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:
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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.