You finally got to the point where it’s time to either buy your first home or your next home. But what on earth do you look for to make sure you buy a great property that will not cost you an arm and a leg to fix because you never noticed the condition of the property? You never noticed the hole in the roof or the water damage on the ceiling? You never noticed the wall plugs at the bottom of the garden that doesn’t work.
It’s simple – buyers have rights
No more hiding behind Voetstoets. Now and since the Property Practitioners Act was promulgated it is a legal requirement to include a property condition report, or as we refer to it at Keller Williams Select, Seller Declaration and Property Condition report. You see as a seller, when you sign an offer it MUST now be supported by this fantastic requirement.
I will not be popular with many sellers who are hoping to cross their fingers and hope for the best. It is always in my best interest to ensure that both parties are protected under the law. And my obligation as an estate agent working for Keller Williams Select is to do my part or face the law myself.
In the good old days
It was possible in the good old days to cross fingers and hope for the best. Now, though this is not the case at all. A seller is required by law to declare warts and all on their property. Any patent or latent and in some cases both, defects. A seller must now declare the condition of the property at the time of the sale. A buyer is protected because if the seller declares that for example the solar geyser is working and it turns out it is not working, then the Seller needs to cover the cost to get the solar geyser into working order. In the good old day’s buyers had to suck it up. Not so anymore.
Sellers have rights too
If a seller declares the solar geyser to not be in working order, and you sign and accept the property declaration you also accept that the solar geyser is NOT working. You acknowledge the repairs if necessary to restore the solar geyser to working order. Sellers if they have declared that the solar geyser is not working will NOT be required to repair it.
Buyers must do the following though
Ask to see the property condition or seller declaration. Ask to see what is working and not working before you sign the offer. Inspect the condition of the property and make certain for yourself that everything looks in order. If you have any special requirements, put them in the offer. Like, get the stove and the oven included on the Electrical Compliance Certificate or ECC. Normally a stove, an oven, and an extractor fan are considered appliances and therefore not included on the ECC. And remember the ECC is for the seller’s cost. Want more info about how a crooked ECC can detail a sale?
Itemise everything that is a concern on the OTP
It’s the function of the agent to ensure fair representation of all parties. If as a buyer you are not satisfied with the property if you do not include it in the offer, the conversation may never have taken place. Put it in writing. This is your one and only chance to get it right. If it’s not on the offer you may as well forget about it. That’s the honest truth.
What to do if things go South?
If you are not happy about something that you included in your OTP, the sale needs to be paused. If this happens the world panics. Hopefully, you have an attorney that you can turn to, and hopefully, it’s Louise Tonkin Incorporated. An attorney is the most impartial party in this transaction. They work with facts and black and white. In conclusion, a good transfer attorney will provide you with good direction if you are even the littlest bit worried about any aspect of your property transaction.
How do you partner for a sale with the right estate agent in your area?
Keller Williams Select is the largest franchised real estate company in the world. We are the fastest-growing brand in SA across the country. Our culture underpins our willingness to do the right thing, always. Our technology is superior and best of breed. Our training is best of breed. Our agents are skilled, knowledgeable, experienced, and savvy around how to navigate not just the sale but also the property transfer process. And, you see a listing and a sale can often be the easy part. Furthermore, it’s when the rubber hits the tarmac in terms of the transfer that many agents get derailed. This is where delays in the transfer kick in and where a sale gets stopped in its tracks.
Estate Agents – want to know more about KW?
Keller Williams (USA) is a top real estate brand to work for. If you are an estate agent and want to know a little more drop me an e-mail. If you would like to leverage world-class technology to the benefit of all our stakeholders across the value chain and end up with a win-win every time, then let’s touch base. Also, read what makes Keller Williams the best!
Get in touch
So, if you need a valuation done on a property anywhere in Randburg or elsewhere in Jhb, we can help. Give us a call on telephone number (064) 549-3123. Alternatively, drop us an e-mail at kwselect@kwsa.co.za. We have a vast network of almost 1,500 top Keller Williams agents at our fingertips who are all just dying for the opportunity to partner with you to sell and conclude your property transaction in record time.
If you want to view all the Keller Williams properties across the country, click on our website to start the search for your dream home. Need help getting a pre-approved homeloan, it’s free and our strategic partners will find you the best rate over 20 years! And finally, if you are thinking of putting your property on the market and need a free property valuation, click here!
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