Just Property Magazine Volume 7 | Page 35

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