By Tamaryn Campbell – Attorney, Conveyancer and Notary Public
If you are planning on selling your home, there are a few factors to keep in mind. It is important to be aware of the process and to know your legal obligations as a seller.
A seller can advertise their property and set a reasonable price, or you can instruct an estate agent to handle the sale and advertising on your behalf. Subject to the fact that the estate agent may charge commission. As a seller you have the right to set certain conditions to the sale. For example, you may request a deposit to be paid by the purchaser. Sellers have the right to accept the offer to purchase or reject same if certain conditions are not met. Valid reason to reject the offer to purchase would be that the purchase price is not high enough, there is uncertainty as to whether the purchaser will secure a loan or you merely had a change of heart about selling the property.
In general case, the offer to purchase will have a “mora” clause. The word “mora” means delay or default and the clause prevents a purchaser to delay the transfer without valid reason. Should the transfer be substantially delayed by the purchaser’s conduct, the seller has the right to claim interest from the purchaser.
The scenario was such that the purchaser was provided with instruction to provide certain undertakings within a specified period for the transfer of property to be successful. The purchaser failed to provide the necessary timeously causing a substantial delay in the transfer of the property.
The “mora” clause protected the seller in a sense that should the purchaser delay the transfer in any manner, the seller will be in a position to claim mora interest as damages. Even if there is no ”mora” clause, the seller may still be protected.
The seller should also be aware of the Voetstoots clause. Even though the purchaser will buy the property as it is, the seller should be open when it comes to defects. If there is a latent defect (something you cannot see) and the seller was aware of the defect but did not disclose it to the purchaser, the Voetstoots clause will not protect the seller as it will come down to misrepresentation.
The seller also has the right to choose the conveyancing attorneys who would attend to the transfer of the property. It is important to choose attorneys that will attend to the transfer as speedily as possible and have your best interest at heart.
The above is not entirely an exhaustion of the obligations of the seller. Get in contact with us to attend to all your property needs.
