Buying land is a great investment opportunity in Kenya, but it is important to take all necessary precautions to avoid any future legal disputes. One of the MOST IMPORTANT documents in a land purchase transaction is the land sales agreement. In this blog post, I will be sharing with you the importance of having a sale agreement when buying land in Kenya.
What is a sale agreement?
A sale agreement is a legally binding document that outlines the terms and conditions of the land purchase. It protects the buyer from any fraudulent activities by ensuring that the seller has a legal right to sell the land.
Reasons why a sale agreement is important
- It defines the terms of payment
The land sales agreement should clearly define the payment terms and conditions, including the deposit and the final payment. This helps to prevent any confusion or misunderstandings regarding payment.
- It protects your interest as the buyer
The sale agreement ensures that your interest is protected by outlining the legal boundaries and ownership of the land. This helps to prevent any future disputes over ownership of the land.
- It outlines the timeline for the transfer of ownership
The sale agreement should specify the timeline for the transfer of ownership from the seller to the buyer. This helps to avoid any delays in the transfer of ownership. A great example is that at Zenawi Real Estate, all our plots have individual title deeds which are transferable in 30 working days after payment completion. This is clearly outlined in your sales agreement.
- It outlines any additional terms and conditions
The land sales agreement can also include additional terms and conditions that both parties agree on. This can include things such as the responsibilities of the seller during the transaction, or any warranties or guarantees provided by the seller.
In conclusion, a sale agreement is an essential document when buying land in Kenya. It ensures that both the buyer and the seller are protected, and that the transaction is completed without any legal disputes. At Zenawi Real Estate, we always advise our clients to have a sale agreement in place when making a land purchase. It’s better to be safe than sorry!
So, if you are thinking of buying land in Kenya, don’t forget to get a sale agreement. And for the best investment opportunities in Juja Farm, Kamakis, Kangundo Road, and other areas, contact Zenawi Real Estate TODAY. We have a wide range of land for sale in Kenya that is sure to suit your investment needs!