I have vested interests in the ever growing real estate sector in Nairobi which guarantees returns to witty investors.
I however have issues with the traditional snail pace period it takes to transfer bought property. The dragging period may easily turn off serious investors as some ministry of lands officials and brokers also demand bribes before registering property faster. Is there a way property transactions can be made master and more efficient?
Alex, Nairobi.
Yes, the transaction process has been traditionally slow but the Ministry of Lands recently started making baby steps towards ensuring faster property transactions by the introduction of integrated transfer forms. The one page forms will come in handy during applications for land rent clearance certificate, consent to transfer/charge/lease and stamp duty valuation.
Before the introduction of the new forms, it was a requirement to fill in different forms according to a specific transaction.
Consequently, it would be easier to complete a single integrated form that would also ensure faster processes at the Ministry of Land, Housing and Urban Development.
The forms are to be filled in quadruplicate by applicants ticking boxes indicating required services.
Property owners and buyers will fill in details which include their full names, Kenya Revenue Authority PIN number, email, postal and physical address, town and mobile phone number.
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The lawyers who are representing both the buyer and seller also have slots to indicate their names, contact details, addresses and the official stamp of their firms.
Under property details, the Ministry of Land, Housing and Urban Development require facts on the registered property number, area, location and term (if it is property on lease).
Other requirements include whether the property is interest in passing, freehold, leasehold or fee simple. The Ministry shall also require details on the value of property submitted by the parties and the date of transfer and signatures of the property owner, his/her advocate or agent.
The Ministry of Lands officials also have slots to fill in which include the consent, rent and stamp duty department. The chief valuer also has a slot for his/her comments.
In order to facilitate faster processing of land registration documents, investors are required to provide a duly filled application form in quadruplicate.
Others include the land rent clearance certificate, copy of the title deed, deed plan and evidence of payment of outstanding rent. The Ministry also requires consent to transfer, receipts for consent fees paid, letter from a lawyer applying for transfer consent and a certified copy of a current official search.
The valuation for stamp duty is also a requirement complete with a property route sketch map, certified copy of current official search and original transfer form.
Others include duly filled stamp duty, declaration, assessment form, pay-in slip and complete copy of title.
