Property transactions

Numerous factors must be taken account of when buying and selling property, as quite often in such transactions everything a person owns is at stake.

Buying and selling

  • Only certified estate agents and attorneys may mediate property transactions. The fee collected for such services varies.
  • Individuals may undertake to handle property transactions without a mediator, but must ensure, in such cases, that the transaction is correctly performed in all respects, as there is a great deal at stake.
  • Sellers must provide clear information on the condition of the property and ensure that the sales and presentation data is in accordance with such information.
  • The buyer makes his or her position more secure by examining the property before submitting an offer to purchase.
  • Buyers and sellers should thoroughly familiarise themselves with the provisions that apply to possible liability for defective property.
  • Properties in multi-apartment housing may not be sold unless a joint ownership agreement has been prepared.
  • Neither spouse may sell or dispose of residential housing that they live in, except with the approval of the other spouse. The same applies to property owned by a married couple, in which either or both spouses work.

Contracts and documents

  • Purchase offers must contain appropriate reservations when necessary, relating to loan approvals and payment arrangements, for example.
  • The appropriate documents must be registered or deregistered with a district magistrate in the district where the property is located. If this is not done, the rights of the buyer are not secure.
  • The contract of sale, mortgage bonds (loans) and title deed must be registered.
  • Paid-up loans and other documents that are no longer in effect shall be deregistered.
  • It is a good idea to keep track of all documents that relate to property transactions.
  • Check pricelists for the services of real estate brokers before embarking on a transaction.
  • Check the condition of the property and submit comments before making a purchase offer.
  • Make sure that any appropriate reservations are made in the purchase offer and counter offer, as they are binding.
  • Make sure that all documents relating to the property transaction are properly completed and securely kept.

Remember

  • Check pricelists for the services of real estate brokers before embarking on a transaction.
  • Check the condition of the property and submit comments before making a purchase offer.
  • Make sure that any appropriate reservations are made in the purchase offer and counter offer, as they are binding.
  • Make sure that all documents relating to the property transaction are properly completed and securely kept.

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