Buying land for sale in Kenya Nairobi consider the following documents Letter of Offer, Sales Agreement, and Title Transfer
Documents are the most overlooked during land purchase process though it is the most important area as far as due diligence is concerned.
As it is every Kenyan’s wish to own land as an asset, fears are also part of the buying process as a beginner. Due to rise in conmen and fraudsters, who purport to sell land and they never issue title deeds as proof of ownership. No form of documentation is presented for any accountability.
A buyer will have no legal document to claim for damages caused once conned. This is due to lack of sufficient knowledge on the buyer’s part. As always, due diligence is necessary before you purchase land.
It is always good to find out what is needed of you as a buyer before committing yourself entirely to the project.
Below are the necessary documents needed in land transfer with its importance in the purchase process especially land;
Letter of Offer
A letter of offer is a written commitment from a potential buyer to the owner/ developer, stating their desire to purchase a particular property. It is usually accompanied with an upfront deposit, often called an Earnest payment.
It contains the following details;
- Name of seller
- Name of buyer
- Property identification number
- Payment terms (cash or installment)
- Next of kin details
This document should be signed by the buyer in duplicate. One copy is given to the buyer while the other remains with the seller.
It is the first document a buyer signs after selecting a plot and paying the booking fee.
A letter of offer disregards the likelihood of two parties purchasing the same piece of land.
This is a legal document that outlines the terms of a real estate transaction. It obligates a buyer to buy and a seller to sell a product, which in this case is land.
It is legally binding and explains the obligations of both the buyer and the seller in the contract. After completion of due diligence is when you can be able to sign this document as it shows;
- The real owner of the land
- Visit site physically for validation purposes
- Verify size of the land
Details contained in a sales agreement are below;
- Full names of both buyer and the seller with:
- Identity and description of property under sale:
Legal description of land
Condition of property (vacant or occupied)
Size of the land
- Purchase price and payment of the purchase price
- Conditions- Both general and specific
This document fully protects the buyer and seller’s rights and interests. Legal action can be taken if one party fails to stick to the contract.
A sales agreement comes in three copies, one for the buyer, and another for the seller and finally the lawyer.
Title Transfer Document
This is a change of possession of goods from seller to buyer. The title of the ownership will transfer from the seller to the buyer according to the terms agreed in the contract.
A transfer request is submitted to the Land Registry. Below are documents you’ll need to attach:
- An approved consent of sale from the Lands Control Board
- Proof of having paid the Stamp duty
- Copies of identification documents
- KRA pin certificate of the buyer
- Two passport photos
A title transfer document is the legal proof of land transfer; it can be used when tracing the history of the property in the Land Registry. The document is to be filled in triplicate:
- A copy at the Land Registry
- A copy for the buyer
- The other for the seller.
Denver Group Limited offers you land for sale in machakos county. Call/WhatsApp 0701 730 267 to buy a plot with a Ready Title Deed.