call river and sea properties

Once you've made the decision to sell your property, the daunting task of initialising the selling process often seems to loom over what should be a quick and smooth procedure.

Getting started

With regards to selling property in South Africa, or anywhere in the world for that matter, doing adequate research into all aspects of the property market is a great way to begin. It's always advised to select an agent who is trusted by the community in which you reside and also has an active presence.

Usually, you would simply invite an agent or number of agents into your home so an evaluation of your property can be done. This is when the features of your property are reviewed; photographs are taken and you can also mention any additional information about your property that would help the agent determine a reasonable market value.

Once this process has been completed, the agent should return with a comprehensive valuation and marketing plan for your real estate sale. The agent will also discuss the reasons as to why they have reached the estimation which they present to you and the marketing plan which they will execute when selling your home. This is an opportunity for you to mention any concerns that you may have.

Fundamentally, this is part of your research for deciding on an agent and agency that will successfully manage your property sale. Most agencies will insist on a sole mandate, however, that does not mean that they will acquire the services of other agencies to help sell your property. Many agencies do subscribe to listing services which means that your property will be exposed to multiple agencies that may have buyers for your property. This of course has advantages for both you and the agent.

Implementing the marketing plan

Once you are pleased with the marketing plan and commission proposal, you give instructions to the agent through a signed mandate to begin marketing your property. Many people don't understand the need for a signed mandate, but it's critical that you understand that any agent will not run the risk of marketing your property at some considerable expense if there is a chance you will suddenly award the sale of your property to a competing agency.

A mandate protects the agent in some ways and also ensures you get the levels of service you require on the sale of your property.

As the seller, you have your own role in the selling process - it is essential to ensure your home is clean and presentable and that it looks appealing to potential buyers. The length of time it takes to sell a property can vary. Your agent should create interest in your property and ultimately, get a fixed offer from an interested buyer.

Presenting the offer

This is the final stage of your real estate sale and hopefully, your agent is able to present you with numerous offers from buyers so you have the benefit of being able to choose as well.

You are by no means obligated to accept any offer you aren't happy with. Presuming you are pleased with the offer, it's mandatory to accept the offer in writing.

Payment and the transfer of homes

Upon the acceptance of an offer to purchase, your agent will progress with the transfer process. The agent is paid a certain commission, usually a percentage of the purchase price. The commission is deemed to have been earned upon fulfilment of the conditions contained in the deed of sale, and is paid no later than the registration of transfer. As the seller, you should instruct your conveyancer to make payment of the commission.

Once the agreement of sale is concluded between yourself and the buyer, the buyer may (but is not compelled) make an initial payment and receives a copy of the deed of sale, and the original is filed by the estate agent.

The purchaser applies for a bond (if needed) and the financial institution sends an assessor to inspect the property. Once the bond has been approved, instructions are normally given to an entomologist to inspect the property for beetle, and to a certified electrician to inspect the electrical installations. Certificates are supplied in both cases.

The conveyancer then calls upon both parties to sign all the necessary documents in order for transfer to be passed. At this point the buyer will be requested to pay transfer duty. The conveyancing attorney applies to the City Council for a rates clearance certificate, stating the that there are no rates and taxes outstanding for the property. Then the conveyancer pays the transfer duty to the receiver of revenue and obtains a transfer duty receipt.

Once this process has been finalised and the transfer has been documented at the Deeds Office, the property is officially sold and ownership transferred.