Sn 1 EP 08: Selling Property in a Depressed Market: The Basics and What You Need To Know Beyond Price!

Selling property in a depressed market is fraught with more challenges than one ordinarily encounters when market conditions are favourable.

One of the most commonly held misconceptions about selling property in a depressed market is that price is the sole determinant of how successful you will be in actually disposing of your property. But there is so much more. Price definitely is a factor, but not the only one. And sometimes not even the most important one. This isn’t just true in a depressed market.

In a depressed market, a keener understanding of the market is essential in helping you sell faster.

In today’s episode, we take a close look at a scenario that challenged a client who had been attempting to sell her property for more than two years in a depressed market. Here are some basic issues that require a deeper understanding when attempting to sell property in a depressed market:

• What is the condition of the market?
• Which factors specific to your property work in your favour – neighbourhood, location, amenities and utilities – and how can you leverage the unique selling points of our property to attract prospects?
• Who are your prospective buyers and where can you find them?
• How can you build an avatar of your prospects so that you can position your offer for maximum visibility and effectively target quality leads?
• What factors should influence your pricing decision and how can you use market information to strategically adjust pricing based on your target prospects and the leads you’re generating?
• What basic measures can you take to improve the attractiveness of your offer (perception of value) that don’t just target pricing?
• What is “willing buyer, willing seller” and fair market value? How can an understanding of these basic market principles help you adjust your expectations during the marketing process?
• How can you partner with property agents and other industry professionals to effectively position your offer?

Building clear narratives of the market, understanding the USPs of your property and ensuring you have an adaptable strategy to selling not may help unlock your selling goals faster. 

It’s a lot harder to make a sale when supply greatly outstrips demand. However, it is possible if you are willing to put some “elbow grease” into the endeavour. 

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Sn 1 EP 08: Selling Property in a Depressed Market: The Basics and What You Need To Know Beyond Price!

1. Website: https://realestateguru.co.ke/podcasting
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Sn 1 EP 07: Understanding The Transfer of Property Under Succession in Kenya – The Ultimate Beginner’s Guide

The Transfer of Property Under Succession is a subject of wide interest in Kenya. In many of our communities, when the breadwinners in families pass away, there is usually quite a bit of contention over the property of a deceased person. Especially when that deceased person’s intentions were unknown. Even worse, in instances where the deceased had more than one family, the contention can be extreme.

In today’s episode of the podcast, we delve into the transfer of property that is the subject of the process of succession (the property of a deceased person), and how these processes interact with the transfer and registration of ownership.

• What is succession?
• What laws govern the process of succession?
• Some common legal terms that feature under the process of succession.
• Why shouldn’t you attempt to transact on the property of a deceased person that has not duly gone through the succession process?
• How do the law courts administering over succession claims identify the beneficiaries of a deceased person?
• Who can legally transact the property of a deceased person?
• Are there any distinctions between the legal and common practice in transacting the property of a deceased person?
• Scenarios demonstrating the legal thresholds for the transfer of property under succession.

This episode seeks to demystify the processes by which The Transfer of Property Under Succession is undertaken. These processes invariably take lengthy periods of time because of the legal thresholds established on the law that governs succession.

It is imperative for investors to understand some of the precepts in this podcast and how those play into the due diligence processes they undertake before they attempt to acquire the property of a person who is since deceased.

Legally, there are no restrictions that stop The Transfer of Property Under Succession. However, it is imperative to understand who has the legal right to do so, so that you can protect your interests. It is also important to note that by interfering with the property of a deceased person before his or her beneficiaries have been legally settled, you may also open yourself up to legal jeopardy of a criminal nature.

This podcast episode is not a substitute for legal advice. We recommend strongly that anyone seeking the Transfer of Property Under Succession contract a legal practitioner to assist them with undertaking due diligence, and ensure that they have complied with the law!

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Sn 1 EP 07: Understanding The Transfer of Property Under Succession in Kenya – The Ultimate Beginner’s Guide

1. Website: https://realestateguru.co.ke/podcasting
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Sn 1 EP 06: The Ultimate Beginner’s Guide to Understanding Property Encumbrances in Kenya

Welcome to today’s episode of the RealEstateGuru254” podcast, where we demystify the world of real estate in Kenya. In today’s episode, we’ll be discussing property encumbrances and how they can affect the transfer of ownership.

• What are encumbrances?
• What are the different types of encumbrances?
• the process by which they are placed on property?
• Who can place encumbrances on a property?
• How would you know if a property has an encumbrance?
• How do encumbrances get dispensed with?
• How do encumbrances affect the property transfer process?
• And, what needs to happen before the ownership of property that has been placed under an encumbrance can be transferred?

