Sectional Title: Seller Document Checklist
Seller Tips: Document Checklist When Offering A Flat Or Townhouse For Sale
We live in a highly regulated environment today and Estate Agents, Sellers and Buyers are required to comply with many legal and statutory issues when marketing, buying or offering a flat or townhouse for sale in South Africa today.
Outside of the legal requirements, prospective purchasers themselves often require additional information from sectional title property owners before they are prepared to make a decision to commit to the purchase.
As the seller, much of this documentation is in your possession or readily available to you.
We would highly recommend that you gather the information below prior to offering your flat or townhouse for sale and make it available to your selected estate agent.
General Documents Checklist
Copy of your SA Identity Document or your South African Passport (this is a FICA requirement)
Proof of Residence (recent) such as the likes of utilities bills such as rates or telephone accounts which are in your name and are addressed to your home – again, this is a FICA requirement today.
Your latest Bond Statement preferably or at a minimum your bond holder information and bond account number.
Your most up to date (should be the latest) Levy account in the complex.
Your most recent Rates and Taxes account.
Documents Required If The Property Is Held By A Trust
If your flat or sectional title property is held or owned within a Trust you will have to ensure you provide all of the above for EACH Trustee as well as a copy of the Trust Deed and Letters of Authority.
It’s important to understand that for the Deed of Sale to be valid, all of the Trustees have to sign the Deed of Sale or provide a formal resolution authorizing a single Trustee to sign the Deed of Sale on the Trusts behalf.
It’s always a great help, can often aid a prospective purchaser of the unit in making a decision and will help to avoid delays at transfer if all of the information below is also made readily available.
- The Managing Agents Contact Information (Name of Agency, telephone number and email address).
- In the absence of a Managing Agent, the contact details of the Body Corporate Chair or another Trustee.
- Provide a Copy of the complex or blocks very latest Audited Financial Statements.
- Provide a copy of the complex Conduct and Management Rules.
- Provide your Agent with details of any “Exclusive Use Areas” (such as garages, bays or storerooms) which are tied to your unit.
Taking the time and trouble to prepare and have these documents to hand will pay dividends when offering your property for sale.
Outside of the legal aspects and the possibility of helping move a buyer along, having all the information to hand when the sale of your sectional title property is finalised means that the transferring attorney also has a head start when instructed to proceed with the transfer of the property.
Author: Chas Everitt