Most people invest in property for different reasons. For couples with children, they often think about how they can make the future secure for their children, but don’t consider that buying them land at a very young age would provide an excellent future for them. Having raw land that could be signed over to them when they become of age would give them options of either building on the land or selling it at the current market value.
If you are looking to buy land for your minors, the process would start by identifying the location of the property depending on what you consider best suits your minor with the help of your relationship manager. Once this is established, you will be required to provide the child’s name and a copy of your national Identification Card (ID). The sales agreement is then drafted in the name of the adult holding in trust for the minors. This agreement is legally binding on the parties and protects the interest of everyone involved in the contract.
Upon completion of payment, a transfer is drafted and signed by the adult. This will require a copy of the adult’s copy of their national identification card, KRA Pin certificate, a colored passport picture and a copy of the minor’s birth certificate or national passport. The birth certificate/passport is used as proof of the minor being below the age of 18. While signing the transfer, it is stated that the adult holds in trust for the named child.
The title is then issued once the transfer process is completed. On registration of the title, the document will have the names of the adult and states that they hold in trust for a minor, whose name shall also appear on the title. This will mean that the property is fully owned by the minor under the guardianship of the adult until they turn 18.
On attaining adulthood, a transfer can be done by the purchaser, in this case the parent/guardian who was holding in trust to hand it over to the now grown up child and give them full ownership. A new title will then be issued by the land registry solely in the minor’s name.
There are many kinds of investments that can be made for children from stock markets to savings accounts, but a land investments assures you of security and appreciation. What has to be taken into account here that there is only so much available property that is currently available, and in time there is not going to be as much available. This is going to be a big factor in driving up the price of what you purchase now and hold onto as a long term investment even more.
For more information, contact AMG Realtors on +254 709 789 000 or SMS “AMG” to 40299. Visit our office are located at AMG Centre, off Thila Superhighway, Exit 7 opposite Garden City and are open from 7am to 5pm.
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