Sellers 101

Thinking about selling?

 Apart from appointing the services of an area specialised estate agent, here are a few things to keep in mind when selling a fixed property.

Penalty for cancelling your bond.

If you still have an amount outstanding on your bond, when selling, then the bank is entitled to charge a “penalty” for cancelling the bond (settling the outstanding amount and having the bond cancelled in the deeds office).

The penalty will depend on a few factors, such as the outstanding repayment period and/or the outstanding amount still due on the bond. 

The penalty will expire 90 days after the notice is given to the bank of your intention to cancel the bond in the deeds office. 

For the countdown of the penalty period to start, you just have to give notice to the bank of your intention to cancel the bond.  Do this in writing.  The best time to do this is when you appoint the services of an estate agent to market your property.  If for some reason the property is not sold, no harm is done and no fees are charged by the bank for giving this notice. The notice in itself will just expire.

Cancellation attorneys’ fees

A mortgage bond can only be cancelled at the deeds office by way of a conveyancing attorney.  The cancellation attorneys are appointed by your bank to ensure that the bond is cancelled at the deeds office, simultaneously with the registration of transfer of the property into the buyer’s name and new bond for the buyer.  We assist with the logistics here and arrange with the relevant panel attorney (appointed by your bank) to have the bond cancelled in the deeds office.

The cancellation attorneys’ fees are in the vicinity of R4500 – R5000, depending on how many bonds need to be cancelled in the deeds office.  This is an additional fee for the Seller.

Electric wiring certificate fees and repairs

The fees for a certificate are between R450 – R500, yet that does not include any of the possible repairs that the electrician has to attend to, to comply with Regulations so as to be able to issue the certificate.

Borer beetle certificate fees and fumigation costs

A Borer Beetle Certificate is not required by law, but can be requested by the Purchaser on the offer to you.  If you agree to attend thereto, the fees for a certificate are between R450 – R500.  The costs for the fumigation will depend on the infestation.

Gas certificate fees and repairs

If you have a built-in gas stove or a fitted gas connection at the premises, a registered gas technician must inspect the installation and do the necessary alterations if necessary, so as to be able to issue a gas certificate of compliance.  The fees for a certificate are between R600-R700.  The costs for the repairs will depend on the installation.

Electric fence system certificate fees and repairs

If you have an electric fence system around your premises, then the same applies.  A registered technician must inspect the installation and do the necessary alterations/repairs if necessary, so as to be able to issue a certificate of compliance.  The costs vary, depending on the installation.