Land sale agreement; what it should look like. Check out ours attached here!
- January 7, 2018
- Posted by: cr admin
- Category: Publications
Having carried out your due diligence and are ready to purchase the land, we advise that formalize and enter into a Sale Agreement. We could discuss for a day about what should be contained in a sale agreement and the importance of each clause. It is that intense and important!
– With some few words you may sign away your right to claim for misrepresentation eg “as is”, if it is land with development and the House purchase agreement has clauses stating “as is”, remove them. Especially if the owner has not given you the approved building plans or has promised to carry out certain renovations.
– The Sale/Purchase Agreements are never the same. Where CR. Amanya Advocates is representing the buyer for example, a lot of focus will be placed on representations and ensuring our client is protected incase the hot deal turns out to be “hot air”, incase our client gets stuck and is unable to pay the balance or in time. In the same way, where the firm is representing the person selling the land, our focus will turn to protecting our client and some clauses may be removed .
A few pointers to look out for include;
a) Description of the land and the developments thereon eg a house with 2 bedrooms, 1 toilet etc;
b) Purchase price and payment terms and conditions;
c) Representation and guarantees;
d) Indemnity Clause;
e) Dispute resolution mechanisms; and
In our celebratory mood, we have attached a brief sample Sale Agreement for your PERUSAL.
Land Sale Agreement-Vendor
In conclusion, in the event that you want to be extra careful, you can take the physical title to the Ministry of Lands, Lands office, for verification that it is a genuine title.
Please note that this legal advice is merely for general advice and may not be relied on or give rise to legal obligations on the part of CR. Amanya Advocates & Solicitors. We advise that you seek the assistance of professionals like lawyers, surveyors, valuers, engineers, where the case so requires. You may think that these will add to the cost and are not worth it, but better safe than sorry.