You want To Sell Your Property ?
There are many things to consider. For example, remember to give notice to your bank where the existing bond is held of your intentions (which will on registration have the effect of cancellation of that bond), so that you don’t incur penalty interest. Consider what improvements will be cost effective. Take into account all your costs:
1) Bond cancellation fee – about R3 700.00
2) Electrical compliance certificate – minimum R1 000.00
3) Rates clearance – monthly amount multiplied by three
Remember, you may choose your own conveyance. You don’t have to follow the recommendation of the estate agent. In fact, it is advisable to involve your conveyance right from the beginning.
That leads to the question, should you use an estate agent, and if so, which one? Should you give a sole mandate or an open mandate? An open mandate will bring more agents to the table, but an estate agent with sole mandate may focus more on your property. You need to be careful though, on the wording of the sole mandate, as you may be bound to pay commission for any deal arising during the mandate period, regardless of whether the agent had anything to do with it.
Many people feel that estate agents’ commission is too high (typically 7,5 % plus VAT). On a R1 million transaction it will take a chunk of about R85 0000.00. from your proceeds.
Some try to sell on their own effort. There is no law that says you must use an estate agent. But the success rate of private sellers is very low.
There is one other option that remains. An increasing number of law firms are getting on board as “estate agents”. Here is the amazing deal: their commission is less than one half of what conventional estate agents are asking!
In the following publication, wee intend to give more information.
There are many things to consider. For example, remember to give notice to your bank where the existing bond is held of your intentions (which will on registration have the effect of cancellation of that bond), so that you don’t incur penalty interest. Consider what improvements will be cost effective. Take into account all your costs:
1) Bond cancellation fee – about R3 700.00
2) Electrical compliance certificate – minimum R1 000.00
3) Rates clearance – monthly amount multiplied by three
Remember, you may choose your own conveyance. You don’t have to follow the recommendation of the estate agent. In fact, it is advisable to involve your conveyance right from the beginning.
That leads to the question, should you use an estate agent, and if so, which one? Should you give a sole mandate or an open mandate? An open mandate will bring more agents to the table, but an estate agent with sole mandate may focus more on your property. You need to be careful though, on the wording of the sole mandate, as you may be bound to pay commission for any deal arising during the mandate period, regardless of whether the agent had anything to do with it.
Many people feel that estate agents’ commission is too high (typically 7,5 % plus VAT). On a R1 million transaction it will take a chunk of about R85 0000.00. from your proceeds.
Some try to sell on their own effort. There is no law that says you must use an estate agent. But the success rate of private sellers is very low.
There is one other option that remains. An increasing number of law firms are getting on board as “estate agents”. Here is the amazing deal: their commission is less than one half of what conventional estate agents are asking!
In the following publication, wee intend to give more information.
