Finance your Home

Current economic and property market conditions will have a big impact on the price you get for your property. Over-price your home and the chances are you will delay the sale. Under-price it and you will regret selling too cheaply. The location, size and features of the property normally determine the actual selling price. Remember that the seller usually sets the price; the buyer usually sets the value!

Also remember these factors when determining your selling price:

• The outstanding balance of your existing home loan
• Estate agent's commission
• Capital Gains Tax if this is not your primary residence
• Municipal and legal costs

There are two options:

• Selling a house privately: this means more work on your part. Ensure your property is well presented and take on minor repairs that could impact your selling price. Enlist the services of an internet-based real estate agent to advertise your property.
  
• With the assistance of a competent estate agent: choose a professional with knowledge of your area. Remember the seller is liable for commission that is paid to the estate agent. The fee includes advertising, finding a suitable buyer and acting on your behalf between the attorneys and the buyer. You can always negotiate the commission before signing the contract.

So you’ve found someone who is interested in buying your property who has made an Offer to Purchase. When you sign this sale agreement it means you accept their offer. The buyer will set out to find financing for the property purchase. If a home loan or bond application is successful you can now begin the process of transferring the property. Remember to complete all your documents in full, not to sign any incomplete documents and to question anything that you do not understand fully - you have the right to do that.

The seller chooses the transferring attorney and the buyer pays the transferring fee. If you have a home loan and the property is still financed, a cancellation attorney will be allocated to cancel it with the financial institution. They ensure that you receive cancellation amounts. You should notify your bank of your intention to sell. The attorneys are there to assist with the legal aspects of the sale of a property. They are also knowledgeable on the municipal requirements and will advise you of your responsibilities as the seller. 

By law, an electrical compliance certificate is required to confirm that the property's electrical system complies with safety regulations. The seller is obligated to supply it to the buyer at the seller’s expense prior to registration of transfer. In certain areas (mainly coastal regions), the seller also has to supply the buyer with an Entomologist’s Certificate confirming that the property is free of woodborer or termite infestation.

You’ll agree with the buyer on a date to move out of the property and into your new home.