9 Essential Elements Of Legitimate “Offer To Purchase” Contracts

Making an Offer to Purchase is a very important step in the home-buying or home-selling process. The Offer to Purchase is equally important for the buyer and the seller and therefore should not be taken lightly by any of the parties involved.

It is an agreement containing the terms and conditions of the sale and the purchase. Once signed, it constitutes a Deed of Sale, being the foundation of the legalities of the entire transaction.

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Do You Understand The Home Buying Process?

here are many steps involved in the home buying process. Some of these steps are very exciting and others are more complicated. This guide will help you through the steps and make the process a little simpler and more understandable.

Buying a home can be very exciting and might have you so overwhelmed that confusion takes the lead. You have to stay focused so that you can make the right decisions and start with the right steps to avoid disappointment at a later stage.

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The Costs (And Hidden Costs) Of Home Loans Revealed

A home loan is probably one of the biggest financial commitments most people will undertake in their lifetime. Be sure about the costs as well as the hidden costs involved before you start with the home buying process. The amount that you should have available to cover these expenses as well as deposit requirements is estimated at around 10% of the purchase price of the property.

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How To Price Your Property For A Quick Sale

Many sellers make the same mistake, they think there property is worth much more than it really is. This is a common mistake as any seller would want the maximum price.

Estate agents all over South Africa often struggle with a seller who is adamant about their asking price. Some sellers feel that the agents are trying to cheat them with their estimated selling price. But this is not the case at all, the agents wants your property to be financially attractive to as many potential buyers as possible. Keep in mind that the higher the price of your property, the more the agent’s commission will be and they would like the maximum amount as well.

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8 Things To Do Before Applying For A Home Loan

Applying for a home loan can be one of the most intimidating processes, especially if you are a first-time buyer. Lenders will consider various different factors when deciding whether or not to approve your home loan. Improve your chances by understanding the steps involved in the evaluation process, making your application less stressful and a lot faster.

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The Importance Of Home Inspections

When buying a property which is going to cost you hundreds of thousands of rands, shouldn’t you be absolutely certain that the property you intend to buy is in good condition with no major defects/problems?

Beware The CPA And Disclosure Documents

The new Consumer Protection Act (CPA) does not allow for properties to be sold “as is” or “voetstoots” anymore, and the seller should reveal all known defects to the buyer. The problem is that the seller might not always be aware of certain problems, and it might be hard to prove the seller knew about a specific problem when he sold the property.

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5 Tips For Potential Property Sellers

With distressed property sales still the order of the day in the South African Property market it is still currently a buyer’s market and any predictions of a turnaround in favour of property sellers can at this stage be nothing more than a thumb-suck guesstimate.

Selling your property in the current situation can be quite daunting. Competition is fierce and buyers are now in a position to be more selective. The following guidelines could be of some assistance when selling your property.

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What to Look Out For When Buying Property

With interest rates at their lowest since 1974 and house prices being pretty flat at present, now is probably a good time to invest in property if you can afford to do so.

To make sure that you realize the best returns on your investment it is imperative that you do your homework before you purchase any property. If you are looking for a good return on your investment then remember that the three factors that will have the most significant impact are firstly location then features and lastly the price. The more sought after houses are in the suburb the better chance you have of reselling at a good profit in the long term. Proximity to schools, shops and hospitals will have a direct impact on the popularity of a suburb, or area in a suburb.

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Home Improvements and Renovations

Home renovations and improvements need careful planning and consideration to ensure that the money you spend on home improvements is money well spent.

Before you consider doing any home improvements it is wise to ensure that your home is in a good state of repair and that if you are considering adding on to your house that you can afford the additional maintenance, insurance, bond repayments and property taxes.

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Most Costly Mistake To Make When Buying Or Selling Property

Since the introduction of the Consumer Protection Act (CPA) on 1 April 2011 players in the property market have been debating over the effect that the CPA will have on property transactions with the imminent death of the “voetstoots” or “as is” clause.

Although the majority of media reports deal with the implications of the CPA from the seller’s perspective, potential property buyers must be made aware of what some sellers are doing to combat their increased liability in terms of the act.

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