Terms and Conditions of Sale
Comprehensive terms and conditions governing property sales at AMG Realtors. Please read carefully before making any purchase.
1 Purchase Price & Payment
Total price: will be provided depending on the property under sale
Deposit: shall vary depending on the value of the purchase price, payable on execution of the agreement.
Balance: can be paid in cash or within a 4 months payment plan; in monthly installments.
Late installment attracts 1% penalty per month on the outstanding amount.
Failure to complete payment by due date:
12% annual default interest on balance.
If unpaid within 60 days; the property is released for resale.
Refund after resale, less 30% of purchase price and 10% administrative costs.
2 Completion
Completion is within four months of signing the agreement.
At completion, Vendor's advocate provides:
Original title deed, signed transfer forms, Land Control Board consent, company incorporation documents, PINs, and board resolution.
Title deed shall be issued in Purchaser's name within 60 days of full payment.
If Vendor fails to transfer title, the Purchaser may rescind and claim a refund.
3 Nature of Interest
Vendor sells as legal and beneficial owner.
Interest sold is freehold or Leasehold; depending on the location of the land
4 Property Conditions
Sold subject to existing easements, rights of way, reservations, covenants, and conditions.
Otherwise, transferred with vacant possession and free from encumbrances.
5 Outgoings
Outgoings are apportioned as at completion date.
6 Default Provisions
If the Purchaser defaults: the Vendor may rescind after 21 days' notice and retain amounts paid, with option to transfer funds to a different project or refund after resale (deductions apply).
If the Vendor defaults: the Purchaser may give 21 days' notice and thereafter demand refund or seek specific performance.
7 Legal Conditions
The Law Society Conditions of Sale (2015 Edition) apply.
8 Costs
Purchase price is inclusive of stamp duty, legal, and registration costs, which the Vendor must remit.
9 Amendments & Notices
No amendment shall be valid unless signed by both parties.
Notices must be in writing and delivered to the party's advocates.
11 Miscellaneous
Rights and remedies are cumulative.
Invalidity of one clause does not affect the rest.
12 Entire Agreement
A sale agreement shall be drafted, incorporating all the above-mentioned terms and that entire agreement shall override all prior representations.
13 Governing Law
The sale transactions are governed by the Land and Contract Laws of Kenya.