When it comes to buying and selling property in South Africa, both the buyer and the seller have certain financial obligations. It is crucial to know what these obligations are before pursuing the transfer of property is crucial and will help you prepare for it before you sign a contract.
Read the rest of entry »
In the past two years it has been opined that due to the economic slump caused by the Covid-19 pandemic worldwide, the property market will also not be spared in seeing lower sales.
While that cannot be denied in some quarters, there have been significant sales encountered in some areas in the South African property market. Of course, this is a classic case of going against the grain as any other market was expected to experience lower sales that those actually realised.
There are various actors involved when an immovable property is sold, purchased and transferred to the new owner. Estate agents, the seller, the purchaser, the home loan lender, transfer attorneys, bond cancellation attorneys and bond registration attorneys etc. While some of them perform their services on the fore e.g estate agent, the involvement of the others is largely in the background but nevertheless important and indispensable.
While many people execute Wills to bequeath inheritance (e.g assets) to beneficiaries after they pass on, there are other people who prefer superintending on the transfer of assets to their preferred beneficiaries whilst they are still alive.
Although it is difficult to avoid disputes when different parties interact, there are a number of ways in which some of these can be reduced if not totally eradicated.
Parties involved in immovable property purchase transactions always hope that the transactions will be completed without any glitches.
The purchase price of a house is only a part of the costs involved in buying a home, although it is understandably the largest chunk, it is not the only cost or fee involved.
With regards to immovable property Sale and Transfer transactions, there are various costs and fees involved which must be settled in order for the process to be concluded. Knowing what each party (seller or buyer) must pay for is important so that one is prepared beforehand to avoid unnecessary delays.
Get the latest updates in your email box automatically.