Are you looking to
invest in buying a property or land in Kenya, more so in Uasin Gishu? If your
answer is yes, take note that there are a number of documents that are usually
involved before you can conclusively say that you have successfully acquired
that property or land.
Here are the three
main documents that are involved in this process, which at times, if you are
not careful may end up losing your savings or hard-earned money to fraudsters.
Letter of Offer
This is the very first
document that you will come across in the whole process of buying land or
property. It is a one-page document which formally expresses your intention as
a buyer to purchase the property/land.
A letter of offer outlines terms and conditions for both the seller and buyer in that transaction.
Some of the details
contained in the letter include:
-
Name of the seller,
buyer, and lawyer overseeing the transaction
-
Property
identification number
-
Payment terms (cash or
instalment) and a
-
Slot to fill in next
of kin details.
As a buyer, you are
required to sign a letter of offer in duplicate - one copy is retained by the
seller and the other remains with you (the buyer).
Maybe you could be
wondering why a letter of offer important – it helps reduce the possibility of
two people buying one property/piece of land.
This is a legal
contract that binds the buyer and seller to the transaction.
It contains;
-
Identity of buyer and
seller
-
Identity and description
of the property being sold/bought
-
Purchase price
-
General and special
conditions that surround the property in question.
Signing a sale
agreement protects both the buyer and seller. Should one party fail to meet the
end of their bargain, the other can take legal action to recover lost money or
for any damages caused.
Also Read: List of 7 Do’s And Don’ts When Buying Land in Kenya
This document is
usually signed in triplet – one copy remains with the buyer, the other with the
seller and the last one is kept by the lawyer that oversees the transaction.
Title Transfer is a
document that sets in motion transfer of a title deed from the seller to the
buyer (now the new owner of the property). It is filled once a buyer makes full
payment of the property/land.
While signing a Title Transfer
Document, it is usually attached with;
-
Approved consent for
sale from the Lands Control Board
-
Stamp duty slip (proof
of paying government levies)
-
Copies of the ID number of
the buyer and seller or two directors of the investment company
-
KRA Pin Certificate of
the buyer and seller
-
Passport photos of the
buyer and seller
- Certificate of Incorporation (if the
property/land belongs to an investment company).
Also Read: Why You Need To Do a Land Search in Kenya – Before Buying It
Baoriat Agencies is
committed to helping you find the best place for you to settle in Eldoret town.
We walk you through the entire process of acquiring your own property in
Eldoret until it has been transferred into your hands.
To learn more about buying a property in Eldoret,
Call 0721-554937
WhatsApp https://wa.me/0721-554937
Email evekibet@gmail.com or
Visit us at Juma Hajee Building room number 16, Eldoret town Follow our Facebook Page Boariat Agencies for the latest deals.
Comments
Post a Comment