Here are the steps to follow in the transaction for purchase of land:
- Due diligence- this is to confirm that the seller is the actual owner. This involves conducting a search at the lands registry. You will also need to visit the ground together with the seller so that he can point out his plot. A search at the registry is free of charge but we charge a nominal fee of Kshs. 1000/= for facilitation.
- Drafting the agreement for sale. The agreement contains the actual terms and conditions for the sale, including the purchase price and mode of payment. The LSK conditions for sale provide that you would pay a deposit of the purchase price and the balance when the Vendor hands over all the necessary documents (completion documents) you require to transfer the land to yourself. The LSK conditions for sale provide for a deposit of 10% with the balance once you receive the completion documents. Of course parties can agree to a larger deposit than10% since LSK conditions for sale are just guidelines.
- Once you execute the agreement, the Seller will apply at his own cost, the Land Control Board Consent.
- Once he obtains the consent, he will hand over the same together with the original title, the signed transfer, copy of I.D and PIN, Passport photographs and spousal consent, in exchange of balance of purchase price.
- We shall after receipt of these documents, and once you sign the transfer on your part, submit the transfer for valuation for purposes of stamp duty. The rate of stamp duty is 2 % of the value prescribed by the government valuer. This may occasionally be more or less than the actual buying price.
- Upon payment of stamp duty, we shall present the transfer for registration upon which a new title will be issued in your name.
This process should ordinarily take about 4 weeks depending on how fast the seller is able to obtain the Land Control Board Consent.
