TALKING PROPERTY: 10 things you should know when buying
Although you think all the cards have been laid out, they most probably haven’t.
Before signing your life savings away, get advice and get as much information as you can.
1. Ensure your offer is in writing and the sale agreement covers all the necessary clauses relating to the purchase, as well as the consumer protection clause. Do not make verbal offers to buy property. Sellers rarely refuse a written offer if they are serious.
2. Ask why the property is on sale and where the seller is moving to. This is important.
3. Do not give money to agents as deposits or guarantees. The attorney can keep money in trust.
4. Ask the agent for their EAAB registration card or certificate. Do not deal with unregistered agents.
5. View more than the one property. Shop around; ask the agent if they live in the area.
6. You don’t want to be dealing with a fly-by-night operator. If you can’t get hold of the agent, find out where his/her office or home is.
7. Ask for building plans. Many homes have structures which are not on the plans – if so, who will bear the costs of the plans?
8. Find out if you can build on the land and if there are any servitudes or restrictions in place.
9. Ask the agent if his/her attorney offers discounts on costs. Most are willing to offer discounts.
10. Find out if the house is rented. If yes, make sure the tenant is leaving and that you are not inheriting a tenant who has nowhere to go and is unwilling to leave the property. Occupation is 9/10ths of the law. Get the moving date or registration of transfer in writing.
Adrienne Milner is the owner of Weltevreden Park-based real estate agents A. Milner Realty.
