Denver Group Limited guide to you on how to undertake Due Diligence When Buying Land
One of the things you need to ask yourself when buying land, is which is the best location and how genuine is it? You can only get answers to these questions by doing some due diligence so that you avoid being conned. There are several things you need to do before closing the deal and they might be overwhelming but they pay.
Here is a list of things you need to check before buying a parcel of land.
Anyone can claim to be the owner of a particular piece of land and that’s why you need to be alert when scouting. This will help you avoid dealing with the wrong person and counting losses in the end. One of the best ways to land scout is by asking the neighbors questions whose answers will help you capture the history of the land.
In most areas, people know the real owners of the land in their location and therefore you can’t go wrong. You should engage a land valuer so you don’t overpay for the land. Additionally, get a professional surveyor to help you with the exact size of the land.
Do a Land Search
Land searches reveal every detail concerning a particular land. It indicates the real owner and also the status of the land meaning you will know if the owner used it as collateral in a bank. The search also helps you know if there is any dispute involving the land. Land searches are available at the ministry of land at a small fee.
Get A Lawyer
You need a legal representative when buying land because the process has a legal structure. You may not be aware of the whole structure but a lawyer will help you understand before closing the deal. When you choose a lawyer, get someone who deals with properties because they will ensure that the whole process is in line with Kenyan law. You don’t want to get in trouble with the authorities for missing some information.
Request For a Copy Of The Green-Card
This comes after you have the search details. You can request a professional advocate to apply for the green card to the registrar at the ministry of land for you. This piece of paper acts as a document of reference that the land officers use when producing the land title. It plays a key role in verifying who the real owner of the land is. All the information in the title deed has to match with the one on the green card failure to which the title will be revoked.
Closing The Deal
This comes after you have done all of the above and your lawyer is the best person to guide you on how to go about it. Usually in Kenya, a land buyer is required to pay 10 percent of the overall price of the land before proceeding to sign the deal.
Real estate fraudsters are on the rise of late and that’s why due diligence is critical when buying land. Start by scouting, then do a search, get a lawyer, request for a green card copy and close the deal. These procedures will ensure you are safe.
Get ideas on how to buy land not listed for sale with Denver Real Estate. Reach us; 0701 730 267.