News & Updates

FIVE THINGS A SELLER SHOULD KNOW AT THE TIME OF SALE

Mar 21, 2024

You listed your home in this hot property market, and after only a few weeks your property is SOLD! Once the adrenaline of the negotiations, and the joy of obtaining your ideal sale price subsides, you start to think about what you need to know to be prepared for the transfer process.

 Here are a few pointers to get you started.

1. You nominate the Conveyancer.

As a seller you have the right to nominate a Conveyancing firm to attend to the transfer of your property. This enables you to ensure that your interests are being protected by a firm of your choosing during the transfer process, and that the terms of the Sale Agreement are complied with.

2. Find the original Title Deed.

If you purchased your property cash, or without registering a Mortgage bond in the Deeds Office, then you should be in possession, or know where your title deed is located. Should you not be able to find your Title Deed then notify your Conveyancer as soon as possible, so they can prepare an application for a duplicate original Title Deed to avoid delays.

3. If bonded, notify your bond bank of the sale.

If you registered a Mortgage bond when you purchased your property, your title deed will be held as security by the Bond Bank. There is usually a 90 day penalty interest clause in the loan agreement with the Bond Bank, which will start counting down once you have notified them of the sale of your property. Therefore, we advise that you notify the bank as early as possible.

4. Compliance certificates are your responsibility to obtain.

In the ordinary course, it is the responsibility of the Seller to have compliance certificates issued. These certificates would be Plumbing, Electrical, Gas, Beetle and Electric fence compliance certificates depending on the property, and the applicability of certificate.

We advise Sellers to arrange inspections and get quotes for these as soon as possible as these can cause delays in the transfer process.

5. Make provision for advance rates clearance figures.

The Seller is only liable for the municipal rates account until the date of registration of transfer in the Deeds Office. However, in order to obtain a clearance certificate from the municipality in the area the property is situated, which is required for transfer, the Seller is requested to pay advance figures of approximately 3 months, and any overpayment is then refunded to the Seller via the Conveyancer after registration of transfer.

Please don’t hesitate to contact us if you have any questions on any of the above points or any further property related questions.

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For further information check out our website at www.fha.law.za

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