Don’t Get Conned: Understand the Property You are Purchasing
In Kenya today, buying property requires more than just money, it requires due diligence. Interacting with different property buyers, it has come to our attention that many people are falling prey to unscrupulous property dealers. It is sad, but we gathered some tips to help you reduce and avoid your chances of getting conned.
In this article, we get to explore the property itself, and the benefits of carrying out due diligence to understand the property.
Investigate the listing of the property
The digital age has made things easier across all industries. Today, it is very easy to identify a property on sale from a listing online. Start your search by visiting the listing page and check out the details on the property.
Then browse the review section to see if any comments have been left behind by any other sellers who have attempted to inquire about the same property. If there are no telling signs of the listing being a fake or an attempt for a con, you can then move on contact the agent.
Get as much information from the agent/broker/seller
Visiting a listing page and inquiring about a property over a call is not good enough. Identify the property, call the available numbers and set up a meeting to check out the property.
Always request to be shown the necessary documents on the property. A correspondence file on the property will give you useful information like a history of who the previous owner was.
Seek out the neighbors in the property you are purchasing. Most often, the neighbors are aware of the property owners and any disputes that may exist on the property. Dig in for as much history on the property as you can.
Consult with Approved Institutions
Documents like the Ndungu report can inform you if a property was earmarked for a public utility or repossession. Also, if by any chance you suspect that a property may be partially sitting on a road reserve, check with KURA or KENHA.
Buying a survey map of the particular property is needful. This will help you confirm that the land actually exists on the ground. This is because the emergence of fake titles has become a wanton thing today.
Finally, engage a licensed surveyor or a real estate valuer before you can settle for a purchase. Remember, this is only a first step in getting to purchase a property to avoid getting conned. In subsequent blog posts, we shall look through other precautions to take.
Photo by Breno Assis on Unsplash