Selling property: have your house in order

Private Property South Africa
Cathy Nolan
  • An offer to purchase is legally binding. Once you have accepted it and the suspensive conditions are met, you are committed to the purchase. The sale of a property is one of the biggest financial transactions you will ever make, so it makes sense to seek expert advice before entering into any legally-binding contract.

  • Once your conveyancer has applied to your financial institution to issue a bond cancellation instruction, you are no longer able to access funds from the bond but are required to continue making payments until registration has occurred.

  • If a buyer’s mortgage bond is not finally approved before the due date then the agreement of sale is no longer valid or binding on the parties involved.

  • In most cases there are Capital Gains Tax implications on the sale of property, and you should work with an expert in this regard.

  • Once rates clearance figures have been requested by the conveyance, you should not make any further payments directly to the local authority. Payments should only be made to the conveyancer, on his request, to avoid duplicate payments.

  • Ensure that your tax affairs are up to date, as any unresolved issues with Sars could delay transfer.

  • Selling property in an online auction could save you thousands, as it is the buyer who ultimately pays the 10 percent commission on the final sale price.

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