Property – Advice for sellers

Need to know advice BEFORE selling that property

Selling your home is supposed to be an exciting process as you are probably disposing of your most valuable asset. Therefore, we would like to point out the following:

DETERMINE A FAIR SELLING PRICE

Have you done your homework determining a fair selling price? Let 2 – 3 reputable Estate Agents give you a valuation of your house which also indicates what the most recent sales were in your neighbourhood.

SOLE MANDATES

Be careful of signing a Sole Mandate document with an Estate Agent before you have not read and understood the contents thereof. We have from time to time seen some extreme conditions which could favour only the Agent and granting such a Sole Mandate will place your property into the hands of solely one Agent for an unreasonably long period of time.

There are some excellent and trustworthy Estate Agents that will walk the extra mile and will go to great efforts to formulate the best strategy to secure the highest price for your property. Now that is the Estate Agent that you want on your team!

DOCUMENTS

Documents that you will need when selling your property:

Title Deed

If there is a bond registered over your property your Title Deed will held in securities by the relevant Bank. It is advised to provide the Conveyancer with the Homeloan Account Number as soon as possible to allow the 90-day notice period to start running. You will save on the applicable penalty interest.

If your Title Deed is lost, let a Conveyancer apply at the Deeds Office for a Replacement Copy. Being proactive in this regard can eliminate any delays in the registration process.

Electricity Certificate

Only attend to the inspection and issuing thereof once the transaction is in place to prevent the certificate from expiring and becoming unusable for the transaction. (Costs +- R850.00 if no repairs)

Gas Certificate

If there are gas installations, it should be included in the Deed of Sale (Costs +- R1000.00)

Borer Beetle Certificate

If applicable and once the transaction is in place (Costs +- R850.00 if no treatment is needed)

Electric Fence Certificate

If applicable (Costs +- R1000.00)

Plumbers Certificate

If applicable in Deed of Sale.

CGT (Capital Gains Tax) and selling your home

There is a Primary Residence Exemption applicable when the primary residence of an Individual registered in their name is being sold. Any capital gain up to R2 million can be excluded. This will not apply to properties registered in a Company, Close Corporation or Trust.

Plans of your House

This can become a headache and we want to urge Sellers to make sure that all structures and
improvements found on the property are reflected on your approved building plans.

Legal Entity Selling

Make sure that there is a Resolution in place signed by all the Trustees/Members/Directors authorizing the
signing person to sign on behalf of the Seller and accepting the Selling price.

Conveyancer

You as the Seller have the choice to appoint the Conveyancing Attorney. He/she is the person that must protect your interest and ensure that the transaction is handled fair and professional.

This is a short summary of a few general thoughts to keep in mind when selling your house and not intended to be exhaustive in nature. For any advice on circumstances specific to your situation, you are welcome to contact one of our Conveyancers for advice and assistance. Rather be sure of your position before making decisions.

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