Advice For Sellers & Buyers

Advice For Sellers & Buyers

ADVICE FOR SELLERS TO PREVENT ISSUES DURING AND AFTER THE SALE:

• Ensure you complete the compulsory disclosure document thoroughly leaving nothing out. Declare everything that doesn't work that will not be fixed before the sale.
• Title Deed - if you have lost your original Title Deed - liaise with your preferred Conveyancer to obtain a copy from the Deeds Office when you list the property. This will avoid unnecessary delays.
• Deceased Estates - Letter of Executorship document is required as the appointed Executor/Executrix are the signatories appointed by the Master of the High Court.
• City Council - unresolved queries on any accounts must be resolved to avoid delays as all issues will require resolution for clearance certificates to be obtained.
• Capital Gains Tax - ensure your Accountant has been consulted prior to selling, to ascertain if there is any CGT applicable on the sale.
• Occupation date and amount need to be clearly discussed prior to selling.
• Cash offers - request proof of funds and shorter timelines for payment of full purchase price and all costs secured.
• Offers with full bond expectations, add a clause that the Property Practitioner continues to market the property until all suspensive conditions are met.
• Appoint a reputable Transfer Attorney with a Conveyancing department.

ADVICE FOR BUYERS:

• Only sign an Offer to Purchase when you are ready to commit to this legal process.
• Always a good idea to ask the Property Practitioner you are working with to have their bond originator access your financial situation to establish what bond amount you will qualify for.  This will save time and effort when looking to purchase.
• There are always additional costs for legal fees to cover the registration of the property and bond if applicable.  If the value of the property is above R1 million transfer duty is also payable prior to registration.
• If buying from a seller who is registered for Vat, then Vat is included in the selling price, which means transfer duty will not be payable. All other legal fees will still have to be paid.
• When buying and paying cash, insurance must be taken to cover the premises, from date of transfer.
• Ask about the Pikitup schedule for the suburb.
   

GENERAL:

• Should you be buying and selling with your purchase being funded by the sale of your property, best for the same Transfer Attorney to be appointed so that back-to-back simultaneous transfers may take place. This instruction needs to be included in the offers to link the deals, or alternatively, addendums will be required.
• Prior to registration of transfer/date of occupation ask your Property Practitioner to arrange that the Seller will have the following available for you at the key handover, being the guarantees on various appliances and for the property in general, such as roof or damp proofing, as well as instructions and codes for the alarm, gates, and all all appliances/air-conditioners, solar systems, JO-JO tanks, maintenance of flat roofs/solar panels/gutters etc
• Ascertain where the main water stop-cock valve is that closes the water to the property in the event of a burst geyser.

• If a seller lives overseas, it is advisable to appoint a trusted family member/attorney to hold a Special Power of Attorney to sign acceptable offers, transfer paperwork and pay costs that are applicable on behalf of the seller to avoid the costly/lengthy procedure of signing said documents in the presence of an Apostilled Notary at a South African Embassy overseas.

Written by: Jo Ann Gray - General Manager