7 THINGS YOU ARE PROBABLY NOT TOLD REGARDING YOUR LEGAL RIGHTS AS THE SELLER OF YOUR PROPERTY.

1. As the seller you have the right to choose the attorney for the transfer of your property. Neither the buyer, nor the estate agent (“property practitioner”), should be allowed to do this on your behalf as this could possibly compromise your position if a dispute arises between the parties during the transfer process.

2. The buyer of your property is responsible for payment of the transfer costs. Your right to choose the transferring attorney stems from the fact that you bear the most risk associated with the sale and transfer of your property. It is advisable not to accede to the buyer’s request to use his/her own attorney especially not when motivated by reasons such as discount on transfer fees or family ties, as this could potentially entail an unsatisfactory outcome of the transfer.

3. When an estate agent presents you with an offer to purchase (“OTP”) from a potential buyer, ensure that an attorney of your choice reviews the offer on your behalf to avoid common pitfalls that could potentially delay the transfer process and ultimately cost you money. Following this route may prevent future time-consuming disputes that may arise between you and the buyer (or the estate agent) since your legal rights as the seller will be adequately protected by your attorney of choice.

4. Should the buyer’s attorney be allowed to register the transfer of your property and a dispute arises at any time during or after the process, such attorney might sometimes be hesitant to act against his own client when it becomes necessary to enforce the seller’s rights in terms of the OTP. This often results in sellers having to seek legal advice from an attorney of their choice who in the first place should have been nominated by the seller for the transfer. By nominating an attorney of his/her choice, a seller will enjoy virtually unlimited legal assistance and guidance during the transfer process.

5. Similarly, if the estate agent eagerly promotes his/her preferred or “panel” attorney, or “the only one that the agent or agency works with”, especially one unknown to you, to attend to the transfer and a dispute should arise between you and the agent (and it does sometimes happen), such an attorney might be hesitant, and understandably so, to forcefully enforce the seller’s rights against the agent.

6. An estate agent is not allowed to persuade or influence you to use a particular attorney of his/her choice, and with good reason. The Code of Conduct of the Property Practitioners Regulatory Authority (PPRA) prohibits it. Whenever a seller requests an estate agent to recommend an attorney, the agent is compelled to provide the names of at least two attorneys from which the seller is to make his/her choice.

7. In terms of the “72-hour clause”, an offer that is accepted but is subject to the suspensive condition that the buyer must obtain bond approval, or sell his/her house, within a certain time, can be replaced by a second and better offer if the initial OTP makes provision for it. This underlines the importance of having an OTP reviewed by your own attorney to ensure that it contains the necessary clauses that will allow for continued marketing and the possibility of ultimately accepting a better offer for your property.

(The above is merely a general information sheet and should not be used or relied on as legal or other professional advice. No liability is accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information contained herein. Always contact your legal advisor for specific detailed advice or contact us for further assistance.)