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Law Society Conditions of sale - What they say?
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Kwanini
#1 Posted : Tuesday, August 10, 2010 5:20:18 PM
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Joined: 1/28/2009
Posts: 353
Location: Cloud
Wazuans, um involved in a plot transaction but need any insight regarding a small hitch with my lawyer. Now we had agreed everything and put down all the issues with the seller. The trouble is on engaging an advocate for an agreement draft, 15k later the lawyer insists, the balance must be paid through him as it is a legal requirement and further our agreement is subject to " Law Society Conditions of sale (1989 Edition) "

Am not sure what the implication of this is. Already got the search, L.B Consent and had paid a deposit for the same. Due diligence complete but seller wont accept bal. thro "proxy" and also wont engage own lawyer . Wazua, pot of eternal knowledge, kindly shine thine perpetual light.
"For i am the master and the captain of my fate"
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Chaka
#2 Posted : Tuesday, August 10, 2010 6:12:34 PM
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Joined: 2/16/2007
Posts: 2,114
@Kwanini,
Pole.I have no answer but why not prepare a sale agreement by yourself and get the seller and his witness to sign and yourself and your witness to sign and then pay the seller then withdraw the services of the lawyer?Does a sale aggreement have to be drafted by a lawyer i.e is an agreement that is not drafted by a lawyer not binding?
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sparkly
#3 Posted : Tuesday, August 10, 2010 7:18:39 PM
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Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
@kwanini better get that agreement done properly coz if there any hitch with the transaction, its the only document that will separate you and your money or land. Legally also the agreement and transfer documents can only be drawn by a lawyer with a valid practicing certificate.
Life is short. Live passionately.
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tony stark
#4 Posted : Tuesday, August 10, 2010 9:51:37 PM
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Joined: 7/8/2008
Posts: 947
I would suspect the seller than the lawyer.
Does it matter where he get his balance from! I think you should both go to the lawyer and make your payment there as a compromise using a bankers cheque or something!
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Kwanini
#5 Posted : Wednesday, August 11, 2010 11:17:14 AM
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Joined: 1/28/2009
Posts: 353
Location: Cloud
Thanks guys, what i really wish to find out is

1. Must an agreement be done by a lawyer to be binding? Can a layman complete the other issues- i.e stamp duty? final registration on transfer? This is why i thought a lawyer is vital.

2. subject to " Law Society Conditions of sale (1989 Edition) what do these conditions say? where can i get a copy? Lawyer says these are general conditions, taught in Law school !!! Sadly i come from the school of serious hard knocks.

3. Is one meant to have an agreement with the lawyer as well? He says the we shall discuss his other fee on stamp duty+registration once i have paid the sellers balance.

4. Shouldt law firms have bank accounts in their trading names or individual parners?

@ton, sparkly and chaka- unfortunately, i trust the seller more coz we had agreed even if the deal fails if i failed to secure the funds, the deposit would be converted to rent. i have been running a small outfit on the plot.


"For i am the master and the captain of my fate"
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  | | Edit by user: Wednesday, August 11, 2010 6:00 PM | Reason: Not specified
Wa_ithaka
#6 Posted : Wednesday, August 11, 2010 11:29:16 AM
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Joined: 1/7/2010
Posts: 1,279
Location: nbi
BS-I've done several deals where I've infact given the cash to a rela of the seller i.e. not even the seller himself. All it requires is that you either furnish the lawyer a copy of the cheque or get the seller to confirm by writing ccing you that he has received mbeca.
The Governor of Nyeri - 2017
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Chaka
#7 Posted : Wednesday, August 11, 2010 12:22:10 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@Kwanini,
Sorry to hijack your post..can someone enlighten me on the implications of not paying stamp duty at the time of purchasing land i.e the likely penalties to be paid?
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muganda
#8 Posted : Wednesday, August 11, 2010 1:20:35 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
@Kwanini, had to consult...
1. Agreements are binding once signed between two parties; 1 witness each also advisable. A layman can complete the issues; where a lawyer is a must, payment of lawyer/commissioner of oaths to stamp is standard practice.

2. Law Society conditions of sale are a general body of terms meant to protect buyer/seller. Standard agreements include a clause stating agreement is subject to the LSK conditions in so far as the agreement overides where clauses may conflict.

3. It is advisable to use a lawyer with integrity. It is not, I repeat it is NOT now standard for lawyer to receive full sale monies. That only happens in the case of bank financing/mortgage, and even then the bank only gives lawyer a letter of undertaking and not the money. The lawyer only needs to state their full legal fees in advance and ensure exchange of documents/cheque is perhaps done in their presence.

4. Law firms generally have accounts in the name of the practice not their individual names.

5. As with all things land, verification of property is key.


Refer:
Sample agreement 01: http://www.thikagreens.c...GREEMENT_PHASE_2_1_.pdf
Sample agreement 02: http://breakingnewskenya...saleagreement030708.pdf

Sample article: http://www.kachwanya.com...ess-of-buying-property/
Critique of LSK conditions of sale: http://www.scribd.com/do...iety-Conditions-of-Sale

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  | | Edit by user: Wednesday, August 11, 2010 2:34 PM | Reason: sp
Wa_ithaka
#9 Posted : Wednesday, August 11, 2010 2:25:46 PM
Rank: Veteran

Joined: 1/7/2010
Posts: 1,279
Location: nbi
I can give you name of a decent lawyer who'll do this for you very quickly.

For a fee offcourse. Even lawyers have to eat.
The Governor of Nyeri - 2017
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slykat
#10 Posted : Wednesday, August 11, 2010 2:40:33 PM
Rank: Member

Joined: 2/20/2007
Posts: 359
Kwanini wrote:
Wazuans, um involved in a plot transaction but need any insight regarding a small hitch with my lawyer. Now we had agreed everything and put down all the issues with the seller. The trouble is on engaging an advocate for an agreement draft, 15k later the lawyer insists, the balance must be paid through him as it is a legal requirement and further our agreement is subject to " Law Society Conditions of sale (1989 Edition) "

Am not sure what the implication of this is. Already got the search, L.B Consent and had paid a deposit for the same. Due diligence complete but seller wont accept bal. thro "proxy" and also wont engage own lawyer . Wazua, pot of eternal knowledge, kindly shine thine perpetual light.


Once you instructed the lawyer and paid his fee, he is by law obligated to see the conveyance to its conclusive end himself. So, the lawyer is merely exercising his legal duty.

If you must pay otherwise, then you must debrief him and instruct him afresh and in writing, in which case he might advise against your move and withdraw from your transaction..because he will not be party to the transfer of the "considerations"...money and the title. If it goes wrong, you will be on your own.
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