Sale of Property Archives - Ashersons Attorneys

01 Mar 2022

3 Steps to Buying Your First House

Few things in life can compare to the joy of finally crossing the threshold of your first home. If you are like most of us, you have been dreaming of this day for years and years – it has finally arrived! The financial bonus of course is that you have probably just made one of the most important investment decisions you will ever make. Here are some guidelines to help you make a wise decision on both counts - Step 1: What’s your price range? First step is to work out what price range you are looking at, and that’s…

01 Oct 2021

By Andrew Goldschmidt

Property Sellers: Why, How and When to Choose Your Own Conveyancer

For many of us, our home is our most important asset so when it comes time for us to sell, do everything possible to ensure that your interests are fully protected, that the sale goes through quickly and smoothly, and that you are paid without unnecessary delay. Appointing the right conveyancer is key here. Let’s have a look at the “Why, Who, How and When” of it… Why do I need a conveyancing attorney? Legal ownership in “immovable” or “fixed” property (that is, land and permanent attachments such as buildings) can only be transferred from seller to buyer through a…

07 Jun 2021

By Andrew Goldschmidt

When Bond Clauses Sink Sales

Selling or buying a house is a time of excitement and the culmination of a lot of time and effort on your part, so as soon as the ink dries on your signed sale agreement you will want the transfer process to get underway, and you will want it to keep going without a hitch. The best way to achieve that of course is to be aware of what can go wrong and to proactively take steps to avoid any problems. Be particularly aware of a common “sinker of sales” in the form of the bond clause. If the buyer…

03 Sep 2020

By Andrew Goldschmidt

Property: Don’t Pay Double Commission!

With many property sellers allowing multiple estate agencies to market their properties in their attempts to sell during what is still (for the moment at least) a buyer’s market, now is perhaps a good time to remind both sellers and buyers of the double commission danger. Consider this scenario – you mandate an agent who introduces a potential buyer to your property, but no acceptable offer results. Later on you bring another agent in, and this time the same buyer makes an acceptable offer. Q: Which agent must you pay commission to – the agent who originally introduced the buyer…

03 Aug 2020

By Ashersons Attorneys

Property: Green Shoots, Agent’s Commission and Fidelity Fund Certificates

Dollar billionaire Andrew Carnegie said it a century ago, and it still rings true – wise property investment can be hard to beat when it comes to accumulating wealth. The exciting opportunity for buyers at the moment is of course the more attainable sale prices and the lower interest rates resulting from the pandemic and the lockdown. It is, by all accounts, still very much a buyer’s market. On the other side of the coin, sellers and estate agents are no doubt heartened by recent signs that the first green shoots of a recovery are in the offing, and so…

08 May 2020

By Ashersons Attorneys

Property Sellers – Prepare for SPLUMA

Many factors can delay your property transfer, and all of them are likely to cost you. A last-minute rush to comply with statutory requirements is one such pitfall to avoid. Beware therefore of the possibility that you will soon need (in some parts of the country you may already need), to lodge before transfer a formal “SPLUMA” (Spatial Planning and Land Use Management Act) certificate of compliance. SPLUMA, without getting too technical, provides a framework for all provinces and municipalities to pass laws governing land use and development. There is (at date of writing) some confusion over what is actually…

04 Aug 2016

By Andrew Goldschmidt

Plot and Plan: The strange case of the unsigned sale agreement

You buy a plot in a residential development and the developer agrees to build you a house to stated specifications and plans. You pay in full for the plot and it is transferred into your name. All good so far. But then you fall out with the developer over the costs, finishes and other specs for the building work. What happens now? A High Court case (Bray v Grand Aviation (Pty) Ltd and Another (07/28371) [2015] ZAGPJHC 139) illustrating a particular danger for both developers and buyers revolved around these rather unusual facts - A buyer bought a piece of…