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example land sale agreement
Sample Land Sale Agreement in Kenya
Introduction
A land sale agreement is a legally binding document that outlines the terms and conditions under which a piece of land is sold from one party to another. In Kenya, such agreements are crucial to ensure that the transaction is legally recognized and that both parties' rights and obligations are clearly defined. This document serves as a template for a land sale agreement in Kenya, ensuring compliance with Kenyan laws and regulations.
Table of Contents
Definitions and Interpretation
Sale and Purchase
Purchase Price
Payment Terms
Conditions Precedent
Representations and Warranties
Possession and Transfer of Title
Default and Remedies
Dispute Resolution
Miscellaneous Provisions
Signatures
Sample Land Sale Agreement
AGREEMENT FOR SALE OF LAND
THIS AGREEMENT is made on this [Date] day of [Month], [Year], between:
[Vendor's Full Name], of P.O. Box [Vendor's Address], Nairobi, Kenya (hereinafter referred to as "the Vendor", which expression shall where the context so admits include his/her personal representatives and assigns) of the one part;
AND
[Purchaser's Full Name], of P.O. Box [Purchaser's Address], Nairobi, Kenya (hereinafter referred to as "the Purchaser", which expression shall where the context so admits include his/her personal representatives and assigns) of the other part.
IT IS AGREED as follows:
1. Definitions and Interpretation
1.1 Definitions: In this Agreement, unless the context otherwise requires:
"Agreement" means this agreement for the sale of land, including any schedules and annexures.
"Completion Date" means the date on which the purchase price is fully paid and the transfer of title is completed.
"Land" means the parcel of land known as [Land Description], situated at [Location], and more particularly described in the title deed number [Title Deed Number].
1.2 Interpretation: In this Agreement:
Words importing the singular include the plural and vice versa.
References to persons include bodies corporate and unincorporated associations.
2. Sale and Purchase
2.1 The Vendor agrees to sell and the Purchaser agrees to purchase the Land on the terms and conditions set out in this Agreement.
3. Purchase Price
3.1 The purchase price for the Land is KShs [Amount in Words] (KShs [Amount in Figures]).
4. Payment Terms
4.1 The Purchaser shall pay the purchase price as follows:
A deposit of KShs [Deposit Amount] upon execution of this Agreement.
The balance of KShs [Balance Amount] on or before the Completion Date.
5. Conditions Precedent
5.1 This Agreement is subject to the following conditions precedent:
The Vendor providing a valid title deed free from any encumbrances.
The Purchaser obtaining satisfactory search results from the Land Registry.
6. Representations and Warranties
6.1 The Vendor represents and warrants that:
The Vendor has good and marketable title to the Land.
The Land is free from any encumbrances, liens, or legal disputes.
6.2 The Purchaser represents and warrants that:
The Purchaser has the financial capacity to pay the purchase price.
7. Possession and Transfer of Title
7.1 The Vendor shall give vacant possession of the Land to the Purchaser on the Completion Date.
7.2 The Vendor shall execute all necessary documents to transfer the title of the Land to the Purchaser upon receipt of the full purchase price.
8. Default and Remedies
8.1 If the Purchaser fails to pay the purchase price as stipulated, the Vendor may terminate this Agreement and forfeit the deposit.
8.2 If the Vendor fails to transfer the title as stipulated, the Purchaser may seek specific performance or a refund of all monies paid.
9. Dispute Resolution
9.1 Any dispute arising out of or in connection with this Agreement shall be resolved through mediation. If mediation fails, the dispute shall be referred to arbitration in accordance with the Arbitration Act of Kenya.
10. Miscellaneous Provisions
10.1 Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, and agreements.
10.2 Amendments: Any amendments to this Agreement must be in writing and signed by both parties.
10.3 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Kenya.
11. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.
Signed by the Vendor:
[Vendor's Full Name]
ID No: [Vendor's ID Number]
In the presence of:
[Witness 1 Full Name]
ID No: [Witness 1 ID Number]
Address: [Witness 1 Address]
Signed by the Purchaser:
[Purchaser's Full Name]
ID No: [Purchaser's ID Number]
In the presence of:
[Witness 2 Full Name]
ID No: [Witness 2 ID Number]
Address: [Witness 2 Address]
Conclusion
A well-drafted land sale agreement is essential to ensure that the transaction is legally binding and that both parties' rights and obligations are clearly defined. This sample agreement provides a comprehensive template that can be tailored to specific needs while ensuring compliance with Kenyan laws.
TLDR
A land sale agreement in Kenya is a legally binding document outlining the terms and conditions of a land sale. This sample agreement includes sections on definitions, sale and purchase, purchase price, payment terms, conditions precedent, representations and warranties, possession and transfer of title, default and remedies, dispute resolution, and miscellaneous provisions. It ensures compliance with Kenyan laws and protects the interests of both parties.
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Answered by mwakili.com