Before you buy land you need to consider why you need the land in the first place. Do you want to build a house for yourself or are you intending to buy land for commercial uses?
If you plan on using it for commercial reasons then a lease is what may suit you best especially if it's for a short duration of time. A lease is defined as a contract between a lessor and a lessee for the hire of a specific asset for a specific period on payment of specified rentals.
In the laws of Kenya under Section 56 (a) of the Land Act, no. 6 of 2012, the proprietor of land may lease it, or part of it, to any person for a specific duration of time. Still, there is the element of exercising care before you consider buying that land.
Here are some steps to consider before buying a land
1: Decide on your budget- You need to be clear on the reason for buying a piece of land. This clarity helps to guide your decisions then know how much you plan to spend. If you've established that you want to use the land for commercial reasons leasing can be a good way to go. You will go to the market to find potential lessors willing to lease to you land suitable for your purposes.
Also with leasing, you tie up significantly less of your cash because you don’t need to make a down payment to move into the space.
2: Do a walkthrough of the property- Go visit the property yourself. Regardless of what you seek to do with the land, its location is the most important thing to consider first. Go on real estate property and find listings. While you're there walk around the neighbourhood as well as look for the neighbours near that area and ask questions.
The owner of the property should also walk it with you, if possible. They will usually have a deeper knowledge of the boundary lines and landmarks, not to mention the history of a property and any land disputes.
Even if you plan to lease know the location. You will also need to consider how accessible the land is from different locations using different means of transportation.
3: Sale agreement and deposit payment- Once you all agree that’s the buyer and the seller there is a need to ensure that the offer has both the terms and conditions included. It is normally drafted by the seller’s advocate and presented to the buyer’s advocate for approval.
Upon the execution of the sales agreement, the agreed deposit is paid by the purchaser through their advocate to the seller’s advocate’s account. Make sure you have a written agreement even for a lease to prevent any disputes in the future.
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