24 October 2023
Expert Advice from Team Duvenage Inc.
Before embarking on one of life's biggest financial commitments, purchasing a property, it is crucial to equip yourself with comprehensive information about the entire process. This includes a thorough understanding of the legal aspects involved. To help you navigate this complex terrain, our conveyancing team offers the following five tips:
1. Review the Sale Agreement Carefully: Before signing, make sure to review it thoroughly and understand all the terms and conditions of the sale. This includes the details of the financing arrangements, any conditions that must be met, and obligations on your part. Ask if you are unsure!
2. Do Your Due Diligence: Before purchasing a property, it's important to research the property's history and any liens and encumbrances that may be attached to it. Ensure you conduct a thorough inspection of the property too, and obtain the inspection report from the agent, alternatively, the seller, which includes a list of disclosed defects. You are also entitled to perform your own inspection of the property with the help of experts, if you are unsure. This can help you avoid any potential legal issues in the future and ensure you know exactly what you are buying, and to budget accordingly for any repairs, alterations or improvements you may need or want to do when you take occupation.
3. The seller will appoint a Conveyancer: A Conveyancer is a legal professional who specializes in property transactions and can help guide you through the process. They can help you understand the legal obligations of the transaction, and then take you through the steps to registration of the property into your name in the Deeds Office.
4. Gather all your required documents and be prepared to fill out lots of forms: When Conveyancers are instructed to register the transfer, the first thing they will request you to do is complete a list of forms, including client mandate forms, POPIA consent forms and forms to ensure compliance with FICA; and provide a long list of documents, so have all your personal information and documents ready and waiting: ID, marriage certificate, ante nuptial contract, proof of residence, income tax number, banking details, employment information, as well as payslips and bank statements if you are applying for a bond.
5. Follow the Procedures Correctly: Make sure to adhere to all the legal procedures and requirements when purchasing a property to ensure that the property is registered in your name smoothly, without delays. Your Conveyancers will guide you through each step.
Looking for a conveyancer to guide you through the process? Get in touch with us today to help you on your property journey.
