PROPERTY PRACTITIONERS GUIDE FOR SELLERS

General Concepts and Topics

Choice of Conveyancer

  • PPA prohibits any arrangements (MBAT has none)
  • May recommend

 

Attorneys Involved

Transferring Attorney

  • Monitors compliance with Agreement of Sale
  • Monitors financial aspects
  • Monitors procedural aspects, i.e. drafting of transfer documents, obtaining of certificates, Transfer Duty, co-ordinates lodgement, etc

 

Bond Cancellation Attorney

  • Panel Attorney
  • Notice of Cancellation and Penalty interest

 

Bond Registration Attorney

  • Panel Attorneys
  • Various duties not within Transferring Attorney’s control
  • Read and complete Agreement
  • Ignorance in Law no excuse
  • Non-Waiver Clause
  • Consult your Attorney if in doubt
  • Offer to Purchase becomes Agreement of Sale / Purchase Agreement

 

Mandates

  • Open Mandates
  • Shared Mandates
  • Sole Mandates
  • Exclusive Mandates
  • See “Mandates and Commission” below

 

Cancellation of Existing Bond

Guarantees

  • Bond fully repaid – Bond still needs to be cancelled
  • Penalty interest
  • MBAT can assist re Notice of Cancellation

 

Fixtures and Fittings

  • Fixtures – part of the property and may not be removed
  • Fittings – may be removed, important to stipulate in agreement

 

Insurance

  • Only cancel after registration of transfer

 

Future Property Purchased by Seller:

  • Beware not to conclude any new Agreements pending outstanding Suspensive Conditions etc
  • Alternatively insert “Out (Suspensive) Clause”

 

Acts to Comply With

(FICA, POPI, CPA and PPA)

FICA

  • Statutory obligation
  • Beware Cash payments

 

POPI

  • Consent required

 

Consumer Protection Act and Property Practitioners Act

  • Normal course of business (CPA – Voetstoots Clause)
  • Code of Conduct

 

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