Property transactions

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• Paid-up loans and other documents that are no longer in effect shall be deregistered.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.