From the moment you find your dream home the excitement is overwhelming. It is however very important to keep a level head and to ensure that you are aware of exactly what you are buying and what documents you are signing as every document becomes valid and binding upon signature.
Upon viewing your dream home, it is advisable that you conduct a thorough inspection of the property even if that means turning every tap and opening every cupboard door.
The majority of offers to purchase contain a voetstoots clause. The voetstoots clause is a standard clause in an offer to purchase. The clause protects the Seller as it effectively describes that the Seller sells the property “as is” – just as it stands, in whatever condition the property is.
Further an offer to purchase is an agreement between you, as the Buyer and the Seller and can be tailored to suit your requirements and timelines. When signing the offer to purchase ensure you go over every clause with a fine-tooth comb. If you are unsure of the meaning of a clause, ask the estate agent to explain the clause or call our conveyancing hotline on 060 910 0653 and speak to an expert in the property field.
The Seller will elect the transferring attorney however you are entitled to request that the Seller allows your attorney to attend to the transfer. Should the Seller decline your request, you may request that your attorney oversees the transfer at a fee you agree with him.
It is very important that you comply with all the dates stipulated in the offer. If, for example, you are delayed in paying your deposit, the Seller is entitled to put you in breach.
As Buyer you are responsible for the following:
- Payment of the transferring attorney’s fees;
- Payment of the bond attorney’s fees;
- Payment of transfer duty to SARS should the purchase price be above R900 000.00;
- Providing all relevant FICA documents requested by the transferring attorney;
- Signing all transfer documents upon request by the transferring attorney.
Upon registration of the property into your name you will receive all original compliance certificates, the original title deed (if you paid in cash for the property) and a letter which you will take to Council advising of registration and requesting Council to open your rates account.
BRONWYN MASON specializes in Conveyancing and is an associate at Alan Levy Attorneys Notaries and Conveyancers.
Bronwyn can be contacted on email@example.com or 011 326 8050.