Sonya Meistre Attorneys Inc.
Attorneys Conveyancers & Notaries since 1999
Specialists in Property Law, Personal Injury Law,
High Court & Magistrates Court Litigation
Important Tips when Buying or Selling a Property
Buyers
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Understand all the costs involved before you purchase your property,
you will be liable for the transfer fees and the bond fees (should your new
property be bonded). When purchasing a sectional title you will also be
responsible for a pro rata portion of the levies.
Be aware of hidden costs and defects on the property. Be on the lookout
for defects such as cracks, leaks etc, and make sure that the repairs of
any defects is specifically mentioned in the Offer to Purchase.
It is essential when signing the Offer to Purchase that you understand the
terms and conditions thereof, it is a legal binding contract and cannot be
cancelled unilaterally without legal consequences.
Be very careful to abide by time periods set out in the Offer to Purchase,
late bond grants and/or late delivery of guarantees may cause the
contract to become null and void.
Unilateral cancelation and/or non performance in terms of the agreement
may cause forfeiture of your deposit.
Sellers
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If your property is bonded, advise the bank in writing of cancellation to
avoid early termination penalties. The National Credit Act stipulates that
the bank is entitled to 90 days notice.
It is your responsibility to pay for the attorneys appointed by the bank to
attend to the cancellation of your existing bond.
As Seller you are entitled to choose the attorneys who will be attending
to the registration of the transfer of the property.
If you have tenants in the property make sure that you give them proper
notice to vacate the property as per the lease agreement entered into
with them.
Electrical compliance certificates are mandatory. If the home has an
electrical fence, a separate certificate will be required. Should the home
have gas installations, a gas compliance certificate is necessary. All these
certificates must be obtained by the seller prior to registration.
Address: 10 Sneeuberg Str, Glenvista | Telephone: 011 432 4113 | Email: [email protected]
www.sonyameistreattorneys.co.za