Setting a moving date is difficult since it needs to suit both the buyer and seller. Here are the facts that buyers and sellers will need to consider when setting a moving date.
Often one of the last hurdles in the home-buying process is agreeing upon a moving date. This can be a tricky thing to settle upon as it must suit both the buyer and the seller. “Buyers often underestimate the importance of setting the right moving date. If you are unable to move into your new home before you’ve agreed to move out of your old home, then you will need to find somewhere to stay in the interim, which could end up costing you quite a sum of money,” explains Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett.
This is why Goslett encourages buyers to have a real estate agent in their corner to negotiate on their behalf. “Perceived as a more neutral party, estate agents are often able to help buyers and sellers reach an agreement in which everybody wins. When buyers try and negotiate directly with the sellers, things can often get heated as both are out to secure what is best for themselves without necessarily considering how this will affect the other party. When an estate agent arranges a moving date on a buyer’s behalf, they present the facts to the sellers, leaving behind any personal attachments they might have and focusing instead on how to create an outcome that suits everyone,” says Goslett.
According to Goslett, below are the facts that buyers and sellers will need to consider when setting a moving date:
1) Length of Transfer Process
Buyers and sellers will have to factor in the time it will take to register and transfer the property into the new owner’s name before agreeing upon a moving date. This process, which includes registering for the new owner’s bond, cancelling the previous owner’s bond, and registering the sale at the Deeds Office, can take anywhere around three months. If a buyer wishes to move into the home before it is registered in his/her name, then he/she will be liable for occupational rent set by the original owner.”
2) Legally Binding Contracts
“If a buyer already owns a property which he has sold in order to purchase a new property, he will have had to agree to a moving date with the buyer for his current home. Likewise, if a buyer is renting, then he will have to vacate the premises before the end of his lease agreement. Sellers should try and be as accommodating as possible around these dates if they want to avoid the risk of losing out on the sale. Some buyers simply cannot afford to rent another property for a few months while they wait for the seller to move out of the property on which they’ve placed an offer.”
3) External Factors
“Buyers and sellers will also need to consider various other factors which might not be in their control, for example, the weather and the availability of professional movers. It is always wise to allow for some flexibility around the moving date. If, for example, you have to be out of your current property by the 31st, then ideally you would set the moving date a few days before this so that you will not be out on the streets if for whatever reason the moving date gets pushed back a bit,” Goslett concludes.