Legislation proposed in Parliament seeks to regulate and license land-buying and selling companies in a bid to protect Kenyans from counting huge losses in various scams.
According to the proposed law tabled in Parliament by Kirinyaga Central Member of Parliament Joseph Gachoki, all companies involved in purchasing or selling land will be required to register with a regulator.
In addition, the companies will be required to deposit Ksh500 million as license fees to act as collateral in case a deal goes sour. This clause aims to protect Kenyans from all deposits made during transactions.
"The principal object of this Bill is to regulate the registration and licensing of land buying companies and to protect interests of persons who purchase land from a land buying company,” read part of the proposed law.Kenyans are advised to always carry out due diligence before opting to purchase a parcel of land.
This involves scrutinising the proposed land, carrying out a survey, conducting a search at the Lands Registry as well as authenticating the documents.
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