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TIPS FOR BUYERS AND SELLERS OF PROPERTY
The Estate Agents Board
A government body, instituted in terms of Act 112 of 1976, was formed to protect you, the member of the public in your dealings with Estate Agents, and to regulate the affairs and activities of Estate Agents between themselves. All Estate Agents have to be fully qualified, are governed by the "Code of Conduct" and have to hold a valid Fidelity Fund Certificate.
The Institute of Estate Agents
This is a private institution, aiming at a higher standard of education for Estate Agents, offering specialist courses and keeping their members abreast with forever changing legislation. The majority of professional agents belong to the Institute, and are obliged to abide by the ethical obligations of members.
Mandates to Sell
It is recommended to produce "Mandates to Sell" in writing. All Sole Mandates must be in writing (Code of Conduct 3.4) and are to be respected by other agents (Code of ethics 9.15). When you grant a Sole Mandate, make sure other agents, who handled your property are informed of this fact. Granting a Sole Mandate "until sold" is undesirable.
Brokerage
An Estate Agent is entitled to his brokerage if his introduction of a client leads to a sale, or if he managed to secure you an acceptable offer at the full asking price. As a rule, brokerage is payable by the seller.
Introduction of Property
If you, the Buyer, have been introduced to a property through one agent, don't view or buy it again through another agent. This could lead to disputes or possible litigation.
Faults and Defects
If you, the Seller, are aware of any faults and defects in your property, your agent should be made aware of this, who in turn is obliged to disclose this to any prospective purchaser. Non-disclosure of hidden defects could result in costly legal disputes, even after transfer has taken place.
Beetle Inspection
As a rule, you the Purchaser are protected against "Certifiable Beetle" by a beetle free certificate provided and paid for by the Seller. However, you are not protected against the ordinary furniture beetle.
Electrical Inspection
The Seller will have to provide the Purchaser on transfer with an Electrical Certificate of Compliance. This should be in writing in the Offer to Purchase.
Fixtures and Fittings
Know exactly which fixtures and fittings are included in the sale, and which are not. This should be in writing in the Offer to Purchase.
Signing an offer to Purchase
Be sure you are familiar with all the conditions of the Offer. Your agent is obliged to explain every clause to you.
We hope that you will find these tips useful. For any more information you require please do not hesitate to contact us on +27 (0)21 434 8921 and ask for Ursula.
The Estate Agents Board
A government body, instituted in terms of Act 112 of 1976, was formed to protect you, the member of the public in your dealings with Estate Agents, and to regulate the affairs and activities of Estate Agents between themselves. All Estate Agents have to be fully qualified, are governed by the "Code of Conduct" and have to hold a valid Fidelity Fund Certificate.
The Institute of Estate Agents
This is a private institution, aiming at a higher standard of education for Estate Agents, offering specialist courses and keeping their members abreast with forever changing legislation. The majority of professional agents belong to the Institute, and are obliged to abide by the ethical obligations of members.
Mandates to Sell
It is recommended to produce "Mandates to Sell" in writing. All Sole Mandates must be in writing (Code of Conduct 3.4) and are to be respected by other agents (Code of ethics 9.15). When you grant a Sole Mandate, make sure other agents, who handled your property are informed of this fact. Granting a Sole Mandate "until sold" is undesirable.
Brokerage
An Estate Agent is entitled to his brokerage if his introduction of a client leads to a sale, or if he managed to secure you an acceptable offer at the full asking price. As a rule, brokerage is payable by the seller.
Introduction of Property
If you, the Buyer, have been introduced to a property through one agent, don't view or buy it again through another agent. This could lead to disputes or possible litigation.
Faults and Defects
If you, the Seller, are aware of any faults and defects in your property, your agent should be made aware of this, who in turn is obliged to disclose this to any prospective purchaser. Non-disclosure of hidden defects could result in costly legal disputes, even after transfer has taken place.
Beetle Inspection
As a rule, you the Purchaser are protected against "Certifiable Beetle" by a beetle free certificate provided and paid for by the Seller. However, you are not protected against the ordinary furniture beetle.
Electrical Inspection
The Seller will have to provide the Purchaser on transfer with an Electrical Certificate of Compliance. This should be in writing in the Offer to Purchase.
Fixtures and Fittings
Know exactly which fixtures and fittings are included in the sale, and which are not. This should be in writing in the Offer to Purchase.
Signing an offer to Purchase
Be sure you are familiar with all the conditions of the Offer. Your agent is obliged to explain every clause to you.
We hope that you will find these tips useful. For any more information you require please do not hesitate to contact us on +27 (0)21 434 8921 and ask for Ursula.