CSOS Community Schemes Ombud Service

If you belong to a Sectional Title Scheme then you are paying a CSOS Levy on a monthly basis and your complex / scheme has to be registered with CSOS ….. herewith some details.

“The CSOS was established in terms of the Community Schemes Ombud Service Act to regulate the conduct of parties within community schemes and to ensure their good governance. The Community Schemes Ombud Service Act, 2011 (Act 9 of 2011) and the Sectional Titles Schemes Management Act, 2011 (Act 8 of 2011) and Regulation thereto were proclaimed on 07 October 2016.”

For more information visit the CSOS website:

http://www.csos.org.za/

Need to sell? We need your property ….. give us a call:

Marnus Steyn: 072 264 7806
Juanita Steyn: 083 604 1231

PROPERTY

Costs when Buying Property

Every now and again we get buyers viewing properties or visiting our show houses with no idea that there are transfer and registration costs payable when buying property. Some of them also think that this can be financed with the bond amount.

So just to shed some light on this subject, especially for first-time buyers ….

When buying property, the purchasers (in most cases) are responsible for paying  the Transfer Costs as well as the Bond Registration Costs to the Transferring Attorney upon request. This is done after all suspensive conditions in the Sales Agreement has been fulfilled and needs to be paid in order for the registration process to proceed. In the case where someone buys a property in a new development these costs or a portion of these costs may already be included in the sale. Most property websites and portals as well as banking sites have built-in cost calculators where these costs can be calculated. Please have a look at our website at http://www.steynrealty.co.za for more detail.

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Transfer Costs: Is paid on the full sales / purchase price.
Bond Registration Costs: Is paid on the bond amount only.

Both these costs are calculated by the Attorney firms involved according the a schedule and sliding scale. Please look at the following example:

Full Purchase Price: R 1 500 000
Deposit Amount: R  100 000
Bond Amount: R 1 400 000

In the scenario above, the following estimated costs will apply.

Property Transfer Costs (R 50 298.00)
Attorney Fees: R 23 598.00
Transfer Duty: R 25 500.00
Post, petties, FICA and other: R 1200.00

Bond Registration Costs (R 29 985.00)
Attorney Fees: R 22 800.00
Bank Initiation Fee: R 5 985.00
Post, petties, FICA and other: R 1200.00

TOTAL COSTS: R 80 283.00

The Purchaser in the above scenario will then have to have R 180 283.00 cash available to cover the deposit and costs. Costs cannot be added to the bond amount / purchase price as this is not allowed by the Banks or Attorney Firms.

It is very important that prospective buyers take the time to calculate all the various costs and payments that they will be liable for before shopping for a new property.

For any queries on the above, please feel free to contact us or send us an email to marnus@steynrealty.co.za / juanita@steynrealty.co.za

Hope you have a great day …… off to go sell some houses.

 

 

Fixtures and Fittings

Fixtures and Fittings ….

Every Offer To Purchase (‘OTP’) has / should have a specific clause where the Purchaser and Seller agrees on which fixtures and fittings to be included or excluded as part of the Sale Agreement. This is done by mutual agreement on presentation of the OTP. Once the OTP is signed by all parties involved it becomes very difficult to change any clauses or conditions and must therefore be done prior to acceptance. Sellers should, as part of the Mandate Agreement be advised by their agents to specify any inclusions or exclusions of fixtures and fittings in the mandate agreement so that prospective purchasers can be informed accordingly when viewing the property.

To make this process easier, our OTP includes the following items as standard fixtures and fittings thatMAY NOT be removed unless otherwise specified in writing. The specific clause reads as follows ….

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“The Property is sold with all fixtures and fittings of a permanent nature, which the Seller warrants are fully paid for, and owned solely by the Seller, including all existing garden trees / shrubs / plants, stove, electrical light fittings / shades and (if any) curtain rails / rods / pelmets / blinds, swimming pool equipment / filters / motors, fitted carpets, fitted kitchen storage units, post box, electrical geyser(s), TV aerial, DSTV satellite dish, burglar alarm system, door-bell / knocker, keys and remotes. All electrical items are to be in working order on date of occupation. The purchaser is aware that the radio transmitter connected to the alarm system (if applicable) is the property of …………………………………………Security Company”, where the radio transmitter is therefore excluded.

