The Act makes a variety of reforms to the property business, including renaming estate agents "property practitioners" instead of "estate agents". The Act also gives homebuyers extra protection, such as the requirement to disclose flaws in purchases and rentals; even though it has been in use for some time, it is now a legal obligation. All parties must sign the paper attached to the sale or lease agreement.
Seeff Properties announces that buyers are informed about any properties' defects. He explains that buyers can now take legal action against sellers who falsely advertise the condition of their properties.
There are two categories of defects: patent defects, which the human eye can easily detect, and latent defects, which are more challenging to find and frequently relate to constructional concerns. Your property professional must conduct a comprehensive examination, and the seller must disclose all faults, whether they are visible or not.
Since latent defects are trickier to identify, Pretorius advises buyers to inspect the home with their practitioner. Before making payments, a thorough property inspection is also critical to avoid future problems.
It is advisable for sellers to work with a credible property practitioner (estate agent) who can advise them of maintenance which should be done before the property is listed on the market.
The property should be in a sellable condition. Seeff recommends that the seller undertakes the maintenance and repairs before the property is listed to avoid problems.
Most purchasers do not want a property which needs work unless they are specifically looking for a fixer-upper.
Not doing proper maintenance could deter prospective purchasers. It is also not uncommon for purchasers to look to discount the price if they see things wrong in the property.
The purchaser should likewise ensure that they take a good look around and do a thorough inspection of the property before they make the offer and sign on the dotted line. Having to litigate later on can be costly.