It is vital to check the current bond registered over the seller’s property to make sure which amount is still payable to the bank. Add a couple of months’ interest to this amount.If not, the property will be marketed and sold for an amount that is not enough to cover the bond cancellation figures, the estate agent’s commission and any other expense that may have to be deducted on behalf of the Seller from the purchase price.

It is important to request a copy of the latest rates and levies statement from the Seller to see if there are any arrear amounts payable on the accounts.The consequence of not doing this is that the figures received by the Transfer Attorneys might be so high that they cannot be covered by the balance purchase price of the Seller and the Seller will have to pay in on the transaction.

All oral discussions or arrangements between the parties such as repairs to be done, and gate remotes in working condition, must be included in the written Deed of Sale.The consequence of not doing this will lead to the Transferring Attorney not being aware of certain arrangements that must be attended to before registration and cause unnecessary disputes during or after the registration process that must be sorted out between the parties.

If tenants are occupying a property, it must be indicated in the Deed of Sale and must indicate whether the tenants should be provided with a notice to vacate the premises or whether the lease agreement will be carried over to the Purchaser. Not adhering to this entails that the Transfer Attorneys will not know about the tenant and will not be able to confirm that the necessary notice was given.

Estate agents must make sure that time frames for compliance with the agreement, such as obtaining bond finance, occupation, selling of current property or due diligence periods, are indicated and correspond with each other.The consequences of not having clearly stated dates and time frames are that it will make the enforcement of the Deed of Sale difficult for all parties and will cause unnecessary addendums to have to be drafted.

Deeds of Sale must be signed in wet ink and not electronically, as current legislation does not permit electronic signatures for Deeds of Sale.The consequence of electronic signing may render the agreement invalid, and banks may not always accept electronically signed agreements. This can lead to unnecessary delays in the transfer process.

It is important to include the contact details of the Body Corporate and/or Homeowners Association in the Deed of Sale, as it will assist the Transfer Attorneys in fast-tracking the process of obtaining the necessary figures and certificates for lodgement.The consequence of not stating the contact details can cause delays in the transfer process, as this information must then first be obtained from the Seller.