Selling a house privately

Hurt

Hurt

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Hello, new here but have browsed the forum on and off for several months.

Also, I'm a bit slow so am asking in advance for patience for all the idiotic things I may end up saying.

Looking for advice on a private sale. I've been renting the property out for a decade but with much of my life coming apart at the seams, I've gotten it in my head to leave the Vaal Triangle where I'm currently. My current renter is interested in buying the property off me and I'm asking for any advice the other forum members may have, however trifle. A breakdown of the procedure, taxes I'll be expected to pay and so forth...

Thank you.
(Should this be in the wrong section please move the thread to where applicable.)
 
zerocool2009 said:
Its super easy. Get an OTP, both sign in, and get the ball rolling!
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Exactly what he said, get a proper OTP (there is enough templates) and seller pays for rates clearance, COC's, levies outstanding and then buyer pays for his bond costs, attorney/transfer costs. Use attorney you know and perhaps get an OTP template from them?
 
1. Get the OTP. CNA used to sell OTP, you can probably download one as well.
2. Get your own lawyer, the money from the sale will be paid into the lawyer trust account. If you like the tenant try to get a cheap lawyer. Since the lawyer fees are for his account.
3. You have to get rates clearance and the electric coc, plumbing coc if applicable and the beetle and termite certificates.
4. Rates, you have to prepay. This is where I got burned. My lawn was dead due to the drought in Cape Town at the time. New owner, got the grass green in one month by running up a water bill of R4500. COCT just took the money off the prepayment. This was prior to the transfer.
 
Thanks for the responses. Looking into what is an OTP (told you I'm slow).

Are there any pitfalls I need to be aware of (hadn't even considered I'm going to need a lawyer)?
 
I have a moerse issue with estate agents. Not a fan.

I listed 3 properties on private property, 2 of them for over a year. And then I got buyers for the 2 within weeks of my father passing away. One of them is registered in a company and the other one is in my father's name. Bit of a hick up. The one needs to be sold out of his estate, and the other one I first have to be appointed director of the company. The company belongs to the family trust so this whole deal falls outside of the estate.

Then, I listed his main residence on private property for R5bar, and right after that, I contacted an agent I knew. The agent made me an offer of a R150k flat fee if they managed to sell it. Within a month, I got an OTP with an offer I accepted. The commission worked out to 3.5%. My folks overcapitalised to moer and gone when they bought the place. I just want to recover as much as I can.

I think the buyer got a good deal. Settled at R4.25mil. These buyers don't come around often I am not gonna split hairs over R200-R300k. I could reject this offer and sit with a place that I need to maintain for another year or more before another buyer comes around. So I took it.

Reality is that I probably wont even see the money as it's going straight to the devil SARS pocket to cover estate taxes. Poeste
 
Hurt said:
Thanks for the responses. Looking into what is an OTP (told you I'm slow).

Are there any pitfalls I need to be aware of (hadn't even considered I'm going to need a lawyer)?
Click to expand...

You need a lawyer to register the property at the deeds office / (and if bonded, the buyer’s bond.)
 
Hurt said:
Hello, new here but have browsed the forum on and off for several months.

Also, I'm a bit slow so am asking in advance for patience for all the idiotic things I may end up saying.

Looking for advice on a private sale. I've been renting the property out for a decade but with much of my life coming apart at the seams, I've gotten it in my head to leave the Vaal Triangle where I'm currently. My current renter is interested in buying the property off me and I'm asking for any advice the other forum members may have, however trifle. A breakdown of the procedure, taxes I'll be expected to pay and so forth...

Thank you.
(Should this be in the wrong section please move the thread to where applicable.)
Click to expand...

hang on, there is one person that got it right here.

1) Just find a decent conveyancing attorney eg. Snymans / DaCosta etc etc. Just email them and tell them you are planning on selling your property privately and would like to use their firm, and that could you please have their OTP. They will send you one.

2) You and the buyer fill it out, obviously deciding on a price and anything else (it's really straight forward)

3) Then just email that signed OTP to the conveyances and they do the rest.

4) You will need to sort out the electrical / gas certificates. The buyer will deal with his bank to sort out a bond if needed.

5) All the other documents required will be asked for by the conveyancer, they do all the work.
 
Wrath of Khan MD said:
hang on, there is one person that got it right here.

1) Just find a decent conveyancing attorney eg. Snymans / DaCosta etc etc. Just email them and tell them you are planning on selling your property privately and would like to use their firm, and that could you please have their OTP. They will send you one.

2) You and the buyer fill it out, obviously deciding on a price and anything else (it's really straight forward)

3) Then just email that signed OTP to the conveyances and they do the rest.

4) You will need to sort out the electrical / gas certificates. The buyer will deal with his bank to sort out a bond if needed.

5) All the other documents required will be asked for by the conveyancer, they do all the work.
Click to expand...

And the biggest question of all the admin, will the buyer qualify for a bond, and know all the ongoing charges. (I assume so)
 
One point to keep in mind are the plans for the property you intend on purchasing and ensuring these are 100% correct.

If any alterations were made post plans being drawn up, an architect would need to include these alterations which could be are costly.
 
You need to have the house certified by an electrician and a beetle inspection
 
Left Of Bang said:
Is this not region specific? Was under the impression this was for coastal regions only.
Click to expand...
Not sure, Ive never bought a house in the dessert where you guys live. I live in the Republic of the Western Cape

www.ooba.co.za

The documents required to sell a house in South Africa

The documents required to sell a house in South Africa include five compliance certificates obtained through home inspections. Here is a rundown.
www.ooba.co.za www.ooba.co.za
 
Grew up here but been out for extended periods (years) four times. Gone back and forth from here for reasons to do with family. This here will be my permanent exit, Which is why I'm selling up. I want no more ties with this place.

The remainder of my family members understand.
 
UB40 said:
Not sure, Ive never bought a house in the dessert where you guys live. I live in the Republic of the Western Cape
Click to expand...
Freudian slip.

We in the dessert don't need beetle certificates.
 
3WA said:
Freudian slip.

We in the dessert don't need beetle certificates.
Click to expand...
Don't come crying to me when this happens to your wooden floors at home

Beetle Compliance Certificate - DOSS Compliance Specialists
 
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