Looking to Sell? Key Laws and Regulations to Consider
Category Property Advice
Selling a property isn't just about sending a 'For Sale' signal to the world and hoping for the best. In the vibrant landscape of Cape Town's real estate, there's a symphony of laws, regulations, and insider knowledge that sellers must conduct. It can get loud, overwhelming, and very confusing. But with the right agent guiding you along you're assured of success. Whether you're a seasoned seller or diving into the property pool for the first time, here are some steps that lead to a successful sale.
Title Deeds and Ownership
Before you can even think about selling your property, you have to make sure you have all your ducks in a row and have the correct title deeds and ownership documentation in place. Make sure you know where your title deed is located because not having your title deed can lead to serious delays in the transfer process. Look out for any liens or restrictions that could become a concern down the line and ensure these are resolved. When you're ready to put your property on the market, you want to be fully aware of what you're selling so that potential buyers can't call you out on hidden concerns.
Property Valuation and Pricing
Obtaining an accurate valuation of your property is essential for setting the right asking price. Engaging a professional real estate agent with in-depth knowledge of the local market can help you determine a competitive price. The art of pricing isn't just about gut feelings; it's about precision, knowledge, and strategy. This really is what makes a trusted agent your secret weapon. A great agent will guide you to an accurate price that promises to save you time and money.
If the property isn't priced correctly right from the start, then it can sit on the market for a while with the potential of it becoming stale and overexposed. The longer it takes to sell, the more public perception takes a turn for the worse which is inevitably followed by big price reductions. Accurately priced properties generally achieve higher prices in a shorter time period. It takes an experienced agent to provide an accurate price for your property so that you can achieve success and get the true value of your property.
Disclosure Requirements
As a seller, you have a legal obligation to disclose any known defects or issues with the property to potential buyers. This came into effect in the Property Practitioners Act 22 as of February 2019. It is important to provide full and accurate information regarding the property's condition, including structural concerns, repairs or renovations, any known defects and any ongoing legal disputes. Failure to disclose material information can lead to legal complications and financial liability. If no mandatory disclosure form is completed and attached to the agreement of sale, then it will be thought of that there are no defects on the property. However, should defects be discovered down the line then complications will arise. So, keep it transparent and everyone wins.
Compliance with Municipal Bylaws
We know compliance isn't a very trendy word, and we'd all prefer to soak up a sunset and live like we're always on holiday in Cape Town... but like any other municipality, Cape Town has specific bylaws and regulations that govern property usage and development. It is important to ensure that your property complies with these bylaws before selling. Issues such as zoning restrictions, building permits, and compliance with health and safety regulations should be addressed to avoid potential complications during the sales process.
Estate Agent Regulations
When choosing to work with a real estate agent to sell your property, it is important to ensure that they are registered and compliant with the relevant regulations and industry bodies. Agents need to follow their own regulations and are held to high standards. Selling your property is complex and involves many moving parts with people across different industries. If you don't have an expert agent who you can trust, then life will become very complicated very quickly.
Working with a reputable and licensed estate agency provides added protection and expertise throughout the sales process. At The Agency, we are confident that our experience, local industry knowledge and exceptional and transparent service allows us to protect our clients' best interests while helping them achieve the most from their sale. Transparency is key and we won't sugarcoat the situation, we know there are high stakes when selling your property.
Selling your property in Cape Town is more than a transaction; it's a journey. It'll soon become an unwanted journey without the right people guiding you. When considering selling remember that it's more than just a sale, it's your property story, your legacy that you're leaving behind as you look forward to something new. So, when you're ready to put your property on the market make sure you reach out to our Trusted Property Advisors to bring them along for your journey. They'll walk through all the legal and regulatory considerations with you and make sure you succeed every step of the way.
Author: The Agency Property Group
