What is a title deed?
A title deed is a legal document evidencing ownership of property.
What are the types of ownership?
There are two types of title tenures: freehold and leasehold.
What is the difference between leasehold & freehold?
A freehold title deed gives the owner absolute ownership of the property, while a leasehold title deed is held on a national government or county council lease for a specified period of time.
What period of time constitutes leasehold?
The period of a leasehold property varies. Some properties have a term of 99 years and others 999 years.
What are the legal fees required?
The legal fees payable are based on the Advocates Remuneration Order and are dependent on the value of the subject property. Legal fees are payable for the services offered by an advocate with respect to the sale and/or purchase of a property.
What is the tenure of the property?
These are the rights and conditions on which a person holds a property.
What is stamp duty?
Stamp duty is a duty/tax levied on the transfer of a property. The Law requires that any time one purchases a property then revenue is paid to the Government through stamp duty. Stamp duty cost is determined by:
- Value of the project, mainly dependant on the developments within the project
- Proximity to key public utilities
- The locality: Properties within Nairobi and its environs are leasehold and the rate is 4%. Others are freehold at a rate of 2%
What is the process of property ownership?