Here are the common terms used in the process of Land Buying in Kenya.
Survey-A land survey is a process of establishing physical limits and exact field measurements of the land. At a bare minimum, a land survey will indicate the exact property lines and any structures within that specific property.
Beaconing-This is the demarcation of the actual boundaries between one property and another.It is done through the installation of permanent marks know as beacons,made of concrete, iron or stone.
Site Visit-This is a physical inspection of a property.A site visit assures you that you are buying land that exists,and allows you to see the environment in which you intend to buy your property.
Sales Agreement-It’s a contract between a buyer and a seller for transacting a property for a specific price. It contains several important components, ensuring that both the buyer and the seller are protected and aware of their rights and obligations.
Property Valuation-the process of obtaining an estimate for the value of a property. The primary goal of property valuation is to obtain a value for a property purposes such as sale, investment analysis, insurance cost determinations, and property tax charges.
Green Card-This is a document that shows the history of land ownership for a particular piece of land in Kenya. It lists all the previous owners of the land and the dates they owned it.
Mutation-Land mutation involves updating the records of a particular parcel of land to reflect changes in ownership, subdivisions, consolidations, or any other alterations.
Title Deed-This is basically a document that proves ownership and legal rights over a piece of land.
Understanding the terminology used in real estate is crucial for anyone involved in buying or selling property. Whether you’re a seasoned investor or a first-time homebuyer, familiarity with these terms can help you navigate the complexities of the real estate market with confidence.By equipping yourself with knowledge about real estate terminology, you empower yourself to make sound decisions, negotiate effectively, and achieve your property goals. Whether you’re purchasing your dream home, investing in land development, or selling a property, a solid understanding of real estate terminology is your key to success in the dynamic world of real estate.