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Buying virtual plots
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siafu33
#11 Posted : Wednesday, April 06, 2011 11:51:47 AM
Rank: New-farer

Joined: 3/19/2011
Posts: 19
Location: Nairobi
Hello Wazuans, am a newbie to this great forum which has informed me variously over the past few years on several occasions. @Ndaragwa, you are absolutely correct re Escrow. I must say I thought the Migaa development would be working along the same lines - if not, that's strange. However Hass Consult is pushing the project hard (I spoke with the Hassanali girls) and if it goes belly up it would damage their credibility somewhat, and I doubt they would risk that. Maybe something to bear in mind.
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SAC Cohen
#12 Posted : Thursday, April 07, 2011 12:14:22 PM
Rank: Member

Joined: 1/3/2011
Posts: 129
Location: Nairobi
I can speak for Migaa, a clear and transparent transaction. i think what scares people is the unique nature of the land acquisition. this was done using a JV and the acquisition of 774acres was done in phases (hence the payment with minimal documntation) as we were buying shares into the JV. The balloting has been done and now in the process of the legal documentaion etc. Please note the transaction is via Sublease as the JV holds the parent title.
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brekke
#13 Posted : Sunday, April 17, 2011 1:06:03 PM
Rank: New-farer

Joined: 7/10/2010
Posts: 23
Location: US
Am a newbie too in real estate matters.... SAC Cohen & wazuans. Please shed some light on what sublease transactions are all about.
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SAC Cohen
#14 Posted : Monday, April 18, 2011 11:14:43 AM
Rank: Member

Joined: 1/3/2011
Posts: 129
Location: Nairobi
brekke wrote:
Am a newbie too in real estate matters.... SAC Cohen & wazuans. Please shed some light on what sublease transactions are all about.
@brekke, Sublease is in the same format as when purchasing say a flat. The managemnt company holds the parent title. The owners of the flats each hold a share in this mgt company and a sub-lease on the main title is issued and registered with Lands office. The same case would apply to the Migaa transaction.
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