Herewith some questions that Property Sellers might be wondering about:
We have decided to sell our property, what is the first step.
If you still have a bond on the property, notify the bank / bond-holder. Most banks require a 90 day notice period so you don’t pay any penalty interest on the settlement of the bond. Get it in writing.
If you are not sure about the current “Market Value” / “Sales Value” of your property, get a couple of agents, actively working in the area to come and give you valuations. Bare in mind that some agents will inflate the price to secure a mandate. Although this is against the EAAB Code of Conduct for Estate Agents, it happens quite a lot. These valuations need to include data on recent comparative sales in the area.
How do I choose which agent to use and can I sell my house privately?
From the valuations you have received, you will be able to see which agents know what is happening in the area and they can then explain to you the terms and conditions of the Mandate agreements etc. Some agents belong to Multi-Listing groups where your listing is then shared with other agents in the group so that they can assist with the marketing and sale of your property for a split percentage of the commission.
Each type of Mandate Agreement comes with its own “pros and cons” and must be evaluated by you before making a call. Selling your property privately is always an option but comes with it’s own challenges. Security is a major concern as you do not know they people you let into your house. An experienced agent is well aware of all the pitfalls and will be able to assist and negotiate without you getting involved. Should an offer be made the agent will be able to follow through and oversee the bond application and registration processes on your behalf.
We prefer a Sole Mandate agreement where you contract with the agent to deliver on expectations and to look after your best interests.
What costs do we as sellers have when selling our property?
As a seller you are responsible for the following costs:
- All costs to obtain Clearance Certificates for council rates & taxes as well as Levy / Home Owners clearances if applicable
- All costs related to Compliance Certificates for gas as well as electricity including electric fences.
- Payment of commission.
- Settlement of the bond including any penalty interest and cancellation fees for cancelling the bond.
- Any repairs / maintenance specified & agreed to in the Offer to Purchase. Note that the Offer to Purchase has a clause which states that unless otherwise specified, all electrical appliances must be in a good working condition. These are appliances (not necessarily covered by the electrical compliance certificate) such as garage door and gate motors, ovens / stoves / hobs, air conditioning systems, built-in heaters, under floor heating systems, pool & jacuzzi pumps & heaters, cleaning systems, extractor fans, light fittings, security systems, automated gates / doors & systems ….. etc.