The OTP also gives the Seller / Purchaser the opportunity to specify any inclusions / exclusions to this clause. Inclusions would be any NON-fixtures that will be sold with the property. Exclusions would be any fixtures that will be removed are not sold with the property. Apart from the items mentioned in the clause above, fixtures and fittings in general can be understood as being as the following:

Any items that form part of the permanent structure of the property such as built-in cupboards and vanities, mirrors, towel and curtain rails, blinds, shutters, light fittings & switches, light bulbs, security systems, built-in heaters, fans and air conditioning systems, gate / garage door motors & automated systems or anything that is bolted, nailed or screwed onto the property can be seen as fixtures. If, for example, there are bathroom cupboards hanging on the walls of the bathroom with towel rails attached to the cupboards, Purchasers viewing the property could assume that these cupboards and rails are fixtures as they won’t know if the cupboards are bolted to the wall or hanging on screws / nails like portraits / paintings. Sellers might think that these are non-fixtures and remove them causing huge frustration and unhappiness when the new owners take occupation.

According to our OTP the complete DSTV dish or any other antennas / dishes, brackets and cables are also seen as fixtures and therefore, unless excluded, are sold with the property. As previously mentioned, the Seller should exclude all of these items during the listing and mandate process and prior to signing any OTP in order to avoid unnecessary unhappiness and disappointment later on.

Should any items, deemed to be fixtures, be excluded, the purchaser may request that it be replaced by the Seller with a suitable alternative / replacement item. Take the DSTV dish for example: If the Seller has a very expensive, multifunctional DSTV dish and “LNB” combination and he / she would not like to sell it with the property, it should be excluded in writing and replaced with a suitable replacement / alternative system if necessary. The Purchasers may also request that should any fixtures be removed from the walls of the property where it was bolted onto the walls, that the holes be filled and the walls painted, or not, depending on what has been agreed. Purchasers may also decide to include certain items that are non-fixtures such as loose standing cupboards, pot plants, curtains etc. which the Purchasers may or may not agree to.

All the above should be negotiated and written into the OTP prior to finalizing and signing of the OTP to avoid any future misunderstanding.

We hope that you find the information useful. Happy selling. If you need any assistance with the sale of your property in the Roodepoort, Gauteng area, please do not hesitate to contact us:

Marnus Steyn: 072 264 7806 / marnus@steynrealty.co.za

Juanita Steyn: 083 604 1231 / juanita@steynrealty.co.za

To view all out available stock, please visit our website at www.steynrealty.co.za

You can also like and follow us on Instagram, Twitter and Facebook at @steynrealty

Welcome to 2017

Welcome to 2017

…. not sure about you but 2016 was not a particularly good year for the Real Estate industry in SA. We saw the Prime Lending Rate go from 9.75% to 10.5% in the first half of the year. This, together with a couple of very negative and concerning economical and political movements put a bit of a damper on the market with most agents I spoke to reporting a drop in sales for the year.

Enough of 2016 and enough negativity over that market, the macroeconomical situation of the country and the dreaded word ….. “Politics” … blah blah blah … we have work to do and properties to market and sell.

2017 is here and we are going to “hook it” …. we are going to “hook it real good”. Stock in the Real Estate market is and always will be king! There are buyers for well priced properties. Although there are many factors that play a role like area (location), condition and specifications ….. “PRICE” will be the determining factor. If you price right, you will sell.

STEYN REALTY is serious about delivering an exceptional service to out clients being Property SELLERS, BUYERS, LANDLORDS & TENANTS. We have the experience, knowledge, marketing expertise, professional attitude and the drive to assist our clients with any Real Estate related query or assistance they might have. Where we can’t assist we will try to point you in the right direction. We have a list of professional and capable bond originators, attorneys, electricians, plumbers etc who we refer to our clients on a regular basis.

Buying or Selling Property is serious business and you need to team up with an Estate Agency who is just as serious about what they do. STEYN REALTY would love to assist you, no matter how big or small your property …. we do it all. We can also manage your rental portfolio, find, screen and place tenants on an ongoing basis.

If you are looking to Buy, Sell or Let-Out a property anywhere in the Roodepoort / Krugersdorp area or you know of someone who is struggling to sell please give us a call.

Marnus Steyn / 072 264 7806 / marnus@steynrealty.co.za / http://www.steynrealty.co.za
Juanita Steyn / 083 604 1231 / juanita@steynrealty.co.za / http://www.steynrealty.co.za

 

 

Fortune favours the brave ….

Here’s a mind-twister for a Monday ….. I believe that fortune favours the brave so …..

If properties in South Africa sell within 12 weeks of being listed, on average, why hang on to stock where sellers are not prepared to list with me at my valuation amount or even close to it. Why list your property (knowingly) at inflated values in the first place and then hope that buyers will come and make offers.

In the current market segment where we are selling (mostly R 500 000 to R 2 000 000) while taking into account the current market conditions and economic possition of the country, only the well priced properties are selling and shouldn’t take more than 6 to 12 weeks to get offers. I think it’s time that agents change their offering and sellers need to be aware of agents over-inflating property prices in order to secure mandates. Sellers are contracted to long-term mandates of 6 months (and more) which in my view borders on unethical conduct on behalf the agent and also point toward a very uninformed and stubborn (“not serious”) seller. 

