Information to know when selling a property

Seller (financial) obligation:

1          It is important to give your bank three-month notice of intention to settle the home loan. "When cancellation figures are issued, the three-month interest is included in the cancellation figures and the Bank will instruct a Bond Cancellation Attorney to deal with the bond cancellation process.

2          Bond cancellation attorney fee – This fee is payable to the attorney instructed by the  bank to cancel the existing bond/s and costs are tariff based, depending on how many bonds are registered over the property.  This could be deducted from the proceeds or the transfer attorneys might ask you to pay same upfront.

3          Rates/Levy/Home owner’s clearance figures - These figures are issued by the relevant authority and your transfer attorneys will request payment from you upfront or bridging finance options may be discussed.

4          Compliance certificates (Electrical, Gas, Electric fence) – These certificates must be valid and delivered to your transfer attorneys as soon as possible (copy or original).

5          Estate Agent commission – This amount is paid to the Estate Agency on date of registration of transfer and deducted from the proceeds.

There are other costs involved and charged by the attorney per transaction, depending on work done.

Please contact BEZUIDENHOUT VAN ZYL & ASSOCIATES INC. for any property related assistance.  Charlene – 011 504 5300 / 082 893 3565