In our previous Article (provide for the link) we delve into great length the ownership of property by foreigners in Kenya. Today, we continue the discussion and analyze sections 38, 48, 61, and 98 of the Land Laws (Amendment) Act which had far-reaching implications on the ownership of property by foreigners in Kenya.
In Kenya, a side agreement also referred to as a side letter or supplemental agreement, is a separate document that is signed by two or more parties to an existing agreement. It contains additional terms and conditions not included in the original agreement and/or seeks to clarify certain provisions of the original agreement.
Leasing property (whether residential or commercial) is a common practice in Kenya. However, understanding unregistered and unexecuted leases can be a challenge for both landlords and tenants. In this article, we will explore the types of leases available in Kenya, the registration requirements for leases, and the legal implications of unregistered and unexecuted leases. By the end of this article, you will have a better understanding of what you need to know when dealing with unregistered and unexecuted leases in Kenya.
Leasing property (whether residential or commercial) is a common practice in Kenya. However, understanding unregistered and unexecuted leases can be a challenge for both landlords and tenants.
In Kenya, landlords have the right to perform due diligence on potential tenants to ensure that they are suitable and can meet their rental obligations. This involves requesting tenants for their identification documents and performing background checks on them by inquiring about their credit history, sources of income, employment status and references from former landlords. On the other hand, tenants have the right to privacy which involves them issuing consent before their personal information is accessed or processed by a landlord.
As a real estate investor, having a rental property is considered a great investment. However, managing the rental property as an individual has numerous challenges that are likely to undermine the value of owning such a property.
Kenyans living abroad account for a significant portion of investment in the Kenyan real estate industry. Real estate is often preferred to other investment classes due to its superior returns and the stability it offers.
The High Court of Kenya recently issued judgement on a case on Value Added Tax (VAT) and held that one cannot separate land and the commercial buildings on it, thus maintaining that VAT is chargeable at 16% on the total value of the property.
On our previous article we had shared some few pointers when buying an apartment this time we focus on the seller and what efforts he is supposed to undertake so that he can secure a credible buyer.
The purchase of land or property is major decision and therefore, all aspects that have a financial implication should be properly evaluated. It is important for the buyer to take into consideration all the tax implications in order to avoid instances of incompliance. The purchaser is required to pay stamp duty on the acquisition of a property. The stamp duty is calculated at the rate of 4% of the...
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