Your land is one of the most important investments that you could make. However, the real estate market is an industry that has cases of illegal sale or ownership of land. Almost every day, there are cases in court about people who sold, or bought unlawful land. It is not a surprise for you to purchase property and later find it guarded by armed policemen and be under arrest. This could probably be the most heart-wrecking moment of your life.
So, how do you protect yourself from the illegal sale of land and the loss of funds after falling preys on the many traps in the real estate market?
Owning land is an exciting moment in your life. However, do not allow this excitement to mask the processes that you must follow when buying property and opt for shortcuts. Shortcuts may seem enjoyable but end up causing more harm than good. For this reason, when land hunting, identify the look for the land that meets your needs regarding location, size, and budget. Later on, demand to see the title deed of the area before carrying on with any financial transactions. After receiving the title deed, go ahead and search the land registry to ensure that the area you are purchasing is legit.
Searching at the land registry takes about 24 hours. You will also be required to pay a fee of 500 shillings. This may seem time wasting since it was not in your plan of things to do when buying land but it is worth every minute and cost. The search will give you details of the rightful owner of the land, the size of the land as well as any court cases about the land.
When signing the agreement of land sale, it is essential to have a lawyer by your side. The agreement is drafted by the seller's lawyer and includes details such as your names, cost of the land, mode of payment, terms of sale and documents exchanged after the sale. During this time, your lawyer will help you stay alert and identify any loopholes or traps that may be set, thus, avoiding future regrets. It will also be easier for you to win a case that may occur in case you had a lawyer with you during the purchase.
After you have finally purchased land and are the rightful owner, ensure that you protect the documents as much as you can. Remember that the title deed given is now one of the most valuable items that you own. You should, therefore, ensure that you give your all in protecting the document. This includes everything else that was exchanged between you and the seller during purchase. Additionally, avoid giving or sharing information about the whereabouts of these documents unless with a court order. This way, you will get to enjoy your investment on the land without disturbance from fraudsters.