The Regulations provide for valuation of immovable property by private valuers appointed by the Chief Government Valuer pursuant to section 10A of the Stamp Duty Act.
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The Regulations now permit the valuation of immovable property by a private valuer appointed by the Chief Government Valuer pursuant to section 10A of the Stamp Duty Act (Cap. 480, Laws of Kenya). This appointment is on application in writing by the private valuer to the Chief Government Valuer.
· This is a departure from the previous period where valuation of property for purposes of stamp duty payment could only be done by government valuers thereby delaying the property transfer process given their few numbers relative to the huge number of transactions.
· In summary, these Regulations are likely to ease valuation and stamping processes and therefore ensure quick turnaround for property transfers.