Owning a piece of land is a common goal for everyone at some point in life. Most people have little to zero knowledge of the process of acquiring land. Below are a few points to give you, both the buyer and seller, basic expectations and laws of contracts that binds both of you.
- Identify the land
This is whereby the potential buyer, identifies a property and schedules for a site visit. A site visit is important as it helps you know that the land truly exists.
2. Searches
Conducting the necessary searches on the property is also a very important factor. You get to know the original owner of the land. It saves you a lot of trouble and avoids the buyer from being conned.
3. County Office Search
This will help the buyer in finding out whether the land has any unpaid land rates which will be factored in the purchase price. A certificate of clearance is then issued.
4. Price Negotiations
This is where the buyer will have to exercise his/her negotiation skills until they come to an agreement with the seller.
5. Sales Agreement
A Sales Agreement is a legally binding contract that clarifies the terms of a transaction. Also known as a Sales Contract. After purchasing your property, the buyer is required to sign a Sales Agreement in order to make the contract legal.
6. Survey Maps
This can be done before or after signing the Sales Agreement. Getting the survey map(s) helps you make sure the boundaries are accurate.
7. Land Rates
Pay land rates by contacting the relevant county authority and determine the applicable land rates for that particular area.
8. Transfer Documents and Consent
After the buyer has made payments of the necessary fees, the next step is for him/her to transfer ownership of land from the seller to the buyer’s name.
9. Valuation
This is done by the government valuer who visits the property and gives it a valuation for the land. The reports are usually estimates. They are also essential for Stamp Duty payments which the government of Kenya valuer determines.
10. Land Transfer
This is the final step, where the land is transferred from the seller to the buyer. It is done by paying Stamp Duty, a government tax charged on all land transactions. Remember, the amount of Stamp Duty depends on the property’s value.
After completion of all the above steps, you officially become the land owner.
We at Vasco Real Estate Limited are here to help you with your investment journey. All our plots have ready Title Deeds making the process of land ownership seamless.
Call or WhatsApp us on 0720855454/0723866262
