House Sale Agreement Kenya
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. Armed with the map, the surveyor and the salesman visit the country on the ground. Have a tape meter to confirm the measurement from the map that is drawn at scale. Be sure to see the tags or replace the lost tags. Survey participants calculate about 1000 Ksh per lighthouse. Make sure neighbors agree with the limits. 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. 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. 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. 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. Make sure that the seller`s spouse is present at this stage or, at least, that the spouse accepts the transaction to avoid any further complications. 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. However, there is a Special Land Control Bond (SCLB), to which only the District Assistant Commissioner and the two acting parties are involved, instead of waiting for the main LCB, which meets once a month.