The boutique agency with the BIG results
  • Home
  • For Sale
    • Caregory
      •  (1)
      • Apartment (3)
      • Duplex (2)
      • Farm (1)
      • House (5)
      • Townhouse (1)
      • Vacant Land (3)
    • Price
      • 0 - 500 000 (0)
      • 500 000 - 1 000 000 (0)
      • 1 000 000 - 2 000 000 (5)
      • 2 000 000 - 5 000 000 (9)
      • 5 000 000+ (2)
    • Suburb
      • Aurora (1)
      • Big Bay (1)
      • Bloubergstrand (1)
      • De Rust (1)
      • Everglen (1)
      • Eversdal (3)
      • Eversdal Heights (3)
      • Rosendal (1)
      • Sonstraal Heights (1)
      • Stellenberg (1)
      • Tyger Waterfront (1)
      • Vredekloof Heights (1)
  • To Rent
    • Category
      • Apartment (8)
      • Commercial (1)
      • Commercial - Office (5)
      • Duplex (1)
      • Flat (1)
      • House (7)
    • Price
      • 0 - 3 000 (0)
      • 3 000 - 10 000 (7)
      • 10 000 - 20 000 (10)
      • 20 000 - 50 000 (4)
      • 50 000+ (2)
    • Suburb
      • Big Bay (1)
      • Blue Mountain Village (6)
      • Century City (1)
      • Durbanville Central (2)
      • Foreshore (1)
      • Goedemoed (2)
      • Mouille Point (2)
      • Oranjezicht (1)
      • Pinehurst (1)
      • Protea Heights (1)
      • Sonstraal Heights (4)
      • Welgedacht (1)
  • Retirement Villages
  • Tools
    • Calculators
      • Bond Calculator
      • Monthly Repayments
      • Bond Status
      • Increased Payments
      • Minimum Income
      • Transfer & Bond Costs
    • Enquiry Forms
      • Buyer Enquiry
      • Seller Enquiry
      • Tenant Enquiry
      • Landlord Enquiry
    • Favourites
    • On Show
  • Alert Me
  • Favourites
  • Company
    • About Us
    • Our Charity of Choice
    • What Buyers Must Know
    • What Sellers Must Know
  • Our Team
  • Contact Us
Milieu Estates
  • Home
  • For Sale
      • Category
      •  (1)
      • House (5)
      • Price
      • 0 - 500 000 (0)
      • 5 000 000+ (2)
      • Suburb
      • Aurora (1)
      • Everglen (1)
      • Sonstraal Heights (1)
      • Apartment (3)
      • Townhouse (1)
      • 500 000 - 1 000 000 (0)
      • Big Bay (1)
      • Eversdal (3)
      • Stellenberg (1)
      • Duplex (2)
      • Vacant Land (3)
      • 1 000 000 - 2 000 000 (5)
      • Bloubergstrand (1)
      • Eversdal Heights (3)
      • Tyger Waterfront (1)
      • Farm (1)
      • 2 000 000 - 5 000 000 (9)
      • De Rust (1)
      • Rosendal (1)
      • Vredekloof Heights (1)
  • To Rent
      • Category
      • Apartment (8)
      • Flat (1)
      • Price
      • 0 - 3 000 (0)
      • 50 000+ (2)
      • Suburb
      • Big Bay (1)
      • Foreshore (1)
      • Pinehurst (1)
      • Commercial (1)
      • House (7)
      • 3 000 - 10 000 (7)
      • Blue Mountain Village (6)
      • Goedemoed (2)
      • Protea Heights (1)
      • Commercial - Office (5)
      • 10 000 - 20 000 (10)
      • Century City (1)
      • Mouille Point (2)
      • Sonstraal Heights (4)
      • Duplex (1)
      • 20 000 - 50 000 (4)
      • Durbanville Central (2)
      • Oranjezicht (1)
      • Welgedacht (1)
  • Tools
    • Calculators
      • Bond Calculator
      • Monthly Repayments
      • Bond Status
      • Increased Payments
      • Minimum Income
      • Transfer & Bond Costs
    • Enquiry Forms
      • Buyer Enquiry
      • Seller Enquiry
      • Tenant Enquiry
      • Landlord Enquiry
    • Alert Me
    • Favourites
    • On Show
  • Alert Me
  • Favourites
  • Company
      • About Us
      • Our Charity of Choice
      • What Buyers Must Know
      • What Sellers Must Know
  • Our Team
  • Contact Us
Search for property
Milieu Estates
Navigation: Home | What Sellers must know

