Law Society Conditions of Sale 2015 makes provisions for the obligations of the vendor and purchaser in an agreement for sale.
The Purchaser shall produce documentation evidencing payment of the balance of the Purchase Price on the Completion Date, either as follows:
- Payment in net cleared funds to the Vendor’s Advocates nominated bank account by way of RTGS no later than three (3) Business Days prior to the Completion Date to be held by the Vendor’s Advocates as stakeholders pending Completion; or
- An irrevocable professional undertaking securing payment by the financier’s advocates in a form and substance satisfactory to the Vendor’s Advocates.
- An irrevocable professional undertaking by the purchasers advocates in the form and satisfactory to the vendors advocates inter alia stating that the said purchasers advocates has been placed in funds towards payment of the balance of the purchase price.
- The Purchaser shall pay stamp duty on the Transfer
- The Purchaser shall pay the registration fee payable on the Transfer
The Vendor shall give the Purchaser the following Completion documents on the completion date, subject to the performance by the Purchaser with regard to the Purchaser’s obligation to pay the Purchase Price:
- Original Certificate of Title for the Property;
- Duly executed Transfer, in triplicate, of the Property in favour of the Purchaser;
- Original valid Rates Clearance Certificate for the Property (valid for at least 21 days from the Completion Date) together with the original rates payment receipts evidencing payment of the Land Rent in respect of the Property for the last Three (3) years;
- Original and valid Land Rent Clearance Certificate for the Property and receipts evidencing payment of the Land Rent in respect of the Property for the last Three (3) years;
- Copies of the latest utility bills for water and electricity for the Property duly paid up until the Completion Date (if applicable);
- Copy of the Vendor’s identity card or other identification document in case of a foreigner (if not already provided);
- Copy of the Vendor’s PIN certificate;
- Three coloured passport size photographs of the Vendor;
- If the Vendor is a Company:
- Copy of the Vendor’s Certificate of Registration (if not already provided);
- Copies of the Identity Cards and PIN certificates of the Vendor’s Directors;
- Three coloured passport size photographs of each of the Vendor’s Directors;
- All documents of title relating to the Property which are in the Vendor’s possession;
- All consents necessary to effect registration of the Transfer;
- Every other document, including: (i) Any transfer executed by a third party; and (ii) Every application, declaration and other document, necessary to enable the Purchaser to become the registered proprietor of the Property free of any encumbrance; and
- All other documentation required to be delivered on the Completion Date including any discharge or withdrawal of an encumbrance, which is required to be withdrawn or discharged on the Completion Date.
LAW SOCIETY OF KENYA CONDITIONS OF SALE AND AGREEMENT FOR SALE LAYOUT, 2015