ultimate sellers guide

The sellers responsibilities

The seller has certain responsibilities before a successful sale can be concluded:

You must give your bank 90 days notice should you have a bond over the property that will need to be cancelled.  If you fail to do this, an early termination penalty may be added to your bond cancellation fees by the bank. This may result in either a possible shortfall or a delay of up to 90 days, should you wish to wait out this period.
BOND settlement
This is the amount that is outstanding on your bond with the bank. Ensure that the outstanding amount due to the bank can be settled, taking into account the expenses that you will incur when selling.
legal fees
If there is a bond registered over the property, you will pay the bond cancellation costs. This is paid to the Attorneys who are appointed by the bank to attend to the cancellation of the existing bond. You will be obliged to keep up your monthly bond installments pending transfer of the property. If any interest is overpaid to the bank, it will be refunded to you by the bank after registration.
electrical compliance
You are required to obtain the statutory required Electrical Compliance Certificate for the property prior to lodgement of the transfer in the Deeds Office, issued by a certified electrician. Cost +- R1500.00. You are also required to obtain an Electric Fence Compliance Certificate.
Rates & Levy clearance
4-6 Months upfront rates & taxes needs to be paid. Levies need to be paid up to date and in full. Make provision for 1-12 months. You can apply for a rebate for the difference of the rates after the property has transferred. in case of sectional title , the Body Corporate may levy a clearance certificate fee.
You are required to furnish the Attorneys with the following documentation in order to comply with FICA (Financial Intelligence Centre Act) : (Cost +- R900)

Copy of your Identity Document
Income Tax registration number
Copy of Marriage Certificate
Antenuptial if applicable.

Completing a successful sale

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