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Need to know advice before selling that property

Advice for Sellers

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

SELLING PRICE

Have you done your homework determining a fair selling price? Either let 2 –3 reputable estate agents give you a valuation of your house, showing what was the most recent sales in your neighbourhood.

SOLE MANDATES and FINDING THE RIGHT ESTATE AGENT

Be careful of signing a Sole mandate document with an Estate Agent, before you have not read and understand the contents as we have seen some scary conditions and unreasonable time your property will be solely in the hands of one agent.

There are really good and trustworthy Estate Agents that will walk the extra mile and will go to great efforts to have a strategy to get the best price for your property and that is the Estate Agent you want.

 

What do you need when selling your property:

  • Title Deed
    If a bond is registered on your property your Title Deed will be with the bank. If your Title Deed is lost, let a Conveyancer apply at the Deeds Office for a Replacement Copy(Sec 68 (1)of Deeds Act). If you only attend to this after your property is sold, it can delay the registration process.

  • Electricity Certificate
    Only attend to this once the transaction is in place as this certificate is usually valid for 3 (three) months after issue. (Costs +-R850.00 if no repairs)

  • Gas Certificate
    If there is gas installations, and the Deed of Sale refer there to Costs +-R1000.00.

  • Borer & Breathe 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 Sake.

 

TAXES

CGT (Capital Gains Tax) and selling your home.

There is a primary residence exemption where the primary residence is registered in the name of the individual or in a Special Trust that is selling. Any capital gain up to R2 million can be excluded. This will not apply to properties registered in a Company, Close Corporation or Trust. I will later in another discussion discuss CGT to eases where Residence partially business and residential and where more than one person holds an interest in a residential property.

BUILDING PLANS

Plans of your House

This can become a headache and I want to urge Sellers to make sure All structures and
improvements are on your approved building plans. You will also impress the prospective buyer if building plans are available and in order.

LEGAL ENTITY SELLING 

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

CONVEYANCER

You as the Seller has the choice to appoint the Conveyancing Attorney. He is the person that must attend to your interest and make sure the transaction is handled fair and professional.

Again, this is a short summary of a few thoughts to keep in mind when selling your house. For any queries or circumstances you find yourself in, you are welcome to contact one of our conveyances for advice and assistance. Rather make sure before making decisions.