In the property arena, spring is often earmarked as the ideal time to list property. However, when housing stock is scarce and demand is high, listing your property in winter may offer distinct advantages, especially in the Western Cape. At STBB, our expansive team of property law attorneys are here to make your transaction as seamless as possible.
Recent data indicates that available housing stock in the Western Cape is limited. However, demand for property in coastal towns, real estate along Cape Town’s Atlantic Seaboard, and residential homes in suburbs close to top schools remains strong. Driven by semigration and heightened interest from foreign investors, this phenomenon has firmly placed sellers in the driving seat, affording them greater leverage in negotiations and the ability to set favourable terms and conditions. Crucially, selling in winter – when others are waiting until spring to list – offers the advantage of reduced competition and more serious offers from prospective purchasers.
In a seller’s market, however, increased demand doesn’t always translate into a guaranteed sale – nor does it mean the transaction will be without its complications. For this reason, engaging a skilled property lawyer early on can make a meaningful difference in ensuring a seamless transaction.
Before listing your property, STBB’s expansive team of property law and conveyancing specialists can assist with the following:
Draft a watertight sale agreement
It is the seller’s prerogative to appoint a conveyancer to attend to the registration of the transfer of the property into the purchaser’s name. The impetus for this is clear: The seller is disposing of a key asset, which is often their most valuable asset, and the conveyancer is obligated to ensure the transaction proceeds as smoothly and efficiently as possible. This starts with drafting a comprehensive and watertight agreement to secure your interests, ensure contractual clarify, and mitigate any disputes.
Review your title deed/s
With extensive experience in reviewing title deeds, we can ensure that there are no hidden surprises, such as caveats or restrictive title deed conditions severely limiting future development, which may cause delays, wasted expenditure, or lost sales.
Conduct a compliance and legal review of the property
Under South African law, obtaining various compliance certificates, including electrical, electric fence, solar, and gas is a legal requirement. In the City of Cape Town, obtaining a valid water installation certificate is mandatory. Unless otherwise agreed, this obligation falls on the seller. Our property lawyers are well placed to advise which certificates apply – and to make provision for this in the sale agreement.
Crucially, we’ll assess whether you have approved building plans in place for all building works, including loft conversions, carports, and swimming pools. Notably, the failure to secure approved plans is a criminal offence, which may result in demolition or administrative penalties. In the context of a property transaction, it can delay or derail a sale.
If you have an existing bond over the property, we’ll assist with formally cancelling that bond and keep you informed of the notice period to prevent the incurrence of penalty interest.
Thinking of listing in winter? Contact our experienced team of property lawyers at info@stbb.co.za to give you the legal edge in a competitive and fast-moving market.
For further information on why there may be untapped advantages to marketing your property in winter and invaluable tips on creating a snug and enticing atmosphere, tune into a previous podcast episode with Associate and marketing pro, Dillon Lebotschy.
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