3 Key Role Players in the Property Selling Process
During the property transaction process there are various parties involved. Often though, the focus falls on just the buyer with not enough emphasis placed on the critical roleplayers that sellers deal with. In your property journey as a seller, you will most likely deal with an agent, certification specialists and attorneys.
CEO of Greeff Christie's International Real Estate, Mike Greeff, says more priority is given to the needs of buyers as they seem to be the ones who require step-by-step guidance.
"We believe that the focus should also be on sellers as they are selling their most prized possession and will more than likely be extremely wary of who they get involved with," says Greeff.
Greeff Christie's International Real Estate offers a list of the experts whom sellers encounter during their sale:
1. First and foremost, an estate agent
Once you have decided to sell your property, the first role player you would want to establish contact with would be your estate agent. They will start the ball rolling with a valuation of your property and provide you with a market-related price of your property's worth and suggest a marketing price which they believe will be accepted by those looking to buy.
The agent will also create a comprehensive marketing plan for your property which includes a range of print and online marketing material for the duration of the sale of the property.
2. Compliance certification
There are five certificates that must be supplied when you sell your home: electrical, gas, electric fence, water/plumbing and beetle certificates. This can seem like a rather costly exercise, but it is unavoidable and is not as expensive as you may think. Any necessary repairs will also need to be paid for by you.
Electrical certificates need to be issued by a registered, qualified electrician and is valid for two years, provided that there has not been any electrical work done in that time.
A plumbing certificate must also be obtained as it is required by municipal bylaws. This is to ensure that the property's pipes are compliant with municipal guidelines. The certificate must be issued by a qualified, registered plumber and does not have the two-year requirement. It cannot be legally waived and must be lodged with the municipality before date of transfer of the property. If the property has any type of gas installation, then a gas certificate is required in order to comply with the Occupational Health & Safety Act.
The certificate does not need to be less than two years old and is a prerequisite for successful transfer of the property. A beetle certificate is also required to prove that any and all wooden structures on the property are free from wood-destroying beetles. While there is no legal obligation for the seller to obtain the certification, it is seen as a gesture of good faith and should be provided to the buyer prior to transfer of the property.
Electrical fencing certification is also required and can be waived. It has to comply with the Occupational Health and Safety Act, and is usually issued on installation. A new certificate is only required if there have been repairs or alterations to the fence, upon which a new certificate is issued.
3. Getting attorneys involved
It is only possible for property to change ownership by way of the Deeds Office through the conveyancing process, which is handled by conveyancing attorneys. The transferring attorney is appointed by the seller and represents the seller.
A bond attorney is required to cancel the bond on the property, if there is one. This attorney will be able to inform the seller whether there are any penalties or administrative charges that need to be paid as this affects the settlement balance. This attorney is usually appointed by the seller's bank. A bond attorney may be required by the buyer to register the bond on behalf of the buyer, and is appointed by the buyer's bank.
"The property sales process is a fairly complex process and involves numerous parties, but with the right guidance and your trusty agent by your side, you do not need to feel any stress about getting your home sold," says Greeff.
Author: Property 24