RealEstateGuru254

What You Need to Know (AND DO) Before You Commit to Buying That Property – PART 2

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This episode is a follow-up to last week’s episode where we sought to understand the preliminary measures one takes before purchasing property in Kenya. In today’s episode, we want to understand, in broad strokes, how the transfer and registration process works.

Today, Monica Mwangi and I look more in-depth at the actual transfer and registration of property in Kenya.

Specifically, we attempt to address these questions:

  • What should be captured in an agreement of sale between a buyer and a property seller?
  • What are some of the standard practices around the agreement of sale, including the term, deposit and more that both a vendor and buyer of property should have a keen awareness of?
  • What is the “reasonable pre-estimate of loss” incurred by the seller in the event of default by the buyer?
  • What is the standard practice in the event that the seller reneges on the agreement of sale?
  • What consents are required for the registration of transfers of property? What they are and why they are necessary for the transfer and registration process?
  • A basic overview of the requirements by the Matrimonial Property Act as regards spousal consents.
  • Are unmarried individuals transferring property to a buyer required to provide spousal consent?
  • What is an affidavit of marital status and why is an unmarried person required to provide one?
  • What is the capital gains tax acknowledgement slip and some exemptions to capital gains tax?
  • What is the full list of completion documents required for the registration of a transfer of property?

    • Having a basic understanding of the registration of transfers of property is essential to any property investor. Hopefully, this information will help you to proactively engage with the process whenever you are in the market.

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