Carlton Realtors will make these process extremely easy, smooth, and very comprehensive to you. Note that it is possible to purchase property without being in the country. Through the power of attorney and our team of experts, we will handle the whole process on your behalf.
In Kenya, foreigners can buy ´commercial class´ land too. This type of land is for income or revenue-making purposes. The government of Kenya is incredibly supportive of investors and have made it easier for commercial class properties to be accessible by non-citizens. ´Agricultural land´ or farmlands cannot be acquired by foreign individuals. ´Agricultural land´ is usually owned by indigenous people. If purchase is made through a company - the majority of which must be Kenyan-owned - then it is allowed. The land will be bought under the company´s name. There it is important to familiarise yourself with legislations around real estate for a smooth purchase process.
The simplified Process
The first step of the buying process would be getting a real estate lawyer or realtor. They will help and guide you through the process. On identification of the property,
- a title search will be done to ascertain the legitimacy and registration credentials of the property.
- Upon satisfaction, negotiations on the price will begin and your agent/ realtor will help you with that.
- Your lawyer/ realtor will then prepare a sale agreement as a conditional preliminary contract signed by both parties. The buyer will often deposit 10%-50% of the purchase price which is usually refundable if the seller defaults on transaction.
- Closing is normally within 90days after signing. During this time, the seller must obtain a clearance certificate from the municipality. This is presented to the buyer to ensure that all local taxes and utility bills have been settled.
- The lawyer then files a Draft Transfer at the Lands Office and the stamp duty is paid. An official from the Ministry of Lands will come to inspect the property, verify its condition, and make sure that the sale price is in accordance with its actual value
- The lawyer submits the documents to the Lands Office to be able to register the transfer, including the original title held by the seller, clearance certificates, consent transfer and the form for valuation for stamp duty. At the same time, the buyer settles the remaining balance with the vendor. Taxes and lawyer fees are paid within 30 days from closing. The whole titling process takes up to approx. 2.5months to completed.
Get in touch today and make your real estate dream a reality.
For further information on joining Carlton Realtors Kenya, please complete the enquiry form or call + 254 113 656 59: