“Buy land – they’ve stopped making it” (Mark Twain)
Selling or buying a house can seem like a complicated and confusing process but help is at hand! Have a look at this simple overview: “Buying or Selling a House – What You Need to Know” from the Law Society of South Africa on its website at http://www.lssa.org.za/legal-practitioners/resources-for-attorneys/misc/public-information-brochures/misc/buying-and-selling-a-house.
Just remember these important principles (familiar to regular readers) –
- If you are the seller, you have the right to choose the conveyancer (the specialist attorney who will register change of ownership in the Deeds Office). Choose a conveyancer you can trust to act with both speed and integrity.
- When buying into a complex, you are bound by rules and regulations imposed by either a Body Corporate if you are buying a sectional title unit or, if you are buying a separate title property in a complex managed by a Home Owners Association (“HOA”), by the HOA. Thus in a recent High Court case a homeowner in an equestrian estate was ordered to stop operating her seminar/lecture business because it breached her contractual obligation to the HOA to conform with local town planning laws. Read and understand all rules and regulations before you buy!
- A lot can go seriously wrong with property transactions, and for many people your house is going to be your most important asset, so don’t take any chances: Agree to nothing until you have asked your lawyer for advice!