What Sellers must know


Sellers responsibilities during the sale of a property:

OFFERS TO PURCHASE

Only once a genuinely interested purchaser has been identified, will your Sales Agent proceed to prepare and present you with a signed, written Offer to Purchase. The price offered may also as a general rule, most probably not match your selling price. You are not obliged to accept any offer. You should however for the sake of an appropriate appraisal thereof, comparatively, ensure that you be fully alerted, regarding the market related value of your property. The agent will explain the offer to you and ensure that you fully understand all the terms and conditions thereof. Once an offer has been accepted and accordingly signed by you, you as well as the Purchaser are both legally obligated to ensure that all the objectives of the contract are duly and effectively realised, save and except in the event that suspensive conditions are not complied with in time or at all, causing the contract to become null and void.

What Sellers Must Know

RATES CLEARANCE CERTIFICATE AND TRANSFER DOCUMENTATION

A Rates Clearance Certificate (a document stating that all rates and taxes for the current rates year have been compliantly paid) is obtained from the municipality by the Transferring Attorney. The Bond Attorney shall confirm the capital amount available to the Transferring Attorney, who shall in turn deliver the draft deed of transfer as well as the guarantee requirements, to the Bond Attorney. The Cancellation Attorney shall attend to the cancellation of the seller's existing bond, against receipt of a guarantee for due payment of the certified amount owing and delivers the Title Deed to the Transferring Attorney, who sends a copy of the deed of transfer and the guarantee requirements to the Bond Attorney. The Transferring Attorney attends to the signing of the transfer documents, by both the Seller and Purchaser. The Purchaser has to pay the transfer costs, where after the Transferring Attorney pays the transfer duty to the South African Revenue Service. A Transfer Duty Receipt is accordingly issued.

BOND DOCUMENTATION

The Bond Attorney prepares the bond documentation together with its related statement of account. The purchaser signs the documents and pays the costs. The Bond Attorney prepares and issues the necessary guarantees, forwards them to the Transferring Attorney and prepares the bond documents for simultaneous lodgement in the Deeds Office, with the registration of transfer documents.

BOND CANCELLATION

The Cancellation Attorney procures consent to the cancellation from the bank that holds the seller's bond.

LODGEMENT AT THE DEEDS OFFICE

After due signing of all the documentation and all the costs paid in full, the transfer (including rates clearance certificate), new bond documents and cancellation bond documents are prepared by the respective attorneys for lodgement in the Deeds Office. At this stage and indeed prior to lodgement, the Transferring Attorney has taken proper care to have ensured that the purchaser has either paid the remainder of the purchase price into its Trust Account, or alternatively had delivered commensurate guarantees accordingly. All Bond and Transfer documents are then over a period of approximately 2 to 3 weeks, duly inspected by the deeds registry and if found correctly prepared, will then come up for Registration. If found incorrectly prepared, minor corrections are allowed for 3 to 4 days, before the deeds are rejected and required to be re-lodged.

