Here are the questions that a home buyer should ask to avoid costly surprises.
- What are the bond costs, transfer costs and transfer duty costs and when is the payment thereof due?
- Is a deposit on the purchase price payable and when is it due?
- Will the deposit on the purchase price be held in an interest bearing account until registration of the property?
- What is the initiation fee applicable to the bond and how should it be paid?
- Do I have to give my existing bond bank 3 months’ notice to avoid penalty interests?
- Who pays the rates, taxes and water if I occupy the property before registration?
- What is the occupational rental if I occupy the property before registration?
- From when will I be liable to pay rates and taxes and what portion do I have to pay?
- In the case of a sectional title complex, from when will I be liable to pay levies to the body corporate and what portion do I have to pay?
Zoning rights: Check the zoning of the property to make sure that you may use and improve the property that you intend to buy as planned.
Restrictive conditions in the title deed of the property: If you plan to improve the property by building on or by building a granny flat, make sure that the conditions in the title deed do not restrict your plans.
Building plans: Request the seller to show you the approved building plans of the property to make sure that the existing building have been approved.
Pets: If you are buying in a sectional title complex or complex governed by a home owner’s association, are pets allowed or do you need consent to keep pets?
Contact us if you require advice on your property related matters. At Goldberg & de Villiers Inc, our Property Law Department, namely Adri Ludorf, Tracey Watson-Gill and Bardine Hall will gladly assist you with any of your Property Law related needs.