Set up a Real Estate Closing Statement
To adjust the Real Estate Closing Statement setup for Kenya in LiraDocs, you can follow the same steps but with certain changes specific to Kenyan real estate practices and legal requirements. Here’s how to tailor it for Kenya:
How to Set Up a Real Estate Closing Statement in Kenya:
1. Access the Closing Statement:
- Navigate to the Closing Statement section within the Matter Details of your specific real estate matter in LiraDocs.
2. Modify the Existing Closing Statement Information:
- Edit Items: Use the arrows to change the order of items as required for Kenyan property transactions (e.g., Stamp Duty, Transfer Fees, and Land Registration Fees).
- Right-Click to Edit: You can right-click on each item to modify or add values such as credits, debits, and other necessary fields like VAT (if applicable), or adjust for other regional fees.
3. Add Custom Items (Credits/Debits):
- If needed, you can add custom credits or debits, such as stamp duty or legal fees specific to Kenya. These are typically required for property transfers in Kenya.
- Important Note: Custom items will apply only to the current matter unless you apply them as standard items across all matters.
4. Apply Standard Items Across All Matters:
- For consistency, follow these steps:
- Select Manage Standard Items under the closing statement.
- Choose or deselect default items as necessary (e.g., stamp duty, legal fees).
- Add custom items like land transfer fees or property valuation fees.
- Select Apply Standard Items to Current Matter to apply these changes.
How to Generate a Closing Statement for Kenyan Real Estate Matters:
1. Access the Default Closing Documents Folder:
- In LiraDocs, Kenyan Buy/Sell Real Estate matters will be linked to a Closing Documents folder, where the Closing Statement template can be found.
2. Generate the Closing Statement:
- Navigate to the Forms and Templates Library and open the Closing Documents folder.
- Select the Closing Statement document that is customized for Kenyan real estate matters (you can customize the form to include Kenyan-specific terms like Title Transfer Forms and Stamp Duty Declaration).
3. Save and Convert:
- After the closing statement is generated in Word, select Save to LiraDocs to save the document to the matter.
- Convert the document to PDF by right-clicking on it, or combine multiple closing documents into a single PDF if necessary.
How to Generate a Closing Statement for Other Kenyan Real Estate Matters:
1. Request or Create an Automated Closing Statement:
- Reach out to your LiraDocs Account Manager to request the creation of a Kenyan-specific automated closing statement, or you can create one based on Kenyan property transaction laws and standard practices.
2. Add the Closing Statement to Forms & Templates:
- Once the automated closing statement is created, you can easily add it to the Forms and Templates Library:
- Navigate to Real Estate – Residential > Sell in the Library.
- Right-click and select Add Folder, naming it “Closing Documents.”
- Browse for the closing statement template saved on your system, and add it to the folder.
3. Modify Automation for Different Formats:
- If different formats are needed (e.g., specific forms for Title Deeds or Kenyan Land Registry Forms), right-click the document in the template library and modify its automation settings for your needs.
Additional Considerations for Kenyan Real Estate Closures:
- Stamp Duty: In Kenya, stamp duty is a significant part of real estate transactions. Ensure that the closing statement includes relevant fields for calculating stamp duty on the transaction amount.
- Land Registration Fees: For property transfers, include fields for land registration fees as applicable by the Kenya Land Registry.
- Title Deed Transfer: Make sure the closing statement accounts for Title Deed Transfer Fees and any required certificates from the Registrar of Titles.
By following these tailored steps for Kenya, you’ll be able to efficiently manage real estate transactions, including closing statements, and ensure compliance with local real estate laws and fees.