Land is a valuable fixed asset that you can easily buy and own in Kenya. The following are important procedures that you need to know on how to buy land in Kenya.
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Search and inspection of the title
Once you have identified a potential piece of land, visit the lands registry in order to carry out a search on that land. A title deed from the seller is needed. This helps you know if it has been flagged.
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Prepare Offers and Price Discussions
If the lands registry clears the parcel of land then you can proceed to the negotiations table. Moreover, prepare a letter of offer or intent. This details the method of payment and other details. To avoid complications, get an advocate to do all this.
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Sale Agreement and Deposit of funds
The offer needs total agreement from the buyer and sellers side. They should all agree to this. Advocates from both sides need to approve and okay the process. The agreed deposit is sent to the sellers account through the advocates account.
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Payment of Land rates
A buyer should be aware of the necessary land rates to avoid issues with the government.
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Transfer of Documents
The sellers advocate should handle this. They need to prepare transfer documents after the consent of transfer has been issued by the commissioner of lands.
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Valuation
An application of valuation needs to be undertaken from a government valuer. They visit the site and come up with a valuation report. Stamp duty is important.
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Payment of Stamp Duty
The buyer is required to pay this. It is a tax that is paid on all lands.
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Registration of Transfer
This is where legal ownership of the land takes place.
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Exchange of Documents
Once relevant documents are out, the seller and buyer are required to transfer everything that is remaining.
This is also best handled by an advocate to avoid any issues.
And this is how to buy land in Kenya step by Step.
