In the vast and promising field of real estate in Kenya, making the right choices is key to success. At BIPOC Investment Group, Ltd., our specialized knowledge in Real Estate Development Syndication and Mergers & Acquisitions has made us a reliable partner for investors seeking to navigate through the complex process of real estate conveyances. Here, we share an enlightening story of a client’s journey and some crucial guidelines to ensure a smooth and legally sound real estate transaction in Kenya.
Learning from Mr. Bailey’s Journey:
Let’s delve into the story of Mr. Bailey, a budding investor who came to us after a bitter experience that almost halted his investment journey. Mr. Bailey, captivated by a beautiful piece of land on the outskirts of Nairobi, was drawn into a deal that seemed too good to be true. Sadly, it was. He later discovered that the title to the land he had bought was fake. The loss was both emotionally and financially draining. When Mr. Bailey approached us with the remnants of his dream, we were unable to undo his previous loss due to legal limitations.
However, hope wasn’t lost. Our legal team meticulously guided his next venture, ensuring every legal detail was thoroughly checked, every meeting with the seller was well-coordinated, and every transaction was securely anchored within the legal guidelines provided by the Law Society of Kenya.
Guided Steps: The Do’s and Don’ts:
Armed with new knowledge, Mr. Bailey embarked on his next real estate venture, adhering to the following do’s and don’ts that we at BIPOC Investment Group, Ltd., emphasize:
Do’s:
- Engage Legal Professionals:
- Having a good lawyer is your first line of defense against fraud. Make sure both you and the seller have strong legal representation. It’s not enough to just have our legal team at your back you must insist that the seller also has lawyers representing them not just drafting documents and agreements for them.
- Meet the Owner Personally:
- Meeting the owner face-to-face, verifying their documents, and documenting these details is a crucial step. You want to check their personal PIN, ID, Title Deed, and RIM all match.
- You can have your legal team do this for you but insist that the seller shows up in person or we’d recommend walking away from that deal.
- Verify Legal Credentials:
- Check the legal credentials of all involved lawyers with the Law Society of Kenya to ensure they are legitimate.
- Adhere to Deposit Guidelines:
- A 10% deposit is required to make a deal legal. Don’t settle for less thinking that you’re getting a deal.
- Utilize Escrow Accounts:
- Use an escrow account to securely hold the remaining 90% of the funds until the title transfer is complete.
Don’ts:
- Rushing Through Due Diligence:
- Take your time to investigate the property and verify all information.
- Ignoring Local Regulations and Zoning Laws:
- Understanding local laws and zoning regulations is crucial to avoid unexpected issues.
- Neglecting Physical Inspection:
- Inspecting the property thoroughly will help uncover any potential problems.
- Skipping Professional Appraisals:
- Getting a professional appraisal will provide a clear understanding of the property’s value.
Mr. Bailey’s story transitioned from a cautionary tale to one of triumph. With the right legal guidance, he secured a prime piece of real estate and regained confidence in the real estate market. His eyes are now set on exploring more real estate opportunities, with BIPOC Investment Group, Ltd., by his side.
At BIPOC Investment Group, Ltd., we are more than just your investment advisors; we are your partners in navigating the real estate landscape in Kenya. Our legal team is here to ensure your journey in the Kenyan real estate sector is not only legally sound but also fruitful. Together, we can turn your investment dreams into reality in the heart of Kenya.
If you want to talk more about how BIPOC Investment Group can help BOOK your consultation today!