SELLING YOUR PROPERTY? Here are 5 important things to consider

GET ADVICE ON THE SALE AGREEMENT, BEFORE YOU SIGN IT

  • Contracts for the sale of property can be complex and sometimes confusing documents.
  • Once you have signed a sale agreement, it cannot be amended unless both parties agree to the changes in writing.
  • We will review any offer that you receive for the sale of your property, to make sure that your interests are protected. This must be done as soon as you receive the offer, but definitely before you sign it.

TALK TO YOUR BANK

  • If you have a mortgage loan, you have to let your bank know when you sell your property.
  • Most banks however charge “early termination interest” if you do not give them 3 months’ written notice of your intention to cancel your mortgage.
  • This can be avoided by informing your bank early, even before you have actually sold your property.
  • Let us assist you in preparing a letter to your bank that will help you to avoid “early termination interest” while at the same time giving you the option to keep your mortgage loan in place, should you not manage to sell your property.

FIND YOUR ORIGINAL TITLE DEED

  • If you do not have a mortgage loan, or if you had one but it has since been cancelled, then you should be in possession of the original Title Deed to your property.
  • If you cannot find your Title Deed, it can cause unnecessary delays in transferring your property to the buyer, as you will have to apply for a certified copy from the Deeds Office.
  • Let us save you time by ordering a certified copy of your Title Deed from the Deeds Office now, even before you sell your property.

MAKE A LIST OF ALL FIXTURES & FITTINGS

  • Sellers often neglect to stipulate all the items they want to take with them when they move, and this often leads to disputes between buyers and sellers.
  • The assumption is that every item attached to the property is a fixture and is included in the sale, and that all “loose” items are movables and are not included. This is however not always true, as swimming pool nets and curtain rails (by example) are loose items, but become permanent fixtures.
  • Take time to think about items such as your Satellite Dish, Alarm System, Wendy House and counter / bar stools. Will you leave these behind when you move, or do you want to
    take them with you?
  • Having a detailed list to inform interested buyers can protect you from disputes later on.

CHECK THE DATES

  • When it comes to selling a property, there are many steps that require exact dates to make sure the process can run smoothly.
  • Make sure you understand how much time the buyer has to obtain a loan to pay for your property, on which date you must move out of the property and when the property will be formally transferred to the buyer.
  • If your buyer must first sell his own property, which is often the case, then the two transactions become financially linked and dates become even more important.

NEED ASSISTANCE?

CONTACT US : property@minitzers.co.za


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COVID-19 ANNOUNCEMENT: From 08:00 on Friday 27 March, in so far as possible, our teams will work remotely. We are equipped to continue delivering legal and property services to our clients and encourage you to call on us in these trying times.
Should you require any further information herein, kindly contact Stefan van Niekerk on 083 461 8499 or stefan@minitzers.co.za
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