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​​​​​​​Why brokers are weakest link in property deals

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​​​​​​​Why brokers are weakest link in property deals


Industry players agree that the first process in ensuring that one is not scammed relies on identifying a conveyancing lawyer and a broker. FILE PHOTO | SHUTTERSTOCK

‘When it comes to property scams, it is time to hold all professionals in the conveyancing process accountable’ –William James.

The last couple of weeks have been bad for the property sector. Day after day, the industry has been treated to reports of one scam after another with buyers losing millions of shillings to dubious off-plan property deals.

Currently, any offering in the market containing the words ‘off-plan’, whether as legit as it can be might not attract as many buyers.

From the Cytonn debacle to Gakuyo Real Estate to Lesedi Developers to Uriithi Housing Co-operative to Kamuthi, you name it, the real estate sector’s off -plan brand has been soiled.

The development has led to heated debates among those whose livelihoods stand to be greatly affected and perhaps the group of professionals who can put an end to it all— property brokers or property agency.

Industry players agree that the first process in ensuring that one is not scammed relies on identifying the two key professionals whose input is key in the in the conveyancing chain, that is a conveyancing lawyer and a broker both of whom should have a track record, a reputation and the right professional qualifications to…

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