The Ghana Property Awards should be expanded- Real Estate Lawyer

FILE PHOTO  - THE GREENS RECIEVING AWARD- AT THE GHANA PROPERTY AWARDS

Mr. Emmanuel Sackitey Mate Kole, a real estate lawyer , has urged the Property Express Group to broaden the awards program to recognize all participants in the real estate value chain, including valuers, building inspectors, district assemblies, and others.

He disclosed this.In an exclusive interview with PETV in Accra.

 

Touching on  Real Estate Escrow agreement, he said It is a tripartite agreement between a seller , a buyer and an escrow agent.

 

He stated that the contract is meant to provide some level of security and protection for the buyer aa it  contains the directions for the release of the funds to the seller.

 

Under  the agreement, the realtor will supply the client profile as  that will be utilized to establish the agreement ,if all the conditions are met.

 

"Under the agreement, the realtor will send the customer profile and that would be used to create the agreement .If the conditions are met, the payment will be made to the seller. It was developed by myself and E Wells Realty to ensure that people have some sort of confidence in the system , hence the Escrow agreement was born. ", he added.

 

He said  that once specific requirements have been satisfied, the sale and purchase agreement will assure that the seller won't go and sell the property to another person.

 

According to the lawyer, the  agreement ensures that  a buyer purchases a property only after all necessary due diligence has been done.

 

"To safeguard the buyer, conduct a search at the Land Use and Spatial Authority to see if ground rent has been paid",he advised developers.

 

 Mr. Sackitey Mate Kole said  escrow transactions were developed out of the real estate law to safeguard  buyers.

 

He also advised developers to ensure they are adhering to all applicable laws in the sector.

 

For prospective home buyers, he urged them to engage  relevant practitioners such as surveyor's real estate lawyers and also keep an eye  on the property while it is being developed.

 

 Source : Joycelyn Marigold- Africa Home Building News