The Best Advice: Information Required to Buy Or Sell A Property. If you are planning to sell a property you have ended up in the right place. Firstly, let’s start with what information is required to buy or sell a property. The process starts with step 1 which is to get you the most accurate property valuation. A property valuation is always free, meaning it is at no cost to you. We will need the property address, your Name and Surname as well as your contact number and e-mail address. Book your property valuation if you have plans to sell a property.
When You Sell A Property, Why Is The Number Of Your Sectional Title Unit Different On Paper
Well, when you sell a property in a sectional title complex when plans for development are drawn up they need to be approved. Often minor changes to create efficiency and effectiveness during the development of the complex, changes are made. Often on Lightstone which is a company that links registered properties to commerce, the door number and the unit number can be different. Not a biggie, it’s just that when an offer is made or an OTP as we call it, we reference Unit Number 31 and Door Number 12. Book your property valuation if you have plans to sell a property.
When You Sell A Property & When You Sign A Mandate What Info Do You Need?
This is Step 2. Well, when you sell a property you will be required to provide your ID number and we will ascertain as property practitioners or great Agents that you are in fact the registered property owner that is planning to sell the property. Your contact information is essential and certainly ensures that communication happens. Sometimes as a Seller of a property, the Agent keeps you hanging or left in the dark as to what is going on. This is what makes part of what we consider to be a great Agent. Great Agents, regardless of the feedback will provide it. You should NEVER be in the dark as to what is going on. A great Agent will know this. And a great Agent knows what paperwork is required when selling a property.
Why is the Seller Declaration Important When You Sell A Property?
When you sell a property, you will also need, as the Seller to complete a Seller Declaration and Property Condition Report. This is a vital piece required by law to support the sale of a property. This document should openly and honestly declare the current condition of the property. Cutting a corner here as a seller with the intention of concealing the true condition of the property can prove costly in a court of law. And a great Agent will request the Seller Declaration and Property Condition Report upfront so we know what we are selling. Buyers also need the opportunity to view the property and should only sign the OTP and the Seller Declaration if they are 100% certain that they have viewed the property and can attest to the current condition of the property. A buyer could and should ask questions of the Agent. A great Agent never assumes the answer. A great Agent will confirm with the Seller, especially on matters that relate to the current condition of the property. Book your property valuation if you have plans to sell a property.
Is Your Property Tenanted If You Plan To Sell A Property?
Also, a great Agent from KW Select will already know if you have a tenant in your property. A great Agent will know how to navigate this situation especially if your property is rented. The last thing we want is for you to be paying a bond or heaven forbid a levy where a property is vacant and not generating an income for you to at least cover costs.
What Documents Are Required When You Sell A Property
This is Step 3: Well a great Agent, in anticipation of a quick sale, which is how we roll at KW Select will, beforehand, ask you for the following documentation to support your anticipated sale:
- A copy of your ID. And both ID’s if the property is held in more than 1 name. Often with joint ownership (2) both IDs are required. Essentially all parties are required to provide copies of their IDs if in the case of a trust, CC or even a company.
- We will need to know how you are married (COP or ANC). We don’t need a copy of your marriage certificate just yet but it will be required later in the process.
- A great Agent will if you live in a complex ask for a copy of your levy statement. And remember interested buyers are doing the maths to calculate all their anticipated costs. A levy statement from the previous month will help a great Agent to navigate the questions we know buyers WILL ask.
- Also, a great Agent will ask for the previous month’s COJ account. This is also extremely important if you do not live in a complex. Same as the point above.
- When you sell a property, you will be required as part of the transfer process when you sell to provide your SARS number(s) as well. Because KW Select works with great Agents, and to anticipate what we know is coming we ask for, just, your SARS number. A SARS number per Registered property owner if you are both working and jointly own a property. The same applies to Companies, CC’s and Trusts.
- A great agent will have to ask you upfront if you have valid, approved building plans because a transfer requires these approved building plans. It’s too late to scramble at the end once the sale is made and the transfer is underway. Trust me I know all too well how this plays out and you don’t want to lose an offer coming up for transfer because you cannot find the building plans.
What Info Do Buyers Need To Provide When Submitting An OTP?
Also Step 3: Well like most things that we know when you sign your name to a contract which an OTP is, you need to provide information to support who you are. The following information is required when you sign an offer to purchase or OTP with a great Agent:
- A copy of your ID. If you are buying in a joint capacity then both ID’s will be required.
- A copy of your Proof of Residence so where do you currently reside? A WIFI bill which we all have will suffice or a levy statement or even last month’s Levy Statement if you are renting in a complex or house.
- Your SARS numbers. This is also a key component of the transfer. And one that must be presented with the OTP to ensure a smooth and efficient start to the property transfer process.
- Proof of Funds – and this is important. If you are putting up a deposit for the property sale, how and where are the funds held? Do you need to give notice if the funds are held in Fixed Deposit or another financial vehicle? Remember the OTP is a legally binding contract and it is imperative that you are made aware of the Suspensive Conditions of your offer.
- Book your property valuation if you have plans to sell a property.
What Information Will The Appointed Attorneys Need?
This is Step 4: Attorneys are always appointed by the Seller to prepare and conclude the property sales transaction. The appointed attorneys will need all the above again. Attorneys play a vital role in the process because they are also required to verify all the documents required for a property transfer. So each piece of information above needs to be verified. The appointed attorneys will also need in addition, the following:
- A Copy Of The Title Deed – which will be sourced from the Bank or yourself if you now own the property.
- A great Agent will know that a copy of the Trust Resolution if required and certainly within a Trust or other structures.
- A copy of the OTP and also the Seller Declaration and Property Condition Report.
- A process to verify that valid and approved building plans are in place.
- Transfer documents will be drawn up which need to be signed.
- Bank Cancellations will be navigated especially if you have a bond in place on the property you are selling.
- All these requirements will be confirmed, and there may be a few other requirements (bond finance and more), to navigate but a great Attorney is also another story for another day. You want to work with a well-oiled engine. An attorney firm that is well-oiled communicates often and keeps you appraised of how the transfer is going. Each task is tracked and noted on regular communication. If you have plans to work with your uncle’s niece’s, brother’s friends, aunt, DON’T. We get this all the time and honestly, as a Seller, it is your choice but we will always recommend a team we can trust to deliver time and time again.
What You Need To Know About A Great Agent
It is also impossible to know absolutely everything about everything. However, if you have a question that a great Agent does not have the answer to, it is absolutely OK to expect the agent to ask for expert feedback and get back to you. Especially when it comes to deceased estates, trusts, Companies or cc’s. More often than not our Attorneys will assist in more complicated matters. But a great Agent will never conceal that expert advice is needed. Often this is where any agent will fail. Not knowing and not saying so. Book your property valuation if you have plans to sell a property.
Need A Property Valuation To Sell A Property?
Not only is Keller Williams the biggest real estate brand in the world, hands down, we know what needs to be done to make sure we are able to sell a property faster. KW Select leverages the best of the best in terms of the people that work as great Agents. But we also make sure that these fantastic humans uphold a global culture. In-Culture is what keeps us in #1 spot globally. Technology is what gives us the results and the success we need when we sell your property.
Parting Shot
As soon as you can, as a Seller, provide the bank with your notice or intention to sell. We do sell fast, I have said that but you want to avoid bank cancellation fees because we did our job better than you thought would be possible. Visit our website for more info and book your valuation online. If you are old-school which is also fine, call (083) 550-1220 and we will get a great Agent from KW Select to reach out and schedule a free property valuation at a time that is convenient for you.
Book your property valuation if you have plans to sell a property.
