Selling property is often a very daunting and complicated process which requires a hands-on approach and trustworthy sales and legal assistance. Our offices are specifically geared to assist sellers with advice and guidance throughout the process.
Marketing your Property for Sale
- This step will usually commence with the signing of a mandate in favour of an estate agency to allow them to market your property.
- The mandate will run for a number of days or weeks during which time the appointed agent will market your property and introduce prospective purchasers to the property.
- A disclosure document will usually be provided by the agent for you to disclose the true state of the property, which involves you listing all and any possible defects in the property to your prospective purchaser. It is imperative that this be done accurately and thoughtfully to avoid any complications after the date of sale.
- Sellers are also reminded to give the Bank notice of their intention to sell the property and cancel the mortgage bond to avoid being liable for 90-day penalty interest in the case where a mortgage bond is registered over the property.
Signing the Offer to Purchase
- Should a prospective purchaser wish to purchase your property, they will present you with an Offer to Purchase for your consideration and signature. Sellers are encouraged to carefully consider all the clauses in the offer to purchase and if necessary to obtain legal advice before signature. Acceptance of the offer by the Seller creates a legally valid and binding contract which creates various legal rights and obligations on the parties.
- The Seller and/or agent must ensure that the disclosure document signed during the mandate stage is still accurate and forms part of the Offer to Purchase signed by all parties.
- Once the offer is signed and accepted, the agent or Seller must instruct a Conveyancer (a qualified attorney with additional qualifications) to attend to the transfer of the property from the Seller to the Purchaser.
Co-operating with the Conveyancer to ensure an efficient transfer process
It is imperative that information and documents requested from the Seller is timeously provided to the agent and/or Conveyancer to expedite the transfer process. This may include:
- Copy of ID or Passport
- Proof of Residence by way of a Municipal Account
- Copy of Marriage Certificate and Antenuptial Contact (if registered)
- SARS Income Tax Number
- Current Bond Account Number for Bond registered over property sold (if applicable);
Maintaining payments in respect of the Property and other costs of transfer
- During the transfer process it is imperative that Sellers maintain the regular and usual payment of all mortgage bond instalments/repayments until date of registration of transfer.
- As part of the transfer process, clearance figures will be obtained from the municipality and/or body corporate and/or home owners association which will require payment by the Seller to enable the issue of a clearance certificate which is required and must be valid until date of registration of transfer. Sellers are advised to maintain payments on all municipal and levy accounts unless otherwise directed by the Conveyancers.
- Provision must also be made for the payment of Compliance Certificates (electrical, gas, electric fence and entomology as applicable), Estate Agent’s Commission as agreed in the Offer to Purchase, Bond cancellation costs (if a bond is to be cancelled).
The agreement will generally provide for a date upon which the property can be occupied by the Purchaser, which is usually on date of registration of transfer. As this is not always a fixed or accurately determinable date, we recommend that the parties agree on a fixed date and a suitable occupational rental which will be payable by the party in occupation.