Having a proficient lawyer is important when making the decision to invest your money in property.
Look out for an advocate who specializes in property conveyance in Nairobi and is also a specialist in property transfers and transactions. The advocate should be an active member of the law society of Kenya. Confirming their years of experience, physical address and their work specialization is also important. The advocate should represent and give legal advice through the whole process of transferring property; thus, reducing the risks involved.
The advocate plays the following roles to help you complete the entire process of buying the property.
Your advocate will do all the directing and management activities that will be involved when buying the property. He will work together with all the people involved like the surveyor, the valuer of the property, property manager, seller’s agent and advocate and the physical planner.
Your advocate is responsible for inspecting and reviewing all the necessary information related to the property you are planning to buy. He should perform all the required searches for the property at the lands offices and the information regarding the seller from the Registration of Persons Bureau. Your advocate is the one who will get the National Identity Card, PIN Certificate, and the title deed from the seller. In case the property is being sold by a company the advocate should conduct a search at the company registry to reaffirm whether the seller is the real owner, or an imposter.
Your advocate is the person who will advise you on due diligence results and the necessary steps to be taken. He should be well informed about the dates of the agreement and also negotiate for additional time if it is impossible to meet the deadline to meet all the essential requirements. In case of issues with the property your advocate will negotiate with the seller and terminate the contract if there will be any need to end it. Where the property needs repairs the advocate will detain the funds, or negotiate for the reduction of the price due to the repairs. He should also explain to you how the process of borrowing from the bank and their requirements.
The custodian and transactor.
Your advocate will amend, prepare, review, and provide the transfer documents and the agreement for sale you executed. The advocate should supervise the property transfer procedure to a safe and satisfactory purchase. He should assemble on time the purchase price and all the expenses in the Advocate’s trust account. The Advocate should liaise with your financier and ensure that you meet the necessary requirements needed in case you want a mortgage. He will organize the transfer of ownership details into your names, the deposit of the purchase price, give advice on the stamp duty payable, and any expenses incurred. He should handover the mortgage and an updated copy of the title certificate to you and the financier after transferring to the seller the purchase price balance. In cooperation with the Vendor’s Agent, he should organize for a handover.