The key to successfully buying Real Estate is to arm yourself with as much knowledge about Real Estate in your area as possible. This can be done by talking to your local Real Estate agent or Real Estate Salesperson, by regularly reading property pages and publications such as the Property classified section, going to open homes due for auctions and by researching on property web-sites, such as this one. Some answers to commonly asked questions about buying.
Auction is away of selling property through advertising media designed to capture the maximum attention of buyers within a set time frame. The process is a means of purchasing/selling Real Estate through public negotiations to determine the true market value of the property at that time.
The auctioneer will ask for an opening bid and will then nominate the increments by which the bidding can be raised. Simply attract the attention of the auctioneer by
- Raising your hand
- Calling out your bid
- Nodding your head
The property is always sold to the highest bidder, if you are the successful bidder, you will be asked to pay 10 percent deposit and sign the Auction contract, settlement date for the remainder is often flexible. You should discuss this with the Salesperson prior to the auction commencing.
There are two types of property ownership in Kenya.
Freehold
This is a 100% ownership of property (land), the only thing you will be paying is the Council Tax, which you can get the details from your local Council Office.
Lease Hold
This is normally a property (land), owned by government, companies or individuals who then lease the property (land) from 99 years up to 9999 years to the purchaser, for this type of ownership, the purchaser will be paying annual Land Rates and the Council Tax. You can get the details from your local Lands Office and your Local Council Office.
Stamp Duty
This is a government tax, which is normally 4% of the purchasing price normally paid by the purchaser together with the legal fees according to your solicitors or lawyers charges.
Legal Advice
Before signing any agreement, both the buyer and the Vendor should seek legal advice and the buyers solicitor should carry out a thorough search of the property at the Lands and the Council Office to make sure it is clear from any encumbrance's before making any commitments.
Here are some tips on selling your property. You can contact us with any enquiries, we are always available to attend to your needs, feel free to contact us at any time by phone or e-mail.
Every seller wants their property to sell fast and at the right price. Well, its not Luck that makes that happen. Its careful planning, knowing how to professionally spruce up your home that will send buyers rushing to your property
Before you start marketing your property, always try to prepare your documents by clearing any outstanding land rates or municipal council rates, as this may delay any transfer of ownership to the buyer.
To begin with, you will need to contact us, our contact numbers are on the homepage on top of the Before signing any agreement, both the Vendor and the buyer should seek legal advice and always make sure your agreements go through your own solicitor or lawyer.
