What must a person do when s/he wants to sell his/her property called home?
- A seller can sell his/her property privately or through an estate agent.
- A seller may appoint one or more registered estate agents to list his/her property. The estate agent must be registered by the Estate Agency Affairs Board and hold a fidelity fund certificate.
- The estate agent and the seller will enter into an agreement called a mandate in terms of which the estate agent will be entitled to receive commission for selling the seller’s property. The estate agent must explain the terms and conditions of the mandate to the seller.
- When the seller’s property is on show, the property must be kept neat and clean so that it is attractive to potential buyers on the day of the showing.
- Estate agencies have their own standard sale agreements that can be used for the purpose of buying or selling a property.
- If a seller decides to sell his/her property privately, s/he must rather approach an attorney to draw up a sale agreement, than using a sale agreement downloaded from the internet.
- A seller must inform the buyer of all defects or potential defects relating to the property, even if s/he is selling the property voetstoots.
- Upon receipt of the buyer’s written offer to purchase (“offer”) the property, the seller must read through the offer carefully, cross-out anything that s/he does not agree with, cross-out any open spaces, and add anything that must form part of the offer. The seller must initial next to the places on the offer where s/he has crossed-out or added something and provide the offer back to the buyer for his/her consideration.
- If there was nothing to be crossed-out or added, the seller may accept or reject the buyer’s offer.