The contract for the sale of real estate is an agreement that is used to divert the terms of residential real estate activity between a seller and a buyer. It only concerns buildings that have been completed. If there are prevailing unpaid prices, you must agree with the seller who will pay them, as the country cannot be sold (transferred) with the unpaid prices of the land. It is possible to terminate the contract. It is possible if you make a written message to your seller. The agreement provides for a period of time that allows the buyer to terminate it. In addition, state real estate laws can help protect the buyer when necessary. Cancellation fees may be charged by a seller. The amount must be fixed in advance. The law requires that all land transactions be in writing. It is highly advisable to have a lawyer (but no must).
According to the tariff of the Law Society of Kenya, the lawyer should calculate Ksh3000 if the land costs are Ksh1,000,000 and lower, and Ksh8,000 if the value of the land is higher than Ksh1,000,000. Attorneys` fees are normally divided equally between the buyer and the seller. Book the Land Control Board (LCB) meeting. The LCB is a forum that consists of Assistant County Commissioners (formerly called DOs) and former local villagers, which meets once a month. They are the ones who give the final agreement to the sale of the country. Your job is to protect the seller from self-destruction, for example. B when a man sells land without the woman`s knowledge and cannot go anywhere else or the country that is sold is a clan/community country. LCB costs Ksh1000. Check with the Ministry of Land at the district or district headquarters to identify the true landowners and determine the presence of brokers and whether the title has been debited or has a reserve, such as whether it was used to secure a loan or whether there is a court order prohibiting any transaction in the countryside. The agreement is signed when a seller wants to make a private sale, finance the buyer`s purchase or if the transaction is carried out between the members of a family. The contract can be used for all types of sale or purchase of real estate as long as the dwelling was in possession beforehand or is concluded before the end date of the contract. Consult the municipal council (municipality or county) to confirm any unpaid land prices to be taken into account when deciding on the purchase price.
Costs vary from county to county. In Nairobi, you need a Nairobi City County Release Certificate, which costs 7500 Ksh and should normally be ready within two hours. You have to pay stamp duty on the basis of the property value, i.e. 4% for municipalities and 2% for reserves. After all payments, the seller signs land transfer forms which, with the agreement of LCB, land search, release by the county council / municipality, passport photos, KRA PIN, agreement and old deed of ownership, are brought to the Ministry of Land to change ownership. It costs Ksh5,000 to edit new titles that should be ready within two weeks. After a week, the buyer should do another search with the Land Ministry to confirm that the country is now reading its data. Armed with the map, the surveyor and the salesman visit the country on the ground. Use a tape measure to confirm the size of the map drawn to scale.
Make sure you see the tags or replace the lost ones. Surveyors calculate about Ksh1,000 per beacon. Make sure neighboring neighbors agree with the borders. In accordance with the agreement, you can be paid in cash or on instalment payment. Make sure that the deed of ownership and other legal documents are in the custody of the lawyers at the time of the first payment. This is due to the fact that the seller still owns the land and may include other transactions with the deed of ownership that can harm you financially. You will find in the contract the means to finance the purchase. These include third-party financing, acquisition, seller financing and there is not even a financing route. .