Are you a Kenyan living abroad? Are you considering investing in land back home? Safeguard your interests by understanding the intricacies of the land transaction process and the associated closing costs. This article sheds light on crucial information that ensures you have a smooth land purchasing process while you are in the diaspora.
Recommended Timeframe and Process:
There is an ideal timeframe and process for completing land transactions in Kenya. While the Law Society of Kenya suggests a 90-day timeframe, variations exist based on mutual agreements between parties. We recommend that you seek the services of a licensed advocate of the high court of Kenya to navigate and ensure a seamless land transaction process.
Land Control Board Consent:
With the assistance of a licensed advocate, you will uncover the significance of obtaining consent from the Land Control Board for property transfer or subdivision. Ensure you delve into the necessary documents, such as spousal consent and company board resolutions (where you may be dealing with individuals or organisations respectively), to avoid delays and ensure a secure investment.
Completion of Registration:
The registration process after obtaining Land Control Board consent is crucial on your journey to being a landowner in Kenya. Learn about the documents required for registration and the estimated timeframe, which can vary based on the efficiency of the specific land registry.
Some of the closing costs associated with land transactions include stamp duty and legal fees. It is the buyer’s responsibility to cater for stamp duty based on property valuation and account for legal fees in the closing process.
Escrow Payments for Security:
An Escrow account is typically a bank account operated by a licensed advocate, where funds are held in trust whilst two or more parties complete a transaction. This
is especially necessary, when the seller has to subdivide your desired land from a larger parcel, before it can be transferred to you. This ensures payment security and facilitates a smooth transfer of ownership.
It is our mission as Grand Acres to empower Kenyans in the diaspora to make secure and successful land investments by following the above guidelines. Patience and due diligence are key to safeguarding investments and avoiding potential scams. For further guidance, download our FREE LAND BUYING CHECKLIST HERE. Invest wisely in your home country with confidence!