Step 1: Site visit
The first step of buying a house is visiting the property along Kangundo road. A site visit will help you determine the following;
- The neighborhood
- The distance from the amenities
- The security
- The finishing of the house
- The size of the house
Step 2: Title Search
After viewing the site and liking the houses the next step is choosing a house and then conducting a title search. You will need a copy of the land title deed from the seller to facilitate the search. Afterward, you’ll Visit the land registry and search. A search 1 to 3 days.
A search is important because of the following reasons;
It will help you know if the seller is the legitimate owner of the property and
If the property has any barriers.
Step 3: Make an offer and negotiate
The next step would be to visit the offices and talk to their credit officer who will then draft an offer letter for you. The offer letter will indicate how you are intending to pay for the house.
Step 4: Make a deposit
After that, you will proceed to pay a deposit. The amount varies depending on the seller; for instance, Mintvilla Housing requires a minimum deposit of 24%.
The deposit is a declaration of intent to complete the transaction.
Step 5: Sales agreement
The seller’s advocates receive the offer letter for preparation of an agreement for sale within seven (7) days from the date of the payment confirmation. You will be required to produce your original Identity (ID) Card, a Copy of your KRA PIN certificate, and a colored passport-size photograph.
You will have fourteen (14) days to execute the agreement for sale, after that the company’s directors will execute it and advocates attest to it.
Step 6: Pay closing costs
These include legal fees, registration fees, stamp duty, and any other fees required to facilitate the transfer and other costs discussed in our previous article on extra costs related to buying property
Closing costs are paid through the itax KRA portal
Step 7:Title transfer
The title is then transferred to you after all payments are made and lastly,
the client can at this point occupy the property.