So, what exactly is a property encumbrance? Why is it critical that any property investor make it a priority in Understanding Property Encumbrances and how they affect the property transfers and registration?

Simply put, an encumbrance is a claim or a burden on a piece of real estate that affects the owner’s ability to use or sell the property. There are many different types of encumbrances, including cautions, caveats, charges, liens, easements and more.

Did you know that a registered lease whose term is unexpired serves the same purpose as any other type of encumbrance? Well, neither did we!

Did you know that the Government can place a restriction on a property that may be the subject of disputed ownership, property that may be the subject of compulsory acquisition, or that may be the subject of fraud or that may have been acquired using illegal proceeds?

Go figure!

So, what does all of this mean for someone who is looking to transfer ownership of a property, for example, you who may be looking to purchase a property that is under an encumbrance?

Understanding Property Encumbrances and how they affect the property transfers and registration is a key to the due diligence process. Thoroughly check for any encumbrances before attempting to transact on any property.

If you’re buying a property with a registered charge on it, for example, you’ll want to make sure that the charge has been discharged before you make any payments because the transfer cannot happen before the charge has been discharged.

And if you’re selling a property, it’s important to make sure that any easements or other encumbrances are disclosed to the buyer so that there are no surprises down the line. What surprises may occur down the line you ask? Well, I have seen a seller attempt to sell a vacant plot that was adjacent to a power line which would have rendered nearly 40% of the property unusable for any permanent structures. To an unsuspecting buyer, this would have been a “deal-breaker” say if they intended to use the land for home construction or development of a commercial property.

In conclusion, property encumbrances can have a significant impact on the transfer of ownership. It’s crucial to be aware of any encumbrances that may be affecting a property and to handle them properly before completing a transfer. Thanks for tuning in to the “Real Estate 101” podcast. Join us for our next episode, where we’ll be discussing the different types of property ownership and how to choose the right one for you.

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Sn 1 EP 06: The Ultimate Beginner’s Guide to Understanding Property Encumbrances in Kenya

1. Website: https://realestateguru.co.ke/podcasting
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Sn1 Ep 05: You Need to Know (AND DO) This Before Buying Property in Kenya – PART 2

• What should be captured in an agreement of sale between a buyer and a property seller?
• What are some of the standard practices around the agreement of sale, including the term, deposit and more that both a vendor and buyer of property should have a keen awareness of?
• What is the “reasonable pre-estimate of loss” incurred by the seller in the event of default by the buyer? 
• What is the standard practice in the event that the seller reneges on the agreement of sale?
• What consents are required for the registration of transfers of property? What they are and why they are necessary for the transfer and registration process?
• A basic overview of the requirements by the Matrimonial Property Act as regards spousal consents.
• Are unmarried individuals transferring property to a buyer required to provide spousal consent? 
• What is an affidavit of marital status and why is an unmarried person required to provide one?
• What is the capital gains tax acknowledgement slip and some exemptions to capital gains tax?
• What is the full list of completion documents required for the registration of a transfer of property?

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Listen to the full episode: Sn1 Ep 05: What do You Need to Know (AND DO) Before Buying Property in Kenya – Part 2.

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Sn1 Ep 04: You Need to Know (AND DO) This Before Buying Property in Kenya – PART 1

• Which property(ies) qualify as “buyable”
• Land tenure systems in Kenya and what type of property can be purchased. Specifically, we also address property that one should not attempt to purchase, or otherwise interfere with.
• We look at land tenure systems for private land addressing their ownership documents and who can own such property – including ownership of property in Kenya by foreigners.
• We discuss the due diligence process that a prospective buyer should undertake in-depth. Here we consider both the process as well as the professionals that should be engaged.
• We address the importance of ascertaining the ownership of the property. This includes the property’s “legal availability” for transfer and registration to a prospective buyer.
• We consider briefly specific reasons that may prevent the transfer of a property to a prospective buyer, and what measures should be undertaken to ensure that the interests of both parties, the buyer and the seller, are protected.

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Listen to the full episode: What do You Need to Know (AND DO) Before Buying Property in Kenya?

1. Website: https://realestateguru.co.ke/podcasting
2. Spotify: https://spoti.fi/3GTKqBY
3. Anchor: https://spotifyanchor-web.app.link/e/2oxeRaKffvb
4. AfriPods: https://bit.ly/3UyZg4W
5. Google Podcasts: http://bit.ly/3OCBmU7