Maybe this is the year you have decided to buy a plot for you and yours and build that beautiful family home. How do you do that safely in today’s world of fraud and corruption?
1. After you have identified a Seller, the next step is to conduct an Official Search at the Lands Registry where the land is situated. You will need a copy of the Title in order to do this. This will show the ownership details of the Land and if there is anyone who has an interest in the Land.
2. Do a Physical Inspection of the Land to ensure that there are no squatters in the land or other people in possession of the land. If possible ask the neighbours some details about the land to avoid potential conflicts.
3. Confirm if the Seller has paid all the rates and rent due for the Land and get a Clearance Certificate from the County Government and Lands Registry. If it’s Agricultural Land you will also need consent from the Land Control Board.
4. If you are satisfied with both the Official Search Results and your Physical Inspection, conclude price negotiations with the Seller.
4. At this Stage a Sale Agreement is usually prepared by the Seller’s Advocate. It is good to have your own Lawyer counter check and approve the Sale Agreement.
5. Have the Property valued and pay the necessary Stamp Duty as the Purchaser and have the Seller pay Capital Gains Tax.
6.The Seller’s Lawyer will then prepare Transfer Documents that your Lawyer should counter check and confirm.
7. At this point, ensure that the Transfer is properly registered at the Lands Office before you make your final payments.
8. Exchange the final documents over the Property.
9. Build your Dream.
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