This Agreement is made and entered into on this ___ day of ____, 20 , by and between:
SELLER:
Name: _______________________________
Address: _______________________________
County: _________________________
Phone: _______________________________
AND
BUYER:
Name: _______________________________
Address: _______________________________
County: _________________________
Phone: _______________________________ THIS AGREEMENT IS MADE the day of Two Thousand and Twenty (20 )
BETWEEN
1. , OF ID NUMBER (hereinafter referred to as the “SELLER” which expression shall where the context so admits includes its, officers, representatives, nominees and/or assigns) of the one part
AND
2. , OF ID NUMBER, (hereinafter called the “PURCHASER” which expression shall where so admits includes its, officers, representatives, nominees and/or assigns) of the other part. In this Agreement, the seller and the Purchaser are also referred to as “Parties” and “Party” refers to either of them.
WHEREAS, the Seller agrees to sell and the Buyer agrees to purchase the property described below under the terms and conditions set forth in this Agreement.
1. Property Description
The property being sold under this Agreement is described as follows:
The total purchase price for the property is Ksh.90,000 (Ninety Thousand Kenyan Shillings), which has been paid in full by the Buyer to the Seller, as follows:
Total Amount Paid: Ksh.90,000
Payment Method: ___________________________
Date of Payment: ___________________________
Receipt No./Reference No.: ___________________
The Seller acknowledges receipt of the full purchase price.
3. Title and Transfer of Ownership
(a). Title Processing: The Seller confirms that the title to the property is currently in the process of being transferred to the Buyer. The Seller agrees to continue the process and provide the Buyer with all necessary documents for the title transfer as soon as the transfer is completed.
(b). Transfer of Ownership: The Buyer shall acquire full ownership of the property upon the successful transfer of title. The Seller agrees to facilitate the process of registering the title in the name of the Buyer.
(c). Warranty of Title: The Seller warrants that they are the lawful owner of the property, and there are no encumbrances, liens, or claims on the property other than those previously disclosed to the Buyer.
(d). Transfer Timing: The Seller commits to completing the title transfer and registration process no later than [insert date]. If for any reason the transfer is not completed by this date, this Agreement may be reviewed for further action. 4. Possession of Property
The Buyer shall take possession of the property immediately upon full payment of the purchase price. However, the Buyer acknowledges that physical possession and ownership will be subject to the completion of the title transfer process.
5. Conditions Precedent
(a). The transfer of title to the Buyer is subject to the successful completion of all legal and administrative requirements.
(b). If the title transfer is not successfully completed by [insert date], this Agreement may be terminated, and any payments made by the Buyer shall be refunded in full.
6. Closing
The closing of this transaction will occur when the title to the property has been legally transferred to the Buyer, and the title documents are registered with the relevant land authority. The closing date will be confirmed once the title is officially processed and ready for registration.
7. Representations and Warranties
(a). The Seller represents and warrants that:
They are the lawful owner of the property.
The property is free of any encumbrances, except as disclosed to the Buyer.
There are no legal disputes or claims affecting the title of the property.
(b). The Buyer represents and warrants that:
They have made the full payment of Ksh.90,000 for the purchase of the property.
They understand that the transfer of title is currently being processed and may take some time. 8. Default and Remedies
(a). If the Buyer defaults in any of the terms of this Agreement, including non-payment of the purchase price, the Seller may terminate this Agreement and retain any payments made as compensation.
(b). If the Seller fails to complete the title transfer or fails to deliver the necessary documents for title registration, the Buyer has the right to terminate this Agreement and receive a full refund of the payment made.
9. Miscellaneous
(a). This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements and negotiations.
(b). Any amendments or modifications to this Agreement must be made in writing and signed by both parties.
(c). This Agreement shall be governed by the laws of Kenya, and any disputes shall be resolved in accordance with the laws of Kenya. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