THE SELLER HAS THE FOLLOWING RESPONSIBILITIES

  • To give a 90 day notice to the mortgagee/ financial institution of the intended cancellation of the bond, if contractually required to doing so. Should the Seller be in breach, a termination penalty may be added to his bond cancellation figures.
  • To obtain the statutorily required Compliance Certificates, for the property, prior to lodgement of the transfer in the Deeds office.
  • To sign the transfer documents on the request of the Conveyancer attending to the transfer of the property.
  • If there is a bond registered over the property, to pay the bond cancellation costs to the Attorneys who are appointed by the bank to attend to the cancellation of the existing bond. The seller will be obliged to keep up his monthly bond instalments pending transfer of the property. In the event of an overpayment of any interest, it will be refunded to the seller, by the bank after registration.
  • To continue payment of municipal rates on the property, inclusive of electricity, water, sewer, and refuse accounts. Even though a tenant might lease the property from a seller, outstanding municipal revenue service fees still remain the seller’s responsibility. Transfer of ownership cannot be done unless all these accounts have been settled as per legal requirement. To obtain the necessary rates clearance certificate, the seller willfurthermore have to pay the council three months in advance. This will be recoverable from the Purchaser after registration by the Transferring Attorney
  • To request the council to take final meter readings of the consumption figures for the property prior to vacating the property.
  • To vacate the property prior to the date of occupation and to comply in full with each contractual provision.
  • To arrange with Telkom and/or the purchaser to transfer or cancel the telephone line.
  • To furnish the Attorneys with the following documentation in order to comply with FICA:

1. Copy of his Identity Document
2. Income Tax registration number
3. Copy of marriage certificate and Ante nuptial agreement if applicable
4. Copy of divorce order if applicable
5. Documentation that confirms proof of residence (not older than 3 months)

FACTORS THAT COULD DELAY THE REGISTRATION OF A BOND / TRANSFER

[The following information was provided by OOBA]
  • Failure by the seller and/or purchaser to provide information; and
  • Failure by the seller to provide details of the bank holding the existing bond; and
  • The existing bondholder delaying/not providing cancellation figures and Title Deeds to the transferring attorney; and
  • Delay in receiving rates figures (from the municipality) and/or a clearance certificate; and
  • Failure by the purchaser to pay a contractually deposit in time; and
  • Delay in the provision of guarantees; and
  • Failure by the purchaser to pay bond and transfer costs in time; and
  • Delay caused by the seller in signing the transfer documents; and
  • Delay caused by the purchaser in obtaining government capital subsidy approval/ employee subsidy documents for new bondholders and failure to comply with any other stipulated requirements by the bank or others; and
  • Delay caused by the purchaser in signing the transfer and/or bond documents.

It's important to be as informed as possible when buying and financing a home. Here's a list of questions to put to your attorney.

To whom do I pay the deposit?

This will depend on what your contract says. Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money is protected. Please ensure you receive the appropriate receipts. Don't pay your deposit directly to the seller or to an estate agent.

Who gets the interest on the deposit?

Unless otherwise agreed, the interest is paid to you after registration of transfer. On your written authority, both your estate agent and conveyancer can arrange for it to be invested in an interest-bearing account, and will act in your interests by placing it in the best short-term investment available.

To whom do I pay the occupational rent?

Your occupational rent goes to the estate agent or the conveyancer. They will usually pay it into the seller's bond account or directly to the seller. You could pay it directly into the seller's bond account if so agreed, but you may be required to provide proof of payment each month.

When will I have to sign the transfer documents?

A few weeks after the sale agreement is signed. Usually your conveyancer will wait until the bond is granted and he has received the cancellation figures for the seller's existing bond. Only then can the guarantee authority forms be completed and signed. You can phone the conveyancer for an update at any time

How long will the transfer take to register?

This depends on the circumstances and due dates for the bond grant and on the guarantees stipulated in the deed of sale. The average for most sales is about three months from the date of sale. When there are no complications, registration can happen within two months. If there are complications, registration can be delayed. If this is the case, you will need to stay in touch with your conveyancer.

What will my transfer and bond costs be?

Your estate agent and attorney should be able to answer this question based on a schedule of transfer and bond costs. The actual transfer fees depend on the purchase price of the property. Bond costs depend on the total home loan registered and whether you are buying in your own name or in a trust, close corporation or company. Your attorney will give you the exact costs.

When must my transfer costs be paid?

This usually happens a few weeks after the sale, when you sign your documents. Your conveyancer will require payment, since he has to pay the transfer duty - the major charge on most transfers - in advance, as well as the rates or levies due, to obtain a clearance certificate. Don't delay making a payment - it will unnecessarily delay the transfer.

