When the purchaser is happy with the search results as as presented by their advocates from the lands registry and the company registry, then they will okay their advocate to prepare an offer. The advocate involved ought to prepare a letter of offer or intent showing the details of both seller and buyer, the portrayal of the property on offer, and the proposed price and methods of payments.
3.Sale agreement and deposit payment
When all of you concur that is the seller and the buyer there is need to guarantee that the offer has both the terms and conditions included. It is usually drafted by the sellers advocate and introduced to the purchaser’s advocate for endorsement\approval. Upon the execution of the business understanding, the agreed deposit is paid by the buyer through their advocate to the seller’s advocate.
- Payment of land rates
A couple of years ago, the City Council of Nairobi clamped structures that had failed to pay for rates. Buyers ought to know about such property in light of the fact that the fact that its the landowners legal obligation and the land seller should clear any pending rates of the land prior to finishing the exchange.
- Transfer documents and consent to the transfer
Its the duty of the sellers advocate to prepare all the transfer documents that will be required for the process to be completed. The transfer documents will only be executed after consent to transfer has been issued by the commissioner of lands.
For purposes of stamp duty, an application for valuation is always made to the government valuer, who makes a site visit to enable him or her to prepare the valuation report. Stamp duty is important as it is used in registering the property.
The payable duty is determined by a government valuer and the valuation is done to determine the true value of the land on the open market as at the date of transfer.
The intention is to gauge the value declared in the instruments presented for registration for purposes of ascertaining whether the value declared in the instruments will be raised or not.
- Paying of Stamp Duty
It is the obligation of the buyer to pay the stamp duty, an expense levied on every land.
8.Registration of transfer
When the process is complete , the lawful responsibility for land will have legitimately changed hands.
- Trade of Documents
After complete documents from the seller, the buyer is obligated, in exchange of the documents, to pay entire balance against the land through his advocates to complete the registration of the documents after paying the requisite stamp duty.