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Conveyancing and Property Transfers
Approved building plans are not a mandatory requirement for a property transfer to be executed. However, there are many instances where they will become a condition of sale (e.g. by request, from the purchaser and/or their financial institution or building insurance company)
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Knowing what costs are involved with buying or selling property in South Africa is a crucial step of the process. Educating yourself on what to expect will help you determine what you are able to afford, the deposit you are able to put down, and whether or not you need a bond.
The Sale Agreement can also be known as the Offer to Purchase (OTP), where the buyer signs and submits the offer to purchase the seller’s immovable property. If the seller accepts the terms, they will also sign the agreement, and it becomes a legal and binding Sale Agreement. Once signed by both parties, withdrawing can incur severe penalties, unless one of the parties has failed to fulfil a condition of the agreement.
Navigating the conveyancing process in South Africa can be complex, but understanding the potential pitfalls can help you avoid unnecessary delays and costs. If you're buying or selling property, working with a trusted conveyancer will ensure that the process is as smooth and efficient as possible.