Nothing spells affluence better than owning prime property. If you doubt it, pay a visit to Vipingo Ridge the next time you are at the coast. You will be forgiven for thinking that you are in another country.
While the rest of the world stoops under the weight of the economic crunch, many who have real estate investments are still smiling all the way to the bank, notwithstanding that the crisis resulted in and from overvaluation of some properties and made many mortgages the subject of terrible losses.
At a glance, the equation seems simple. You identify land that has either been developed or not, you save up or get financing, you buy it, your net worth shoots right up. In reality, it is not that simple. Going back to the basics will help put things in context.
Land law is a subset of property law. Since it is immovable, it is categorised as real property as opposed to personal property which includes all movable items that are the subject of ownership or control. Like cats.
For today, I will take you through legal theory on the modes acquisition of property and claims to title. Land, like other forms of property, can be acquired in several ways.
Kenya recently enacted new land laws. The aim of the Land Act, the Land Registration Act and the National Land Commission Act is to consolidate our land-related legislation which was previously a quagmire of disjointed Acts. The new land laws repealed the Registered Land Act, the Registration of Titles Act, The Indian Transfer of Property Act, the Government Lands Act, the Land Titles Act, the Wayleaves Act and the Land Acquisition Act.
How much the new laws will contribute to the improvement of land registration and the simplification of transactions in land can only be evaluated with the passage of time. For now, we are in a transition period during which the repealed laws still apply to some extent by virtue of sections 107 and 108 of the Land Registration Act. While the implementation of the new laws is yet to be settled into a defined familiar system, transactions in land may experience delays and be the subject of some confusion and uncertainty. Find a good lawyer and save yourself the pain. (Disclaimer: this is not an advert nor is this article sponsored by conveyance lawyers).
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