When you are in the process of selling your property, it always seems that the procedure takes forever. With this in mind we would like to give you a hypothetical outline of how long it takes to sell a property from the time you list to when you should get your money.
1. Marketing process – this depends on the professional you chose to market your home but the average time to sell (from signing the mandate to accepting an offer) within reasonable marketing conditions is 90 days.
2. Seller and Purchaser Tips:
Seller
1. Maintain all your payments. This includes the bond, the home owner’s insurance, rates and taxes. Ensure levies are paid up until transfer of the deeds office (prorata refunds will be attended to by the respective bodies after transfer).
2. Obtain the following:
- A valid electrical certificate of compliance that is no older than 2 years
- A gas conformity certificate,
- Electrical fence system
- Certificate as set out in the offer to purchase from an accredited person (ensure that the accredited electrician reflects both the physical and proper Erf description on the electrical compliance certificate).
3. Sign all documents when called upon to do so.
4. Ensure a final meter reading taken by the council for the water and electricity prior to vacating the property on the day that you vacate the property. Please ask us for more information.
Purchaser
1. Pay the purchase price timeously as regulated in the agreement of sale. The deposit needs to be paid as per the offer to purchase and property guarantees needs to be delivered on or before the date agreed to in the offer to purchase. Ensure costs paid on demand
2. Obtain bond grant timeously and sign bond documents in time for the guarantees to be issued.
3. Sign all documents when called upon to do so and pay transfer costs upon signature of the transfer documents when demanded.
4. Pay the deposit at the council for your water and electricity account as soon as the property is registered in your name.
Other possible delays
1. Missing / Lost / Destroyed / Defaced Title Deeds or Mortgage Bonds that require replacement.
2. Are all the municipal services properly billed to the property being transferred? If any utility is not properly billed for or any of the meters on the property are not in working order, expect time delays when obtaining rates clearance figures from the local council.
3. Ensure that the personal information is as complete as possible and contains all details such as the seller's bond account number, details of body corporate, managing agent or home owners association if applicable and their respective details.
4. Is the seller a VAT vendor?
5. Never project registration dates. It is not possible to anticipate potential delays with any of the various role players such as SARS, local councils, body corporate, home owners association, sellers or buyers, linking attorneys or the deeds office.
6. Bond grants that contradict the terms of the agreement.
7. Changes to the financial structure or the parties to the deal after the deal has been concluded.
So as much as you may think that you can control the process there are numerous outside factors that may delay the process. At our boutique real estate agency we ensure we on top of all these issues at all times but with our experience we have good know-how and the correct contacts to deal with any issues that do arise.
So in conclusion, with our superior marketing skills and our rating of the best agents for service and results, we have a 45 day selling average and throughout the process we are in touch with all parties concerned in order to assure you that you will get your money as quickly as is possible.
Please do not hesitate to call us with any queries.
Brian Chernotsky
www.chernodavis.co.za
011 783 1334