Unforeseen delays hold up property transfer transactions
http://www.iolproperty.co.za/roller/news/entry/unforeseen_delays_hold_up_property
Some 60% of property sale transactions are delayed at some point in the process and this can cause serious problems, especially where alternative accommodation or a move to another area are involved, says Tony Clarke, Managing Director of Rawson Properties.
“These days,” said Clarke, “it can take three to four months to transfer a property. This is nearly double the average time taken five years ago.”
Tony Clarke from Rawson Properties discusses all the problems that cause delays in property transfers. This highlights the importance of giving your full cooperation to the bond originator, bank and attorneys involved in the transaction.
- Missing signatures on any document relating to the transaction
- Rates and taxes in arrears causing delays with Clearance Certificates
- Levy payments in arrears
- Failing to notify the bank of your intention to sell and cancel the existing bond
- Information or documents withheld from banks
- Inaccurate information on sale agreements such as erf numbers, etc.
With delays cropping up so commonly, said Clarke, sellers and buyers should try not to commit too closely to move times and should keep their arrangements as flexible as possible. If they do not, he said, they could well end up having to handle two moves, the first to live in temporary accommodation before moving on to their final destination. This can add to the expense and stress of any property sale.
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