Author: Peris Gachago
In a previous article, we discussed the commissions that real estate agents can charge. In Kenya, the Estates Agents Act sets scales from Scale 1 to 5 that sets the commissions to be paid. The rates vary depending on the services rendered. You may read more on that here: Real Estate Agents Commissions in Kenya: Understanding what Commissions to Charge The above article sets rates for selling properties, letting, management and mortgages. But what fees should be payable to a real estate agent when they successfully bring parties together for a joint venture? In most cases, the real estate agent who helped…
Private mortgage insurance, or PMI, is a type of insurance that protects lenders from losing money if you default on your home loan. PMI is required if you have a conventional loan and make a down payment of less than 20 percent. You can pay a PMI either monthly or in a lump sum. If you default on your home loan, the lender will look to your private mortgage insurance policy to cover the loss. The lender will look to you for the balance if the policy pays out. Private mortgage insurance is a way to protect lenders, but it…
Good real estate property descriptions help to sell property faster. As a real estate agent, it’s important to understand how and why you need an ability to write inspiring real estate listing description. You may have a property that is priced right, in the right location but still struggle to sell it if the description is not good enough. You need to have the description explain why the property for sale isis the bargain of a lifetime. We shall in this article help you learn how to write inspiring descriptions that motivate a buyer to action. Structure for writing the best property descriptions Most properties online tend to…
Buying land in Kenya as a foreigner is possible but subject to several limitations of property ownership. These limitations can be found in the Constitution (2010) and the Land Control Act (Cap 302). According to the Constitution, a “person who is not a citizen may hold land on basis of leasehold tenure only, and any such lease, however granted, shall not exceed 99 yearsâ€. On expiry of the leasehold term, a renewal of the lease may be sought. On the passing of the Constitution in 2010, any foreigner holding freehold land in Kenya had their title automatically converted to a leasehold title with a…
We covered the different ways in which land is categorized in Kenya from Agricultural, industrial, residential to commercial in another blog. In case you missed it, the blog is available on Categories of Real Estate in Kenya Whether you are seeking to change or convert use of land from agricultural land to commercial land or changing land use from residential to commercial this guide will help you understand the process of applying for a change of user in Kenya. To learn how to change land user on Ardhisasa, use this guide on how to use ardhisasa to change land user in Nairobi. In summary, below…
A land search is a vital due diligence step if you are considering purchasing land in Kenya. In the past, several people have lost millions after being sold fake or stolen land parcels. Others have found themselves purchasing land that has pending issues, such as court cases. Performing an online land search means checking the title deed of the parcel you are considering to verify its ownership. Once verified, you can proceed to make a transaction. You can also search your title deed to find out if you are the rightful owner of the land, you currently possess. Below is…
Ardhisasa is an online platform that allows Citizens, other stakeholders and interested parties to interact with land information held and processes undertaken by Government. Land search is an application made to find out the ownership details of a property, and other interests that have been registered on that property. 1. Log into your account using your ID number and your password. 2. On the left-hand side click on services. 3. Under land registration option, click search. 4. Click on new application. 5. Under search details enter the parcel number and click add parcel. Ensure to use the correct title number or parcel number. 6. Enter the…
Buying land is a long-term investment and requires a large amount of money. Before getting into investing in the land it is important that you do thorough research on the land you want to buy so as to make sure it will meet your needs. On your way down this road, you will be faced with very sweet deals of lands in perfect locations. It’s not until you do due diligence on such lands that you will realize that they are far from what you saw them be at first sight. Below are the considerations you should make before purchasing a…
The Lands Act and Registered Lands Act state that legal instruments such as leases, transfers, charges and mortgages will not be accepted unless they are duly stamped. During the process of buying and selling of real estate properties, one step involves the buyer or their advocate planning for the property to be assessed for stamp duty by a Valuer and subsequently stamping of transfer documents. Recent aamendment to the Stamp Duty Act includes provisions to allow the Collector of Stamp Duties to refer a valuation of property for Stamp Duty to a registered and practicing valuer and not necessarily a government valuer. Stamp Duty on sale of Property in Kenya.…
If you are looking to buy a home in Kenya, whether to live in yourself, family for friends, or as an investment property, one always considers the location to which he or she will settle for. You must consider transportation, high-rated estate, parks, shopping, and even areas with great schools. You should always know that no matter your preference on the inner-city vibe or out of town, your choice of location still matters. We should always know that where we live can always shape our lifestyle and a quality estate can bring some good values to our lives and to our…