Who will register the transfer bond?

The bank will have a local panel of conveyancers for bonds and one of these will be instructed to register your bond. If the transfer conveyancer is one of those on the panel, he will probably do the bond registration as well. The bond costs will be the same, though your transfer may go through faster if the same conveyancer does both.

Who will contact me on registration?

Your conveyancer's secretary should contact you on registration to advise you. You will also be given a final statement of the account. Your estate agent may phone you to confirm registration. The bank will send you a letter advising you of the registration of your bond and the date when your first instalment is payable.

When & Where will I get the keys to the property?

Your estate agent will make arrangements to meet you at the property, once it has registered, with the keys and do a ‘hand-over’ to you the new owner.

Notification checklist

We’ve put together a handy checklist to help you keep track of everyone that needs to be contacted about your upcoming move.

  1. Send out change-of-address notifications
    • Post office
    • All accounts
    • Subscriptions
    • Relatives and friends
  2. Make arrangements with the moving company
  3. Disconnect utilities, get deposits refunded, and advise where final bills are to be posted to
    • Water
    • Electricity
    • Telephone
    • DSTV
  4. Cancel deliveries, where necessary
    • Newspapers
    • Other:
  5. Transfer memberships and accounts, where necessary
    • Schools
    • Church
    • Civil organisations
    • Gym
    • Bank accounts
    • P.O. Box
    • Other:
  6. Contact your insurance broker
    • Change address on life, car and household contents insurance
    • Check on coverage for goods in transit

Bond Calculator


How to use the calculator

Enter your gross monthly income (single or joint), home loan interest rate you qualify for and the period of the loan. Click on the ‘Calculate’ button.

What will this Calculate?

Calculates the maximum home loan that you can afford and what the monthly repayment will be.

Disclaimer

While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused.


Maximum Home Loan


Gross Monthly Income

R

Interest Rate

% per annum

Repayment Term

Months


Monthly Instalment

R

Maximum Home Loan Amount

R

Monthly Pepayments


How to use the calculator

Enter your gross monthly income (single or joint), home loan interest rate you qualify for and the period of the loan. Click on the ‘Calculate’ button.

What will this calculate

Calculates the monthly instalment that you will pay in order to purchase a home, as well as the total interest amount and total amount paid after the repayment term has expired.

Disclaimer

While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused.


Monthly Instalments

Home Loan Amount

R

Interest Rate

% per annum

Repayment Term

# months


Monthly Instalment

R

Total Interest Paid

R

Total Amount Paid

R

Bond Status


How to use the calculator

Enter your gross monthly income (single or joint), home loan interest rate you qualify for and the period of the loan. Click on the ‘Calculate’ button.

What will this Calculate?

Calculates the status of you home loan after a given period (number of instalments). Handy if you plan to sell your property and would like to know what the outstanding balance will be at that point in time.

Disclaimer

While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused.


Bond Status

Home Loan Amount

R

Number of Instalments Paid

#

Repayment Term

# months

Interest Rate

% per annum


Home Loan Status

R

Total Capital Paid Thus Far

R

Total Interest Paid Thus Far

R

Total Amount Paid Thus Far:

R

Increased Payment


How to use the Calculator

Enter your gross monthly income (single or joint), home loan interest rate you qualify for and the period of the loan. Click on the ‘Calculate’ button.

What will this Calculate?

Calculates saving when paying fixed additional amounts on a monthly instalment.

Disclaimer

While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused.


Increased Instalment

Home Loan Amount

R

Interest Rate

% per annum

Repayment Term

# months

Additional Monthly Payment

R


Original Instalment

R

New Instalment

R

Period reduced by

# months

Value Saved

R

Table of Comparison

Original Instalment

New Instalment

Monthly Instalment

R
R

Repayment Term

# months
# months

Last Instalment

R
R

Total Amount Paid

R
R

Minimum Income


How To Use The Calculator

Enter your gross monthly income (single or joint), home loan interest rate you qualify for and the period of the loan. Click on the ‘Calculate’ button.