As a SELLER (keep the following in mind):

1. Price your property right to sell

2. Choose your agent carefully

3. Discuss a well thought out marekting plan

4. Sign a mandate (mutual commitment)

5. Demand feedback and progress reporting.

As a result of the above, our offering will in future change to a maximum sole mandate term of 10 weeks at our recomended “Listing” price (Only) and will include all the bells and whistles of online and social media marketing / advertising, show days etc. If we can’t sell it within that time with the various marketing strategies we have in place, then we believe that no one will be able to.


To get your property LISTED and SOLD, call:

Marnus Steyn 072 264 7806 / marnus@steynrealty.co.za

Juanita Steyn 083 604 1231 / juanita@steynrealty.co.za 

#Roodepoort #Westrand #Wilgeheuwel #Radiokop #Strubensvalley #LittleFalls #AllensNek #HoneydewManor #Ruimsig etc etc 

Are you pricing yourself out of the market??

We live in the information age where information such as property values can easily be accessed by the public without the help of an agent or agency. Looking at the information on the various websites such as Property24 and Private Property, buyers can see which properties are well priced within the area where they are shopping. They won’t waste their time going to see the properties which are over-priced and will only focus on those ones that are priced according to the area average. There are some stunning properties out there but “PRICE” is still the main factor that will attract buyers.

If buyers are so well-informed, surely SELLERS should also be …. or not? As a seller, before you blame your agent for not selling your house quick enough, have you done the following?

  1. Do you know which properties in your street have recently sold and for how much?
  2. Do you know which similar size properties in your complex or estate have recently sold and for how much?
  3. Have you seen the condition of any of these properties that have recently sold around your property?
  4. Have you had a look on the websites, in the area where your property is situated, what the properties are listed for and how long they have been listed for? These properties will be your competition should you decide to list.

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A professional and experienced agent can assist you with all of the above and can provide you with the information, they also use their experience and industry knowledge to recommend a marketing / listings price at which the property should be marketed to get maximum exposure. By doing some of your own homework you will also see which agents are just out to “Buy” a mandate on your property and which are serious about their business. Give yourself enough time and evaluate the various valuations from as many agents as possible.

Don’t get sidetracked by the sales pitch …. Look at the marketing price and compare it to your own homework.

Factors such as the area, location, specifications, offering, overall condition, finishes and security (to mention a few) are also very important in determining the price but in the end, if two properties offer the same and they were listed for the same price, the property that is in a better condition will sell quicker at a price closer to the asking price (or even for the full asking price) than the one that is not in a good condition. If the one which is in a good condition is far over-priced, out of the area average / market buyers won’t be interested.

Fashionable_Businessman-051.pngBottom Line: Properties that are priced correctly will sell within 12 weeks of being listed ….. If it hasn’t sold within 12 weeks, your problem is the “PRICE” and your agent should have alerted you to this. Ask yourself the following question: “As a buyer, looking for the type of property that you are selling, would you consider buying your own house at the asking price you are asking?”.

For an honest, free, no obligation assessment in writing of the value and possible selling price of your property in any area from Sterkfontein, Honingklip & Pinehaven in Krugersdorp & Roodepoort all along Hendrik Potgieter to Radiokop & Allen’s Nek including Helderkruin, Constantia Kloof, Kloofendal and Weltevreden Park …. give Steyn Realty a call, we can assist. We also specialize in rental portfolio management and procurement of tenants.

Marnus Steyn / 072 264 7806 / marnus@steynrealty.co.za

Juanita Steyn / 083 604 1231 / juanita@steynrealty.co.za

http://www.steynrealty.co.za

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Seller Information

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SELL THROUGH STEYN REALTY

I recently posted this article on our website in an attempt to notify sellers and future property sellers as to the potential pitfalls / costs when selling.

Just in the case of purchasers who need to do their homework before buying, making sure they are credit worthy and what they can afford, Sellers also need to do their homework ….

While touching on a couple of other issues, the article aims to outline most of the potential costs that Sellers may be responsible for during the sales and registration (transfer) processes. It covers the following:

  1. Avoiding Penalty Interest
  2. Bond Cancellation Costs
  3. Compliance Certificates
  4. General Condition of the Property and
  5. Nomination of the Transferring Attorney Firm.

You can read the article by clicking on the link below.

CLICK HERE

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For any sales or rental related queries or to get your property listed in the Roodepoort, Ruimsig, Wilgeheuwel, Little Falls, Constantia Kloof and surrounds …. please contact!

Marnus Steyn – 0722647806 / marnus@steynrealty.co.za

Juanita Steyn – 0836041231 / juanita@steynrealty.co.za

http://www.steynrealty.co.za