Just Legal
“Title deeds,
however, have
the tendency to
disappear.”
Furthermore, if you as the seller, are aware that
your bond settlement, together with all other
costs, will be more than the purchase price (and
result in a shortfall situation), then please make
the conveyancer aware of this fact as soon as
possible so the necessary steps can be taken
with the bank to prevent a delay.
4. If the unit is part of a sectional title complex,
make sure that you have a copy of the latest
financial statements (annual accounts) and the
management and conduct rules of the body
corporate before you sell your unit. The bank
the purchaser has applied to for a bond will
require these documents before they grant the
loan. Often a purchaser will want to see these
documents before they put in an offer. In some
cases the body corporate’s financials are not upto-date and this may lead to the deal not going
through. It is important, as a seller, to do your
homework before you sell your unit.
5. If the seller is in a sectional title unit, gated
community or a similar development, it is
important to sort out any issues with the
homeowners association or body corporate
regarding levies or certain living and design
guidelines before signing a sale document. There
is often a title deed requirement that such an
association must consent to the sale. If there is
a dispute between the association and the seller,
they may be entitled to withhold such consent
until the dispute is resolved to their satisfaction.
Therefore, sellers must make sure that disputes
are resolved before the property is sold. It will
be unfair to the purchaser if the transfer is
delayed because of an existing dispute.
Just Property Magazine
6. Ensure you move out of your home by the
agreed date. Do not try to delay this, especially
at the last minute. Late handovers can cause
many problems for the buyer, who has vacated
their previous premises on time.
These steps are also not applicable to all sellers
in every situation. Proper preparation is key, as a
prepared seller is an essential ingredient to a smooth
and successful transfer process.
Issue 7 2015
33