Purchasers FAQ

The legal process of buying a property and everything else that goes with it can be utterly confusing and intimidating. Let us smooth you along your way:

I'm scouring the internet, property magazines and newspapers for the perfect property.  What should I know?

Make sure that you qualify for the bond amount you require - you can approach your bank, a mortgage originator or double check on the internet. We can also assist you to prequalify you with a revolutionary internet tool at our disposal.

Make sure that you have some money saved up for a deposit - most banks require at least a 10% deposit before they will grant you a mortgage bond. This all depends on your purchase price and may increase or decrease accordingly.

Make sure that you have money saved up for transfer and bond costs - as the Purchaser you are liable to pay the legal costs to have the property registered in your name – both to the transferring AND bond attorneys. To help you budget you can look at our costs schedule (LINK TO FEE SCHEDULE)

Have you been naughty? - bad debt, judgements taken against you or outstanding accounts all influence your bond application. Should this be the case you need to correct it before applying for your bond and behave for a few months before you can apply for a bond. Contact us and we can assist you with this process.

I’ve found the one! What should I do now?

Look, look and look again - you are buying your dream property “voetstoots” which literally means exactly as it stands. You have a legal obligation to go through the entire property with a fine tooth comb: open and close the taps, cupboards and all doors. Also check for wall cracks, rising damp and the ceilings and walls for signs of a roof leak. Be sure to check the inside and the outside of the house carefully. You can also ask your estate agent to furnish you with the declaration the Seller has completed regarding all defects (both visible and invisible) in the property. If anything else bothers you, you can always employ the services of a company who specialise in perusing the property on your behalf. Stipulate any repair work which needs to be done meticulously and state when it needs to be done (safest is BEFORE registration takes place).

It is also advisable to inspect the property’s title deed to ensure that there are no onerous conditions or servitudes on you, as the new owner

Approved building plans - the seller is legally obliged to furnish you with approved building plans for all additions to the property – ensure that you peruse them even before you sign the offer to purchase.

Body Corporates or Home Owner’s Associations - if the property you have chosen is situated in a sectional title complex or in an estate you should ask your seller to provide you with a copy of the Body Corporate or the Home Owner’s Association’s rules. Peruse them carefully and make sure that you are happy with them before you sign the offer to purchase to prevent any nasty surprises. It would also be wise to peruse their financials to ensure that they are solvent.

I’ve done my homework and I am ready to sign the Offer to Purchase…

Paper is best - put as much of the negotiations as possible into writing and ensure that the offer accurately reflects your intentions. All fittings you wish to remain in place must be specifically stipulated - as well as anything you want repaired or done prior to the transfer taking place. Also put a time limit on every stipulation to ensure that it is enforceable. This makes the future conveyancing to take place effortless and pain free and will prevent a lot of hassles for you.

Occupation date - it is better to take occupation of the property only once it is registered in the Deeds Office. Anyway if you occupy any sooner, you will have to pay occupational rent to your seller instead of paying your own bond! In our experience delaying the occupation date until registration prevents a myriad of problems which can occur if the sale goes sour!

Compliance Certificates - the seller needs to furnish you with a valid electrical, gas and electrical fence compliance certificates at his cost. Some of the banks require these certificates before they would allow their bond to be registered. Best to ensure that the seller hands them to you as soon as your bond is approved.

To see how the actual transferring process works, click here
   
You are here: Home FAQ Purchasers