Parkin Attorneys

Selling property in Cape Town

SELLING PROPERTY IN CAPE TOWN

Property is a major asset and the Seller, Buyer, and Estate Agent all have important roles to play.

They also have very different and potentially conflicting interests to consider when concluding a sale. Sellers should therefore consult with their own Attorney (rather than the Agents or Buyers Attorney) before signing any Sale Agreement. As owner of the major asset, Seller’s should also appoint their own Attorney to attend to the transfer the property and protect their interests.

PARKIN ATTORNEYS property law specialists in Cape Town provide Sellers, Buyers, Developers and Estate Agents with the following professional services at no additional cost to ensure a successful property sale and transfer.

  1. Automated Property Valuation before Sale – These professional valuations give the estimated high and low values of any specific residential property based on sales of neighboring properties. It is essential for Sellers and Buyers to have this updated information to make an informed decision when buying or selling a property. Our professional valuations are compiled by Lightstone, the contracted valuer to the 4 major South African Banks
  2. Appointment of Estate Agents – We assist Sellers and Buyers with the appointment of professional Estate Agents who have a proven track record of successful sales in the area where the property is located.

PARKIN ATTORNEYS work well with all the market leading Estate Agents to provide our Seller clients with the following protective clauses at no cost prior to signature to ensure a successful sale and transfer.

SELLERS PROTECTIVE CLAUSES IN SALE AGREEMENT

  1. Deposit – Purchaser should pay a deposit to the Sellers Attorneys/ Conveyancers as a good faith commitment to the sale – usually 5% to 10% of the purchase price
  2. Mortgage Bond – To avoid delay in transfer, a maximum of 10 days should be allowed for   the Purchaser to obtain bond approval, unless extended at discretion of Seller
  3. Occupational Interest – Seller should reserve the right to increase occupational interest/ rental should the Purchaser delay the transfer.
  4. Suspensive Sale Subject to Sale of Purchasers Property – This clause should ensure that the Purchaser is selling his/ her property at a realistic price and within a reasonable period to avoid unnecessary delay in the transfer of the Sellers property.
  5. 48 or 72 Hour Meet-or-Beat Clause – This clause protects the Seller where a sale is subject to a sale of a Purchasers property. Otherwise the Purchaser has an unconditional option to purchase the Sellers property whilst selling his/ her own property. The clause entitles the Seller to consider other offers while the Purchasers property is being sold.
  6. Sellers Protection against paying Commission for sale canceled due to breach by a Purchaser – Where no deposit is payable, commission should be payable by the Purchaser in the event of cancellation due to the Purchasers breach of the Agreement.

A GOOD SALE AGREEMENT MAKES GOOD SENSE

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