25/08/2021
GETTING IT RIGHT IN LAND INVESTMENT
Why do people get coned when buying land?
The simple answer is failure to follow the laid down land buying procedure.
Here is how to get it right
1. Ready title deeds: the only proof of land ownership is a land title deed. Many sellers do not possess a title deed for the specific land they claim to be selling thus when you become smart and ask for the title deed they start giving you excuses that it will be processed latter. In other cases all they have is an allotment latter or a certificate. Note that these are not legally recognized hence not a sufficient proof of ownership.
2. Site visit: Most customers do not do a site visit before buying or entering into an agreement to establish the location of the land. Always ensure you do a site visit to confirm whether the land exists on the ground or not and whether you are happy with the location of the land.
3. Follow a Legal Process: Many buyers do not follow a legal buying process which entails
a) Conducting a search at the land registry to confirm ownership of the land and whether the title has any encumbrances such as mortgage or charge, caution/ caveat, inhibitions, and restrictions
b) Having a sales agreement in place done by a recognized lawyer to capture the terms of the transaction.
4. Payment Terms: Before getting into an agreement ensures you agree on terms of payment i.e. whether it is cash payment or installment payment. If you settle for the installment option, agree on amount of initial deposited and number of installments for the balance.
At property Lords limited we ensure a very smooth land buying process. You will never regret.
You can reach us on:
Cellphone: +254 720110137, 0722450195
