The procedure of buying a house in Kenya can be overwhelming, whether you are a first-time or experienced home buyer. This is because the process has numerous risks, including loss of money, effort and time. Even if the process is successful, you might buy a house that does not meet your preferences and tastes. For example, families may purchase a luxurious apartment only to discover it does not have a children’s playing area. This article, therefore, equips you with the right information aimed at helping you get the process right and make wise purchasing decisions.
Finding the Right Agent
The first approach to acquiring your dream home in Kenya is finding a real estate agent or agency that will connect you to the right house or apartment. The advantage of involving real estate agents is their possession of market knowledge. This is extremely useful when negotiating with the seller. Real estate agents gather market knowledge before advertising the properties on their various platforms. As such, the real estate agents have extensive networks within the market and have access to the houses even before they are advertised.
Dealing with agents, therefore, places you in a pole position to assess several options and get the right price for the chosen apartment. In this article, we recommend seeking the services of Ravi Homes, a trusted real estate agency with a team of experts. Engaging Ravi Homes comes with a free consultation, and the house seller covers the cost of the engagement. Once you contact the real estate agent, you will agree on the right apartment to settle on based on your specifications, after which a site visit will be scheduled.
Making a Site Visit
A site visit is the next critical component in buying a house in Kenya. With the help of your agent, you will ascertain that the house or apartment exists, is in the right shape, and has all the advertised amenities. In addition, a site visit will assist you in knowing the essential details of the neighbourhood, such as the state of the roads, availability of shopping malls, recreational areas, educational areas and religious institutions. You also have the chance to verify the price and negotiate for a reduction with the seller. If you are satisfied with the view, you will continue with the purchase process. However, you can explore other options if you are not confident with the viewed apartment/home.
Offer Letter
After the viewing process is completed, you must sign an offer letter. This document indicates your intent to buy the property chosen during viewing. The main contents of the offer letter are the down payment or deposit, the purchase price and the down payment. Other details included in the offer letter are the buyer’s legal name, buyer’s address, project/property details, conditions of sale and when the down payment and other payments will be made.
The offer letter is essential as it shows your interest in buying the property. It also locks the selected property to one buyer for a maximum period of 14 days. This eliminates the chances of different buyers making payments for the same property. With the offer letter, there is also clarity on when the buyer will make the down payment and subsequent instalments. The document also outlined the cancellation terms while giving time for a title search.
Due Diligence
After signing the offer letter, the next step is conducting due diligence. When the project is off plan, you will be given a lease agreement, which you will check for its validity with your lawyer. The due diligence will be conducted on the sectional title for complete projects. You will also confirm if the authorities have approved the project, with the main document being the NEMA certificate. The completion of due diligence then paves the way for the next process. You are now free to make the initial deposit to secure your house.
Sales Agreement
This is the final document in the purchase process. It indicates the transfer of property ownership from the seller to the buyer. The sales agreement also outlines the terms of sale, including the transfer of title, purchase price and payment terms. In the event of renting a property, the purchaser will be given a lease agreement. It o outlining the rental duration, the lease period and the responsibilities of the tenant and the landlord.
Having an understanding of the process above is essential for having a smooth and secure progress when buying a house in Kenya with a reduction of liabilities or legal constraints in the future.
The Procedure of Buying a House in Kenya
The procedure of buying a house in Kenya can be overwhelming, whether you are a first-time or experienced home buyer. This is because the process has numerous risks, including loss of money, effort and time. Even if the process is successful, you might buy a house that does not meet your preferences and tastes. For example, families may purchase a luxurious apartment only to discover it does not have a children’s playing area. This article, therefore, equips you with the right information aimed at helping you get the process right and make wise purchasing decisions.
Finding the Right Agent
The first approach to acquiring your dream home in Kenya is finding a real estate agent or agency that will connect you to the right house or apartment. The advantage of involving real estate agents is their possession of market knowledge. This is extremely useful when negotiating with the seller. Real estate agents gather market knowledge before advertising the properties on their various platforms. As such, the real estate agents have extensive networks within the market and have access to the houses even before they are advertised.
Dealing with agents, therefore, places you in a pole position to assess several options and get the right price for the chosen apartment. In this article, we recommend seeking the services of Ravi Homes, a trusted real estate agency with a team of experts. Engaging Ravi Homes comes with a free consultation, and the house seller covers the cost of the engagement. Once you contact the real estate agent, you will agree on the right apartment to settle on based on your specifications, after which a site visit will be scheduled.
Making a Site Visit
A site visit is the next critical component in buying a house in Kenya. With the help of your agent, you will ascertain that the house or apartment exists, is in the right shape, and has all the advertised amenities. In addition, a site visit will assist you in knowing the essential details of the neighbourhood, such as the state of the roads, availability of shopping malls, recreational areas, educational areas and religious institutions. You also have the chance to verify the price and negotiate for a reduction with the seller. If you are satisfied with the view, you will continue with the purchase process. However, you can explore other options if you are not confident with the viewed apartment/home.
Offer Letter
After the viewing process is completed, you must sign an offer letter. This document indicates your intent to buy the property chosen during viewing. The main contents of the offer letter are the down payment or deposit, the purchase price and the down payment. Other details included in the offer letter are the buyer’s legal name, buyer’s address, project/property details, conditions of sale and when the down payment and other payments will be made.
The offer letter is essential as it shows your interest in buying the property. It also locks the selected property to one buyer for a maximum period of 14 days. This eliminates the chances of different buyers making payments for the same property. With the offer letter, there is also clarity on when the buyer will make the down payment and subsequent instalments. The document also outlined the cancellation terms while giving time for a title search.
Due Diligence
After signing the offer letter, the next step is conducting due diligence. When the project is off plan, you will be given a lease agreement, which you will check for its validity with your lawyer. The due diligence will be conducted on the sectional title for complete projects. You will also confirm if the authorities have approved the project, with the main document being the NEMA certificate. The completion of due diligence then paves the way for the next process. You are now free to make the initial deposit to secure your house.
Sales Agreement
This is the final document in the purchase process. It indicates the transfer of property ownership from the seller to the buyer. The sales agreement also outlines the terms of sale, including the transfer of title, purchase price and payment terms. In the event of renting a property, the purchaser will be given a lease agreement. It o outlining the rental duration, the lease period and the responsibilities of the tenant and the landlord.
Having an understanding of the process above is essential for having a smooth and secure progress when buying a house in Kenya with a reduction of liabilities or legal constraints in the future.
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