KMLS Resources: Listing property for sale
Most real estate for sale in the Kenyan market is likely prone to fraud for the simple reason that as of today, there is no legal market for owners of real estate to execute any document to explicitly state that their property is for sale and/or rent. Generally speaking, the owner of real estate will approach people who claim to sell real estate and ask them to find a buyer. These people will in turn spread the word and with each new party coming along, the price if indeed the property is for sale will be marked up. This only covers properties that are actually for sale. Here the fraud is likely to be in the pricing.
The greatest fraud is in the area of dubious property "owners" offering properties that they do not have any form of title to for sale and/or rent. Many, including yours faithfully have been duped into parting with hard earned cash to purchase properties that were not for sale. You can even come of the process with a title but at the end of the day, yesterday's newspaper has more value.
For the very first time in Kenya, the listing process will become the way every property enters the market. For any property to enter the index, we must have the following:
- A duly signed and executed listing agreement between an authorized KMLS broker and the seller.
- A government issued certificate of search.
- A notarized national identity of the current owner(s) and if a corporation, a duly notarized copy of the incorporation certificate.
- Original receipts of rates payments for municipal titles. If agricultural land, original paperwork from the land control board passing title to the current owner(s).
-In addition, no title will be transferred without KMLS first placing an advertisement both in our website and the national press asking any person with any valid objection to come forward.
We are serious about fighting fraud that makes real estate investments so challenging in the market and after all this, we will ensure that each buyer has title insurance so that in event any fraud is able to pass all these measures, then the buyer has the ultimate guarantee.