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Bank loans for purchasing land
Rank: Member Joined: 9/9/2010 Posts: 546 Location: Garissa
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Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here? Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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Rank: Veteran Joined: 12/3/2010 Posts: 1,141 Location: Londokwe
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Sure wrote:Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here? There are more devils than angels in this sector.Spent a few more coins , get a good lawyer to guide you on this . 2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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Rank: Member Joined: 7/6/2010 Posts: 170 Location: Kenya Tukufu
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Sure wrote:Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here? As advised get a good lawyer. In the meantime, share the details of the Land you are selling. Cheers Hardwork, Smartness & Humility = Successful and Happy life...Jipange sasa hivi
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Rank: Veteran Joined: 6/11/2008 Posts: 892
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I think it may be clean if what u say here is all. The bank doesnt give cash to purchaser. Bt to verify, get involved with the bank directly. Sold like that 2 months ago. Tedious bt clean. Bt, deal with the bank directly, nt kwa phone ama kwa bar bt in the bank directly. Bt no original docs mst go to the buyer. Its u and bank..period. Pia, bank must confirm that the guy qualifies for the amnt u want, and in the agreement, a clause must say that payment method cash cash, all of pamoja. Original docs change hand only when ua pesa lands in ua acct. Thats how i dealt with mine. For in him (Jesus) we live and move and have our being-Acts 17:28
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Rank: Member Joined: 4/18/2011 Posts: 459
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Sure wrote:Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here?  If you really have to the get a trustworthy Lawyer. Signing all the documents means that you have transfered the property. What if the bank doesn't approve his loan for some reason or other?? I think you can get other buyers with ready cash. It's better to be safe than sorry. I know a guy who ran mad after losing 700k pension coz of being too trusting.
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Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi
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ali wrote:I think it may be clean if what u say here is all. The bank doesnt give cash to purchaser. Bt to verify, get involved with the bank directly. Sold like that 2 months ago. Tedious bt clean. Bt, deal with the bank directly, nt kwa phone ama kwa bar bt in the bank directly. Bt no original docs mst go to the buyer. Its u and bank..period. Pia, bank must confirm that the guy qualifies for the amnt u want, and in the agreement, a clause must say that payment method cash cash, all of pamoja. Original docs change hand only when ua pesa lands in ua acct. Thats how i dealt with mine. Which bank was that?????? I dont think theres a bank that will release money to you before they take the documents from you and verify their authenticity from Ardhi house. Ask anyone who has had his land or mortgage financed by banks.
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Rank: Member Joined: 9/9/2010 Posts: 546 Location: Garissa
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raszag wrote:Sure wrote:Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here? As advised get a good lawyer. In the meantime, share the details of the Land you are selling. Cheers We bought shares of the land near Kenol past Thika that used to be owned by Kandara Investment. We have been allocated 1/8 pieces. So, if you had, like me 72, you get 18 pieces of 1/8 as each plot is made up of 4 previous shares. The plots are now doing 700k. The land used to be 200 acres and has a running school, area landmarked for police post, shopping centre etc. In other words, Kenol shopping centre will move to the area due to administration offices. Remember, it borders the dual carriage way. Buzz me on usual line if interested. Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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Rank: Member Joined: 1/24/2008 Posts: 479
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sell to those with cash only,wachana na mambo ya loan..by the way ni how much and the size?? Every man is guilty of all the good he didn't do-
Voltaire
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Rank: Member Joined: 9/9/2010 Posts: 546 Location: Garissa
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Kaka M wrote:Sure wrote:Someone wants to buy a piece of land I have in Thika. He says I sign all the documents so that he can take the same to his bank for a loan which will be wired into my account directly as the banks do not nowadays give the loan to the purchaser. I will hold the original title until the cash is delivered. Any conman possibilities in the deal here? If you really have to the get a trustworthy Lawyer. Signing all the documents means that you have transfered the property. What if the bank doesn't approve his loan for some reason or other?? I think you can get other buyers with ready cash. It's better to be safe than sorry. I know a guy who ran mad after losing 700k pension coz of being too trusting. One thing is given, you never con me and live to enjoy the fruits of your conning game. Period. Wisdom to detect when share prices hit rock bottom.
When interest on bonds keep going up, you know the bear run is on high street. When interest on bonds start leveling, the bear has met the bull and they have hit rock bottom. When the interest rates on bonds start coming down, the bull has overpowered the bear and you better be riding the bull.
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Rank: Veteran Joined: 12/3/2010 Posts: 1,141 Location: Londokwe
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Sure wrote:
One thing is given, you never con me and live to enjoy the fruits of your conning game. Period.
eeeeeh conmen will con you and feel nothing unless you have a way of pumping air in their bellies until they return what they conned you. 2012 is here.Kenya is Ours.Be Part of The Peace Keeping Mission To Protect Our Motherland.Say No To Violence and Tribal Hatred .If you can read this,wewe ni mtu amesoma, usifikirie kama mtu hajaenda shule .Ni Hayo Tu
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Rank: Veteran Joined: 11/29/2007 Posts: 948
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Since its the bank financing the purchase, then i guess the transfer should be to joint holding i.e. the bank and the buyer, not the buyer only. Kama the dude is telling you to sign the transfer papers to him ONLY then take him to a corner and have a serious talk with him....and wipe his face with nettle!!
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Rank: New-farer Joined: 9/19/2011 Posts: 21
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@sure,
this is from an expert on land matters. two scenarios:-
1)unsecured loan you need not sign a damn thing. let him/her get the money, put it in a paper bag and bring to you in @ smoky river road bar.
2) secured loan (mortgage), let him go through the whole process with his bank and upon convincing the bank that he qualifies, he will get a valuer at his cost, meet other requirements including due diligence (ofcourse with copies of your deeds), then and only then will the bank contact you with ready cash and request for the title deed.
scenario 2 above requires that you have a title deed! hayo mengine yakimbie and never look back.
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Rank: Elder Joined: 9/7/2010 Posts: 2,148 Location: elderville
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Layman wrote:ali wrote:I think it may be clean if what u say here is all. The bank doesnt give cash to purchaser. Bt to verify, get involved with the bank directly. Sold like that 2 months ago. Tedious bt clean. Bt, deal with the bank directly, nt kwa phone ama kwa bar bt in the bank directly. Bt no original docs mst go to the buyer. Its u and bank..period. Pia, bank must confirm that the guy qualifies for the amnt u want, and in the agreement, a clause must say that payment method cash cash, all of pamoja. Original docs change hand only when ua pesa lands in ua acct. Thats how i dealt with mine. Which bank was that?????? I dont think theres a bank that will release money to you before they take the documents from you and verify their authenticity from Ardhi house. Ask anyone who has had his land or mortgage financed by banks. To the best of my knowledge banks would only release the money to the Vendor after the property has been transferred to the name of the Purchaser and then charged to the bank. Without the charge the bank would not be secured and I do not see them releasing the money to the Vendor. He who can express in words the ardour of his love, has but little love to express. - Petrach, Son. (That men by various ways arrive at the same end. - Montaigne, The Essays of.)
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