If you are like most people, your home is your most valuable and important asset. Unfortunately, when you decide to sell this asset, the process is complex and can take several weeks – even months. It makes sense then to hand this process over to a conveyancer you can trust to act in your best interests. This means you need a conveyancer with integrity who will expedite the process.
A conveyancer is a specialist attorney that deals with the legal side of transferring property from one owner to the next. Because conveyancing is a specialised process, only conveyancers can register the transfer of ownership of a property in the Deeds Office. Therefore, only suitably qualified attorneys are allowed to practice as conveyancers.
Risk
When selling property, sellers carry more risk than buyers if things go wrong. Because of this, sellers have the right to nominate an attorney to take care of the conveyancing. This should be stipulated n the sale agreement.
The fact that the buyer usually pays the conveyancer as part of the transfer costs is irrelevant.
Buyers may appoint their own attorneys to monitor the transfer at their own cost, but this is seldom necessary. Some buyers may try to insist on appointing another conveyancer who may offer discounted fees. Keep in mind that such discounts only benefit the buyer, and the conveyancer will not be working on your behalf.
Steps
When you decide to sell your property, the first step in the process is usually to appoint an estate agent to find a buyer for you.
It’s important to have an explicit agreement in place with the agent, to avoid disputes over any agreement terms that could result in unnecessary losses. From the start, you should get your conveyancer’s advice before agreeing to anything. Your conveyancer will be able to ensure the fairest agreement between you and your estate agent.
The next step involved in selling your house is the sale agreement. This agreement must be in writing and must clearly state all the terms. In addition, it must be properly signed and comply with a checklist of requirements.
Throughout this whole process, you want things to happen as quickly as possible. A delay in the transfer process puts you at risk of substantial loss.
There are many steps in transferring property from seller to buyer that require cooperation from third parties like bondholders, SARS and the local municipality. Unfortunately, cooperation from any of these third parties might be delayed, which will slow the transfer process.
Some steps in the process also depend on active participation from your buyers. Your buyers might want to delay the process because they are struggling to get all their affairs in order - for example, having a bond approved.
If any hitches occur, you need a conveyancer who can be relied on to move the process along with minimal delay.
Peace of mind
It is essential that you understand what you are committing yourself to when you agree to sell your property. Except in very few circumstances, South African law is strict in holding signatories to an agreement to whatever terms and conditions are contained in the document. This is a good reason not to sign anything until your attorney has checked that everything is in order.
Choosing your own conveyancer will give you peace of mind knowing that you will get the best possible legal advice when selling your property. Don’t let anyone convince you that it isn’t necessary to choose your own conveyancer.
Writer: Sarah-Jane Meyer