What Will This Calculate

Calculates the single or joint gross monthly income required to afford a home loan and what the repayment will be.

Disclaimer

While every effort has been made to ensure accuracy, no responsibility can be accepted for errors or omissions however caused.


Minimum Income Required

Required Home Loan Amount

R

Interest Rate

% per annum

Repayment Term

# months


Monthly Instalment

R

Minimum Gross Monthly Income

R

Transfer & Bond Costs


Required Information


Purchase Price

R

Bond Amount

R

Transfer Costs



PURCHASE PRICE

R

Transfer Duty

R

Deeds Office Fee

R

Conveyancing Tariff Fee

R

Postage & Petties

R

Deeds Office Search Fee

R

Electronic Document Generation Fee

R

Your E-Vault

R

VAT (15%)

R

TOTAL

R

Bond Costs



BOND AMOUNT

R

Deeds Office Fee

R

Conveyancing Tariff Fee

R

Postage & Petties

R

Deeds Office Search Fee

R

Electronic Document Generation Fee

R

Your E-Vault

R

VAT (15%)

R

TOTAL

R

Bond Calculator



Bond Amount

R

Interest Rate

%

Repayment Period

yrs

Monthly Instalment

R

The estimates contained on this webpage are provided for general information purposes and should be used as a guide only. While every effort is made to ensure the accuracy of the calculator, we cannot be held liable for any loss or damage arising directly or indirectly from the use of this calculator, including any incorrect information generated by this calculator, and/or arising pursuant to your reliance on such information.

This quotation reflects the transfer duty payable in respect of a sale concluded on or after 1 May 2017.

  • Aurora [1]
  • Big Bay [1]
  • Bloubergstrand [1]
  • De Rust [1]
  • Everglen [1]
  • Eversdal [3]
  • Eversdal Heights [3]
  • Rosendal [1]
  • Sonstraal Heights [1]
  • Stellenberg [1]
  • Tyger Waterfront [1]
  • Vredekloof Heights [1]
  • Big Bay [1]
  • Blue Mountain Village [6]
  • Century City [1]
  • Durbanville Central [2]
  • Foreshore [1]
  • Goedemoed [2]
  • Mouille Point [2]
  • Oranjezicht [1]
  • Pinehurst [1]
  • Protea Heights [1]
  • Sonstraal Heights [4]
  • Welgedacht [1]

Visit Us

  • 6B Sunbird Office Park, 5 Pasita Road
  • admin@milieuproperties.com

Contact us

  • 021 914 4555
  • 082 878 5582

Quick links

Home Sales Rentals
About Us Agency Details Contact Us

Latest Listings

/
0 Bedroom Vacant Land for Sale in Durbanville
R 2 695 000
/
2 Bedroom Townhouse for Sale in Durbanville
R 1 795 000
/
3 Bedroom House for Sale in Bellville
R 2 995 000
/
4 Bedroom House for Sale in Bellville
R 3 790 000
/
4 Bedroom House for Sale in Durbanville
R 4 750 000
/
3 Bedroom Duplex for Sale in Bellville
R 2 295 000
/
4 Bedroom House for Sale in Durbanville
R 3 450 000
/
0 Bedroom Vacant Land for Sale in Blouberg
R 4 000 000
/
0 Bedroom Vacant Land for Sale in Durbanville
R 2 695 000
/
2 Bedroom Apartment for Sale in Bellville
R 1 490 000
/
3 Bedroom House for Sale in Durbanville
R 5 497 000
/
10 Bedroom Farm for Sale in Oudtshoorn
R 29 995 000
/
5 Bedroom for Sale in Durbanville
R 4 995 000
/
2 Bedroom Duplex for Sale in Durbanville
R 1 390 000
/
2 Bedroom Apartment for Sale in Brackenfell
R 1 095 000
/
1 Bedroom Apartment for Sale in Blouberg
R 1 870 000
Join our newsletter Invalid Email
© Copyright
. Designed and Powered by Datatrac Software Solutions.