It is time for South African property investors to start thinking out of the box a bit and find new ways to make deals work better for them. Get creative and consider setting up a sell/buy-back agreement with your seller/buyer.
It could work for both you as a seller and you as a buyer. The basic idea is that the two parties sign an agreement that states that if a certain event occurs within a certain period of time the property will them be bought/sold back to the original owner for a specified price.
As a buyer you could get the seller to sign a buy-back agreement that states that if you are transferred to another province or city within 6 months of the purchase of the property the seller will have to repurchase the property at a price you have both agreed to.
As a seller you could try and get the buyer to agree to a sell-back agreement stating that he will sell the property back to you if , for example, your situation changes and you move back to the city the property is in.
There are many things that could be to your advantage and if you try and use a little foresight you could really come out a winner. As long as everything is legal and both parties are in agreement you could get a chance at owning your dream home again or protect yourself from getting stuck with a property you can’t use for an extended period of time.
As long as all parties involved are fully aware from the beginning of the consequences of the agreement it is a fair proposition. Get advice on the subject of sell/buy-back agreements from a qualified legal professional who has experience in setting up sale agreements and other property related legal agreements.
This could be just what you are looking for if you are trying to do everything to keep the home you love and have merely run out of time, it could be an opportunity at a second chance if your circumstances should change.
