Let us start by understanding who a Real Estate Developer is.
A Real Estate Developer is a person whose job is to purchase and sell building and land, and organize for new buildings to be built.
It is always good to have some questions for the Property Developer before prior purchase of the property so as to get all the necessary information of what to expect or what the property is all about.
Real Estate is a high stakes game; you may make some serious cash from it or lose it all so quickly. With that said make sure you ask the right questions and get the correct answers.
Some commonly asked questions are:
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History of the company
Get to have a clear background check of the company you plan to invest in. Things to ask are:
- Are they a registered company?
- Gauge and look at their performance in terms of customer relations.
- Any scandals from the past or present?
- How long have they been in operation?
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Does the land have a title deed
A Title Deed is a legal deed or document which shows that you are the rightful owner of the property. It is also known as a Sales Deed.
This the only way you will be secure from fraudsters and conmen. Make sure the company issues Title Deeds after completion of payment of the property. Any other document issued is not as binding and legal as the Title Deed.
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Is the property lease, or freehold
Understanding the meaning of these two terminologies will either contribute to a successful project or a financial ruin.
- Freehold means that the property belongs to an individual forever; you don’t need to make any extra yearly or monthly payments on it. The buyers descendants also get to inherit the land without any issues. You also get a freehold Title Deed and you can utilize the land as you please. It is also known as Absolute Proprietorship or Free sample.
- Leasehold means that, you hold the land/ property only until a particular time frame subject to frequent payments to the grantor. After the leasehold expires, you can apply for an extension or renewal.
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Is the property controlled development
Another important question not to forget is whether the property is controlled development. This is because there are areas you will be restricted on what to do with your land. Some places might have a gated community set up hence only allowing residential houses. No agricultural activities or businesses are put up in such places. Their aim may be to allow a well-built estate in the near future.
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How far is the property from Tarmac Road and availability of amenities
While this varies from individual to individual, it is always good to get to know whether the property is accessible on both sunny and rainy days. Are there social amenities nearby like schools, shopping malls and hospitals in case you want to move in with your family?
They may seem like obvious queries but bring about a big impact after you’ve settled and want to access a few amenities.
Invest with Denver Group Limited real estate investment companies in Kenya that offers you plots that are value added with ready Title Deeds.
