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Friday, 1 May 2015

Investing in Kenyan Real Estate

There is quite a bit of real estate available in Kenya, because new homes are being built constantly. If you’ve ever been to Kenya, you may be surprised by its vast open spaces – and even the new developments that spring up don’t seem to take anything away from all of that wide open space. In fact, all of that beautiful space is what attracts many people to invest in Kenyan Real Estate market!

Many people buy real estate from a distance, sight unseen. While this practice can be used to scam people out of their hard-earned money, if you follow certain guidelines you and your money should be relatively safe. Start by understanding what documents you should see throughout the sale process. 

The first thing you should see is the MLS printout. MLS stands for Multiple Listing Service. The MLS printout is a copy of the listing that was sent out by the service. It contains a description of the property, and there may be statements made in the MLS that need to be verified for accuracy. If the property or home is in a new sub-division, you need to ask for the Public Report as well. 

Other important documents that you should request include the Seller’s Property Disclosure Statement (SPDS), Covenants, Conditions and Restrictions (CC&Rs), governing documents from the Home Owner’s Association, HOA Disclosures, the Title Report, the Home Warranty Policy, an Affidavit of Disclosure, Lead-Based Paint Disclosure, County Assessors Records, and a Professional Home Inspection Report. Make sure that you get a copy of all of these documents, for your own protection. It is a good idea to have your lawyer look at these documents as well.

There is quite a bit of information that you need to learn about a property in the republic of Kenya before making a purchase. For instance, some places in Kenya may be flooded, which are quite common in the Nyanza region of western Kenya and may require refilling or reclaiming to get rid of. Some areas of Kenya contain soil and groundwater that has been contaminated or very salty by improper disposal methods. All of this information can be found at the lands ministry of Kenya. 

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