Everything a first-time property seller needs to know
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Perhaps your family is growing and it's time to move from your first home into a property that offers more space. Perhaps you've decided to semigrate to another part of the country. Or perhaps you're just looking for a new home that better suits your current stage of life. Whatever the case may be, it's time to sell your property for the first time and the process may seem daunting. Jawitz Properties provides a simple explanation of the process, letting you know what you can expect.
First things first: Get an accurate property valuation
The first step towards putting a "sold" sign up outside your property is making sure that you put your property on the market at the right price. During a professional property valuation, a property practitioner will consider various factors related to your home, what it has to offer and the neighbourhood where it's located. They will also look at historical data related to property sales in your neighbourhood to arrive at a price that's both fair and realistic.
The advantages of giving a real estate agent a sole mandate
Once you've reached the right selling price for your home, the next decision to be made is which property practitioner or practitioners you will trust with the sale of your property. There are many advantages of giving a single agency an exclusive mandate. For starters, this avoids having property practitioners compete with each other to seal the deal at any cost. It also ensures a streamlined online presence for your property advertisement and means that you only need to be in contact with one real estate agent throughout the selling process.
The importance of considering all reasonable offers
When you put your home on the market, your property practitioner will typically provide you with both an asking price and a ballpark in which to expect offers. It is important to be realistic about your expectations. If your home is in an area that is currently not selling well, for example, it will be in your best interests to seriously consider any offer that you receive. In a real estate sale, the first offer you get is often the best offer.
The process of selling a property
So, what happens between a buyer expressing interest in your property and the Deeds Office transferring your home into its new owner's name? Here's a breakdown of the process.
- An offer to purchase is signed. This is legally binding and - unlike in the case of lower-value transactions - there is no "cooling off" period.
- If you are selling your home and need to cancel your home loan, you will need to give 90 days' notice to the bank. Your bond will only be cancelled after the final figures have been requested from the bank by the conveyancer.
- As the seller, you will then be asked to provide an array of documents, including income tax numbers, current proof of address, electricity and water account number, banking details (if the proceeds of the sale are to be paid in cash) and a copy of your bond account statement if applicable.
- Meanwhile, the buyer applies to the bank for finance. Or, if he is a cash buyer, he is given a specific timeframe (usually two weeks), during which he must pay the purchase price into the conveyancer's account. The specific details here will depend on what suspensive conditions have been included in the offer to purchase.
- If you have a bond for the property that you are selling, the attorneys will then request the original title deed and cancellation figures from the bank.
- The attorneys will then request a rates clearance certificate from your local authority. This will only be issued if your payments are up to date, and you may need to pay a few months in advance to obtain the certificate.
- Once documentation has been prepared, both buyer and seller will be contacted by the attorney's office and asked to come and sign documents.
- The buyer then pays the transfer duties and related costs.
- The documentation then goes to the Deeds Office, where it is processed and examined. Once this is done, the attorneys will be advised and the transfer of the property completed.
With the right property practitioner working with you, selling a property doesn't need to be a daunting or stressful process. Contact us for more information.
Author: Jawitz Properties
