The property market after lockdown in South Africa will most likely look vastly different with discussion around re-engineering the entire property transaction process.
The year 2020 will be remembered as the year the world changed forever. Almost overnight, every part of life has been turned upside-down and rearranged, including the way businesses operate and transact.
The property sector is not excluded from this and the way in which we sell or purchase property in South Africa may very well change forever.
This may seem like something to fear, it could be the answer everyone in the property industry has been searching for.
The process of buying property is multi-faceted and requires the input and involvement from various individuals throughout.
From the buyers to the conveyancing attorneys, real estate agents, sellers and everyone in between, the successful concluding of a sale agreement depends on a wide range of knowledge, expertise, qualifications and experience.
Most importantly, in order for a sale-agreement to finalise successfully, there are many legal requirements that have to be met such as signing documentation in person and in the presence of witnesses.
Depending on the circumstances, and using our current circumstances as an example, concluding a sale may be very difficult or near impossible; ultimately placing a major halt on the development of the South African property market.
To put it into context – the COVID-19 pandemic placed almost every person in the world under lockdown to facilitate social distancing. This meant that preventing the spread of the virus would be easier, but almost everything else would be more difficult.
Although these are unique circumstances, there are other, more normal situations that can have equally hindering effects on the conclusion of a property sale.
The focal point of the anticipated re-structuring of the property would be to shift to a digital platform that allows for all the necessary steps to be completed efficiently and securely.
This may include the implementation of highly advanced applications that allow for a very realistic viewing experience from remote locations.
With our eyes on the future, our attorneys stay committed to ensuring legal processes involved with the sale of property in South Africa are streamlined for an improved experience.
If you would like more information regarding our legal services related to property and property transfer in South Africa, please feel free to contact us.
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