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Description Buying property is a major investment, and it's essential to factor in all the associated costs. Beyond the purchase price, you'll encounter "closing costs," which are the expenses required to finalize the transaction. Here's a clear breakdown to help you budget effectively:

Content <ul><li><strong>Stamp Duty (KRA Tax):</strong><ul><li>This is a government tax on property transfers.</li><li>Expect to pay 4% of the property value for properties within municipal areas and 2% for those outside.</li><li>This fee is paid to the Kenya Revenue Authority (KRA).</li></ul></li><li><strong>Legal Fees (Advocate's Fees):</strong><ul><li>Your lawyer plays a crucial role in ensuring a smooth and legal transfer.</li><li>Legal fees typically range from 1% to 2% of the property's value, but always confirm with your advocate.</li><li>While the Advocates Remuneration Act provides guidance, clear communication about fees is vital.</li></ul></li><li><strong>Property Valuation:</strong><ul><li>A professional surveyor will assess the property's market value.</li><li>The cost of this service varies based on the property's size and location.</li></ul></li><li><strong>Title Search and Registration:</strong><ul><li>These fees cover the necessary checks to confirm clear ownership and register your title.</li><li>These payments are made at the Lands Registry.</li></ul></li><li><strong>Property Transfer Fees:</strong><ul><li>These are the fees charged by the relevant land offices to process the transfer of ownership into your name.</li></ul></li><li><strong>Mortgage-Related Costs (If Applicable):</strong><ul><li>If you're financing your purchase, your lender will have their own set of fees, which may include:<ul><li>Loan processing charges</li><li>Property valuation fees</li><li>Other bank-specific charges.</li></ul></li></ul></li><li><strong>Survey Fees:</strong><ul><li>This covers the cost of surveying the property boundaries.</li></ul></li></ul>

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