There is much information on the pitfalls of buying property, however, what should you be aware of when selling your property?
At present, the political and economic environment is making transacting in residential property a tough endeavour. With policy uncertainty regarding ownership, it places sellers in a more challenging predicament.
Once you have received a valid offer to purchase you are prepared to accept, here are some factors to look out for:
Certain things are better left to the professionals, therefore, estate agents can offer a valuable service in marketing your property and canvassing the right buyers for you. Ensure your estate agent is registered and has a valid fidelity fund certificate, and be sure to negotiate and agree on the commission payable to your estate agent upfront. (Tip: perhaps you should allow your attorney to review the mandate between yourself and the estate agent before signing it).
As a seller, you are required to, at your own cost, provide certain certificates of compliance. These may differ from province to province but will include (but not be limited to) electrical, electric fence, entomologist and (if relevant) gas compliance certificates.
It is best to obtain these certificates as soon as your property has been sold as there may be unforeseen issues which may arise that will need to be rectified before the certificates can be issued.
When you receive an offer to purchase from an estate agent or directly from a potential buyer, you need to remember that once the offer is signed, you will have a legally binding agreement of sale you will need to honour.
Here is a tip: Before signing an offer to purchase, consult your attorney.
It is best to speak to an attorney regarding your tax liability in respect of the sale of your property so you can make provision for any tax obligations that may need to be adhered to.
Lastly, it is your right as the seller to appoint a conveyancer of your choice. This may enhance the effective transfer of your property and ensure your rights are fully protected.
If you are looking to sell your home or should you require any further legal assistance and/or consultation on a property matter you are most welcome to contact us on info@mrr.co.za or 011 918 4116.
Article by Lauren Thomaz, candidate attorney at Malherbe Rigg & Ranwell Inc Attorneys.
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