Draft Land Sale Agreement Kenya

If there are predominant unpaid property rates, you must agree with the seller who will settle them, as the land cannot be sold (transferred) with unpaid property rates. The sale and sale agreement is an agreement on the terms of the residential real estate agreement between a seller and a buyer. It only applies to buildings that have been completed. After all payments, the seller signs state transfer forms which, with the agreement of LCB, Landsuche, Reumung by the Kreis-/Gemeinderat, Passfotos, KRA-PIN, Accord and former title denomination, are submitted to the Ministry of the Land for the modification of the property. It`s expensive for Ksh5,000 to process new titles that should be ready within two weeks. Depending on the agreement, you can be paid in cash or in increments. Ensure that the deed of ownership and other legal documents are in the custody of lawyers until the first payment. This is due to the fact that the seller still owns the land and may include other transactions with the security that can harm you financially. They must pay a stamp duty on the basis of the value of the land, i.e. four per cent for the municipalities and two per cent for the reserve. The law stipulates that any land transaction must be made in writing. It is very advisable to have a lawyer (even if it is not mandatory).

According to the tariff made available by the Law Society of Kenya, the lawyer should calculate Ksh3000 if the land costs are 1,000,000 Ksh and Ksh8,000 if the land value is greater than Ksh1,000,000. The lawyer`s costs are generally divided equally between the buyer and the seller. The agreement is signed when a seller wants to make a private sale, will finance the purchase of the buyer or if the transaction is made between the family members. The contract can be used for all types of sale or purchase of real estate as long as the apartment has been previously owned, or is concluded until the end date of the agreement. Go to the City Council (municipality or county) to confirm all the unpaid land prices that you must consider in deciding the purchase price. Die Kosten variable von Landkreis zu Landkreis. In Nairobi, you need a Certificate of Approval from Nairobi City County, which costs 7500 Ksh and should be ready normally within two hours. Search with the Ministry of Earth at the District or District Central to identify actual landowners and determine the presence of brokers and whether the title has been charged or has a restriction, for example if it was used to secure a loan, or there is a court order that excludes any transaction on the land. It is possible to terminate the contract.

This is possible if you communicate a written message to your seller. A clause is included in the agreement that allows the buyer to terminate it. In addition, state real estate laws can help protect the buyer when necessary. A seller may be charged a termination fee. The amount must be set in advance. Book the National Control Board (LCB) meeting. The LCB is a forum made up of Assistant County Commissioners (formerly known as DOs) and village elders who meet once a month. They are the ones who give the final agreement for the sale of the land.