WHY HIRING A PROPERTY ADVOCATE IS ESSENTIAL
WHY HIRING A PROPERTY ADVOCATE IS ESSENTIAL
Are you looking for advocate representation? Not sure what type of assistance a property advocate should provide? Here are some suggestions to help you find the right one.
You’ve probably heard the common misconception that the legal aspect of owning property in Kenya is a simple process. Incorrect!
Property investment is important because you want to make good decisions with your money. As a result, hiring an experienced conveyancing lawyer is the prudent course of action. They will also provide you with investment tips to help you get the most out of your money.
Roles and Responsibilities of a Property Advocate
Once you’ve found an advocate, here are the tasks and roles he must fulfill to assist you in completing the buying property transaction sale.
Property advocate manages your transactions.
A property advocate plays an important role in transaction management by providing legal expertise and guidance to clients. They review and draft contracts, perform due diligence, and ensure legal compliance. They negotiate on behalf of clients, represent their interests, and oversee the various parties involved in the transaction. Your property advocate will interact with all parties involved in the transaction. He will frequently communicate (both physically and electronically) with the Seller’s Advocate, Seller’s Agent, Financier, Local Authority, Valuer, Surveyor, Property Manager, and Physical Planner.
The property advocate handles any issues or conflicts that arise, communicates with clients, and manages the closing and settlement process. By managing risks, protecting client interests, and ensuring a smooth transaction, the property advocate enables clients to confidently navigate the complexities of real estate transactions.
Property advocates conduct research and due diligence.
Your advocate will conduct due diligence and obtain all information about the property you are purchasing. He should obtain a copy of the seller’s title and national identity card. He should then conduct the necessary searches for both the property and the lands office. that of the registered owner at the Registration of Persons Bureau, as stated in the title. If the person selling the property is a company, a search at the company registry is recommended. This will confirm whether the purported seller of the property is the legitimate owner or an impostor. It also confirms the nature of the title, its tenure, and any encumbrances, restrictions, or prohibitions on the property.
Legal advice and property advocacy services.
Your advocate will advise you on the results of the due diligence and the next steps. He must keep you informed of important dates throughout the duration of your agreement. If he is unable to meet a deadline, he will negotiate for additional time to meet any requirements.
If it becomes necessary, your property advocate will assist you in terminating the contract. If there are any issues with the last inspections, your advocate will negotiate with the seller to complete the remaining work. On occasion, he will negotiate the holding of funds in the event that the property requires repairs or reduce the price as a result of the repairs.
If a property’s ownership changes to a company, family trust, or partnership, he should advise on the new structure. He occasionally gives advice to a couple who want to own property together. Your advocate should be able to explain what you need to do to meet the bank’s requirements and how. the process of lending works.Â
CLICK HERE TO READ: Why You Need A Real Estate Agent
The custodian and transactor
A property advocate must oversee the transfer process until the purchase is satisfactorily completed. He must deposit the purchase price and outgoing costs into the Advocate’s trust account on time. If you need a mortgage, he should speak with your lender. They will also ensure that you meet the requirements for receiving the mortgage on the completion date.
Your Advocate will prepare, review, amend, and attest to the Agreement for Sale and Transfer documents that you signed. He will then make arrangements to transfer the purchase price deposit, property ownership details, and stamp duty advice into your names. Stamp duty costs (typically 4% of the purchase price or 2% for freehold/agricultural land) are combined with any outgoing costs. He will then transfer the remaining purchase price to the seller and provide you and the financier with an updated copy of the title certificate and mortgage. Finally, he must plan the handover in collaboration with the Vendor’s Agent.
Nairobi, Kenya, boasts a tapestry of distinctive neighborhoods, each exuding its own charm and lifestyle. Among these, Kilimani, Kileleshwa, Lavington, Westlands and Mombasa Road stand out as some of the city’s premier residential estates, offering a blend of modernity, convenience, and a vibrant community atmosphere.