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Housing

Property transactions

Numerous factors must be taken account of when buying and selling property, as quite often in such transactions everything a person owns is at stake.

Buying and selling

Only certified estate agents and attorneys may mediate property transactions. The fee collected for such services varies.

Individuals may undertake to handle property transactions without a mediator, but must ensure, in such cases, that the transaction is correctly performed in all respects, as there is a great deal at stake.

Sellers must provide clear information on the condition of the property and ensure that the sales and presentation data is in accordance with such information.

The buyer makes his or her position more secure by examining the property before submitting an offer to purchase.

Buyers and sellers should thoroughly familiarise themselves with the provisions that apply to possible liability for defective property.

Properties in multi-apartment housing may not be sold unless a joint ownership agreement has been prepared.

Neither spouse may sell or dispose of residential housing that they live in, except with the approval of the other spouse. The same applies to property owned by a married couple, in which either or both spouses work.

Contracts and documents

Purchase offers must contain appropriate reservations when necessary, relating to loan approvals and payment arrangements, for example.

The appropriate documents must be registered or deregistered with a district magistrate in the district where the property is located. If this is not done, the rights of the buyer are not secure.

  • The contract of sale, mortgage bonds (loans) and title deed must be registered.

  • Paid-up loans and other documents that are no longer in effect shall be deregistered.

It is a good idea to keep track of all documents that relate to property transactions.

Check pricelists for the services of real estate brokers before embarking on a transaction.

Check the condition of the property and submit comments before making a purchase offer.

Make sure that any appropriate reservations are made in the purchase offer and counter offer, as they are binding.

Make sure that all documents relating to the property transaction are properly completed and securely kept.

Remember

Check pricelists for the services of real estate brokers before embarking on a transaction.

Check the condition of the property and submit comments before making a purchase offer.

Make sure that any appropriate reservations are made in the purchase offer and counter offer, as they are binding.

Make sure that all documents relating to the property transaction are properly completed and securely kept.