Selling Property? What You Need to Know About Property Law | Legal Articles

 

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Selling Property? What You Need to Know About Property Law

Selling property may not be as easy as many people think. In fact, if you sell your immovable property without approved plans, this process might turn into a complete nightmare, with you forking out extra money.

When selling property, here is what you need to know:

Firstly, when selling your property (such as a house or sectional title), you need to ensure that your housing plans are in compliant with the National Building Regulations and Building Standards Act.

If any building renovations were made, it is your duty to update your house plans and have it approved by the local authorities before putting it on the market. If any building renovations are made without being approved by the local authorities, you may pay a levied fine. This could mean that you lose more money on your sale.

If you have all your house plans approved and everything is in order but you have minor building faults, there is a Voetstoots clause that can be drawn up into the agreement,  which states that the buyer would buy the house “as is” and accepts all the risks with patent (an imperfection, weakness or building flaw visible to the inspection of the house or the buyer) or latent defects (a weakness, imperfection or hidden flaw that have not been discovered by inspection) at the time of purchase. 

However, the Voetstoots clause also states that the seller should make the buyer aware of any patent or latent defects before transferring ownership.

If the owner does not inform the buyer of any defects, the buyer can sue the seller or the asking price of the house can be dramatically reduced, depending on the faults found. But only if evidence is given that the seller knew about these defects before selling it.

You need a conveyancer or a conveyancing attorney

In order for your sale of your house to run smoothly, it is preferred that you hire a conveyancer. Someone who understands how the property law in South Africa works.

A conveyancer is there to give protection to the rights and interest of the public.

Van Deventer and Van Deventer Incorporated | Conveyancing and Property Attorneys in Johannesburg

If the conveyancer fails to do what is expected of him or her, you may take it up with the law society of your province. However, failure to meet a client's expectations is never the case at Van Deventer and Van Deventer Incorporate.

Our team of Property Attorneys specialise in giving you great Conveyancing Services to serve your needs. Contact us on info@vandeventers.law or on 087 357 8811 for more information.

Comments are closed for this post, but if you have spotted an error or have additional info that you think should be in this post, feel free to contact us.


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