What do you need to know about selling your house?

1) Give notice to the bank (where you have a mortgage) about your intention to sell your property. This is very important as you have to give 90 days notice to the bank to avoid penalties.

2) Ensure that you are aware of settlement value of your property as well as the cancelation attorneys’ fees.

3) Ensure that you are aware of the Property Practitioner’s commission amount.

4) Electrical Compliance Certificate: It is the Seller’s duty to obtain an ECC (Electrical Compliance Certificate) before registration can take place in the name of the Purchaser. Should there be a Gas Installation and/or an Electric Fence, the correct certificates of conformity must be handed in at the conveyancing attorney prior to registration.

5) The three attorneys involved in a property transaction:

· Transferring Attorney- This attorney oversees the whole process and is responsible for the registration of the transfer of the property in the name of the Purchaser;

· Bond Registration Attorney- This attorney is appointed by the bank where the Purchaser obtains a bond from, and they are responsible for the registration of the bond against the property;

· Bond Cancelation Attorney- This attorney ensures that the current bond of the Seller is cancelled.