What every seller should know before putting their house on the market
Time is of the essence when it comes to selling. When the right buyer and price offer comes along, the seller would not want to risk delays in the process. Knowing upfront what is important and needed for a successful sale is the first step for any seller looking to put their property on the market.
The selling process starts with appointing the right agent. It has been proven that the right agent and a sole mandate is the best recipe for success. Avoid the risk of your property not selling or becoming stale on the market by making the right decision upfront.
The aspect of the correct asking price can never be over emphasised. It is a fact that overpricing or looking to test the market simply does not work, even in a seller's market. Pricing according to current sales trends is always advisable.
The next step is to ensure the property is appealing which means it should be clean, tidy and well maintained. You would not want to give buyers any reason to walk away or to look to discount your price.
To avoid delays, it is recommended that sellers have all required documentation available upfront. These include the Title Deed, company or trust documents (as applicable) and all personal identification documents of the owner/s. You should ensure the plans are up to date and available.
A vital upfront requirement is a Condition of Property Report. This is now a legal requirement and must accompany the sales mandate as well as the Offer to Purchase. The document must reflect the condition of the property, both latent and patent defects and be signed by the seller/s.
Certificates of Compliance are also required before the transfer of ownership. These can cause delays, especially if repairs are needed. It is best to get the inspections and certificates done upfront to avoid delays. These certificates relate to all water installations, electricity, gas and electric fencing.
Occupation is usually on the date of registration of transfer, or as agreed thereafter. In the event that it is agreed that the buyer can take earlier occupation, occupational rent as stipulated in the sales agreement will be payable to the seller. Should the seller need to stay on, he/she will also pay occupational rent, but to the buyer.
The offer to purchase usually sets out the conditions of the offer/sale. While the best case scenario is normally a cash offer with no conditions, it is often the case that certain conditions such as obtaining a mortgage finance, payment of a cash deposit etc., need to be fulfilled before the sale can go ahead.
There may also be conditions which need to be fulfilled by the seller. All such conditions will have time frames attached. The agreement of sale will include conditions of breach, and how that will be dealt with in terms of an opportunity to remedy the breach, or failing this, legal action. These are usually handled by the transfer attorneys, or the seller or buyer's own attorneys as the case may be.
They say in property that almost anything is negotiable. Sellers should be flexible and never take feedback personally. It is always the market and buyers who decide what your property is worth. Listen to the agent and adjust or fix as needed.
