Steps of Investing in Affordable Plots in Kenya
Investing in affordable plots in Kenya can be a good long-term investment strategy, as the real estate market in Kenya has shown positive growth over the past years. Consider your investment goals and the potential returns you expect from the affordable plots in Kenya. Here are some steps which can help you in Investment Decisions.
The purpose of Site Visits is to allow offer or to obtain a better understanding of site conditions and the work required, as well as gather quality information about the Affordable Plots in Kenya and familiarize yourself with the procuring agency. One of the main reasons to go for a site visit is to understand the amenities that are offered. To ascertain the legality of the Plots before investing in the Affordable Plots in Kenya. It is vital to understand that all the legal documents are in place and that the developers have a right to possess and develop the land.
2.Identification of plot number and issue of offer letter
Once you have visited the site and gone through all legal documents and agreed on the price with procuring agency ,select the plot you could like to invest in , An offer letter comprises of five main elements: The name of the buyer, Address of the buyer, The name of the buyer’s lawyer, Address of the lawyer Details of the property.
Purchasing a property abroad is challenging: one should consider many parameters. Investors or their agents evaluate the physical condition of real estate and the financial and legal sides of the deals to make a safe and profitable investment. Let’s discuss what Due Diligence is when it comes to real estate, what facts to check and when it’s a good idea to ask for professional assistance.
4.Commitment Fee And Deposit
The deposit is money paid by the buyer at the signing time of the of the real estate contract. The remaining money is paid at closing, when title to the property is transferred Deposits are often refundable or non-refundable, depending on the terms and conditions agreed upon between the parties involved. It’s important to note that the specific terms, conditions, and purposes of commitment fees and deposits can vary depending on the context and the agreement between the parties involved. It’s always advisable to carefully review the terms and conditions and seek clarification from the relevant parties before making any financial commitments or payments
5.Issue of Sale Agreement
A legally binding agreement obligating a buyer and a seller to terms of a transaction Legal Protection: A sales agreement serves as a legally binding contract that outlines the terms and conditions of the sale. By having a sales agreement in place, both parties involved in the transaction are protected legally. In case of any disputes or disagreements, the agreement can be referred to for resolution. Remember that it’s always advisable to consult with a legal professional or seek professional advice when creating a sales agreement to ensure that it complies with local laws and meets your specific requirements.
6. Issue of ownership document
The most important real estate documents list ownership, encumbrances, and lien priority. These are used to maintain proper real estate transactions. Having all those items put down in writing significantly reduces the risks of a dispute happening in the first place.