Home Sweet Home
What you should know, before putting pen to paper
Buying a home is one of the most significant purchases you’ll make in your life. The process involves signing an Agreement of Purchase and Sale, outlining what is required of both the seller and the purchaser in terms of the transaction.
The ties that bind
Once such an agreement has been signed, both parties are bound by the conditions contained therein. If either the buyer or the seller does not adhere to the duties set out in the agreement, they will be in breach, which may result in the cancellation of the agreement and costs for damages against the party who fell short of their responsibility.
Raullene Marais, Director: Bosch Marais & Associates explains, “Since our law assumes that by signing an agreement you have made yourself familiar with its contents and implications, it is imperative that both buyers and sellers understand and agree to the terms of the contract”. It is therefore advisable to seek the advice of an attorney, prior to putting pen to paper. This will ensure that your interests are protected, and you are not committing to conditions which put you at risk.
There is a strong likelihood that the agreement makes provision for commission, payable to the agent responsible for introducing buyer to seller. Consulting a lawyer prior to signing will ensure that the commission is fair.
Not only will your attorney ensure that you are fully cognisant of your commitments, and that you deliver what is required of you, but they will also assist you in obtaining what you are entitled to, in terms of the agreement.
What’s in a name
Conveyancing attorneys are appointed by the seller and will be responsible for drawing up a new deed of transfer and registering this with the Registrar of Deeds. Ownership of a property only takes place once this title deed has been registered, and the property will then officially be in your name.
The process of conveyancing involves careful co-ordination of a multitude of role players, including banks, municipalities, revenue services as well as deed’s offices. “Working with an experienced and competent attorney will ease this process, as they will assume responsibility for the deliverables throughout the course of the property transfer,” summarises Marais. Having the confidence in your lawyer to handle this complex procedure is critical, as matters are likely to become extremely complicated should all processes not be completed as required.
Your conveyancer will assist and support you in every step of the transfer, ensuring the process is handled swiftly and comprehensively. Bosch Marais & Associates’ specialist conveyancing team has the skills and experience to manage your property transfer professionally, allowing you to focus on dreaming about your next home.