If you are selling your property there are some pitfalls and hidden costs you need to be aware of. If you ignore them it can delay the registration of the transfer of the property.
As a seller you must be aware of your responsibilities as soon as the offer to purchase has been signed and the conveyancer is appointed.
- All rates, in the case of full title properties, need to be paid up to the date of the transfer.
- All levies, in the case of sectional title properties, need to be paid up to the date of the transfer.
- All costs involved to get an electrical compliance certificate issued that certifies that the property is safe. This certificate is a legal requirement.
- Although it is not a legal requirement, some bondholders require an entomologist certificate certifying that the property is free from wood-destroying insects.
- If the property was bonded the seller is responsible for the cancellation costs.
Further as a seller it is important to remember to include an occupational rent clause in the sales agreement. Remember, if it is not there, you can not get it.
Another important thing to remember is that the risk of the property only transfers to the buyer once the property has been transferred.
As always your comments welcome.
