It may be that you want to sell your apartment, but are you prepared to sell it?
It will be a breeze if you know what to expect and have all your “duckuments” in a row.
Here’s a handy reference list for when the time comes:
As the Owner/Seller these are the non-negotiable NEED to have documents:
~ A copy of your ID or Passport Number. (FICA)
~ Proof of Residence – usually a Utility Bill (Electricity or Rates) in your name addressed to your residence. (FICA)
~ If you have a bond – your last Bond Statement or Bond Account Number.
~ Latest Levy account.
~ Latest Rates and Taxes account.
Owned by trust?
If the property is owned in a Trust you will need to have all of the above for each Trustee plus a copy of the Trust’s Deed and Letters of Authority. Please note that in order for the Deed of Sale to be valid all Trustees must sign the Deed of Sale or a resolution authorising one Trustee to sign the Deed of Sale on behalf of the Trust.
And these are the documents that are NICE to have documents and would also assist a buyer in their decision-making process (so almost need to have.)
~ The name and contact details of the property’s Managing Agents.
~ If no Managing Agents then the name and contact details of the Chairman or Trustee of the Body Corporate.
~ A copy of the latest Audited Financial Statements of the Body Corporate.
~ A copy of the Management and Conduct Rules.
~ A Floor Plan of the Unit.
~ Knowledge of any Exclusive Use Areas that would form part of the Sale.
Last but not least, make sure you are up to date with SARS!
There’s nothing like a tap on the shoulder from the Taxman to pour cold water on a hot deal!
© Prepared by Chas Everitt’s Team Sectional Title together with STBB Attorneys
Chas Everitt’s Team Sectional Title specialises in the marketing of residential Sectional Title in Cape Town (South) – South of the City and all the way to Cape Point
Article By: www.TeamSectionalTitle.co.za
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