As Lucas Kang’oli, an advocate of the High Court, points out, to buy property off plan needs to come with a legally binding agreement between the developer and the buyer.
He goes further to explain that the details are always finer and looks keenly at critical matters like quality, architectural and structural design. It has a list of what is expected to be fixed in the house once it is complete and all these must be present when the house is handed over to the buyer.
Kang’oli further enlightens that the standards shown must be upheld by all means. He also he states that there is always a need to have a show house of similar model, though this is not a compulsory requirement.
The advocate charges, “The punch line is that it must be detailed and the details must be followed to the letter such that what the developer gives you as the buyer conforms to the sale agreement.”
If there are any changes to be made, then the developer must inform the client in writing, explaining the reasons and the need for the alterations after which after which the buyer agrees before any such changes can be effected — if the buyer declines then he can opt out of the agreement.
However, if the developer makes the alterations without any consultations with the buyer then the contract has been breached.
—By Jeckonia Otieno
Mortgaged mathematics
Though buying a house may seem like a mammoth task, it has many benefits from ‘ feel good’ effects to increasing your net worth.
“Owning a home gives you longer term wealth, which appreciates in value, provides for retirement and leaves an inheritance for your children. The home also has capital gain and can give you borrowing power to secure a loan or obtain credit to start a business or buy another asset”, says property developer Sue Muraya.
First time homeowners may find the initial costs of deposits, legal and stamp duties overwhelming and intimidating but the end result will be worth all your effort. In any case, a first home usually leads to a second better home.
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