Practical Pointers for Property Transactions
PRACTICAL POINTERS FOR PROPERTY TRANSACTIONS
The second in our series of practical pointers and tips by Alison Tooley is aimed at purchasers, but also has merit for sellers, too.
Before you buy, you as a purchaser should:
1. Work out a budget for the purchase: - your price range, Provision for costs and how you will pay for the property.
2. It is best to ask a conveyancing attorney for a quote for transfer and bond registration costs, to avoid any nasty surprises. Online tools are useful, but do not include every disbursement (amounts the attorney must pay to other stakeholders, such as third-party software providers). Note that while the seller chooses the transferring attorney, you may appoint your attorney to supervise the transfer for you, for a nominal fee.
3. If you are paying cash and need to provide a guarantee, ask your bank how much it will cost.
4. If you require a home loan, you may apply yourself to your own bank, online or in person. Alternatively, seeking the help of a mortgage originator is a good option. The bank will instruct the bond attorney to register the bond, but you may ask the bank to consider appointing our firm.
5. Put together copies of the documents you will be asked to provide, such as: clear copies of your IDs (if a smartcard – front and back)/ passports if you are do not have South African identification, proof of your residential address, copy of antenuptial contract (if applicable) or a marriage certificate, proof of bank account details (for payment of your proceeds), your tax number. These may be in physical or electronic form. Expect to be asked for this information more than once. You will also require proof of income for the home loan application and a schedule of income and expenses.
6. List what you are looking for in a property and especially the essential requirements it must have.
7. Decide when you want to move in, bearing in mind that it is possible to register a transfer within 6 weeks, so that the transfer and occupation date can be negotiated.
8. View potential properties. LOOK CAREFULLY AT EVERYTHING!
9. Once you have viewed properties and you are ready to make an offer, discuss your requirements with the estate agent, explain how you will be paying for the property and fill in the offer to purchase.
10. Consider making the offer subject to a satisfactory inspection by a home inspection company/ your contractor within a suitable time.
11. Send any offer you receive to your attorney for checking and advice before you sign it.
PRACTICAL POINTERS FOR PROPERTY TRANSACTIONS
The second in our series of practical pointers and tips by Alison Tooley is aimed at purchasers, but also has merit for sellers, too.
Before you buy, you as a purchaser should:
1. Work out a budget for the purchase: - your price range, Provision for costs and how you will pay for the property.
2. It is best to ask a conveyancing attorney for a quote for transfer and bond registration costs, to avoid any nasty surprises. Online tools are useful, but do not include every disbursement (amounts the attorney must pay to other stakeholders, such as third-party software providers). Note that while the seller chooses the transferring attorney, you may appoint your attorney to supervise the transfer for you, for a nominal fee.
3. If you are paying cash and need to provide a guarantee, ask your bank how much it will cost.
4. If you require a home loan, you may apply yourself to your own bank, online or in person. Alternatively, seeking the help of a mortgage originator is a good option. The bank will instruct the bond attorney to register the bond, but you may ask the bank to consider appointing our firm.
5. Put together copies of the documents you will be asked to provide, such as: clear copies of your IDs (if a smartcard – front and back)/ passports if you are do not have South African identification, proof of your residential address, copy of antenuptial contract (if applicable) or a marriage certificate, proof of bank account details (for payment of your proceeds), your tax number. These may be in physical or electronic form. Expect to be asked for this information more than once. You will also require proof of income for the home loan application and a schedule of income and expenses.
6. List what you are looking for in a property and especially the essential requirements it must have.
7. Decide when you want to move in, bearing in mind that it is possible to register a transfer within 6 weeks, so that the transfer and occupation date can be negotiated.
8. View potential properties. LOOK CAREFULLY AT EVERYTHING!
9. Once you have viewed properties and you are ready to make an offer, discuss your requirements with the estate agent, explain how you will be paying for the property and fill in the offer to purchase.
10. Consider making the offer subject to a satisfactory inspection by a home inspection company/ your contractor within a suitable time.
11. Send any offer you receive to your attorney for checking and advice before you sign it.
