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Sectional Title Re-sales
By arlene | April 1, 2008
Selling this form of home ownership requires a somewhat broader understanding of the legal aspects than selling houses. It is therefore necessary for agents to acquire the knowledge required to enable them to perform professionally. This can be done in several ways:
- Attend a course offered by the nearest region of the Institute of Estate Agents of South Africa;
- Some colleges offering correspondence courses or evening courses could be contacted;
- Several books are available on the subject;
- A friendly attorney may well point you in the right direction.
Whatever is decided be sure that the fundamentals are clearly understood so that questions may be correctly answered and documentation properly completed. In fact the documentation required for a sectional title sale differs markedly from that used in the sale of ordinary residential property. The main difference being the description of the property—one is a sale of land (house), the other a section among several other sections, but not land! Although the first Sectional Title Act was passed in 1971, nearly a quarter of a century later it still remains a mystery to many people and to many estate agents.
In the early years, only a few agents tended to specialize in sectional title sales for two main reasons; firstly, knowledge of the Act was pretty daunting for most residential agents, and those who were well established were not about to go into a new limited market. Secondly, buyers would not look at houses and sectional titles, so an agent was working in two different markets with buyers who were not “interchangeable”, so to speak. This has changed to some extent since a variety of property development schemes now exist and buyers are “interchangeable” between these options: sectional title, share block, group houses, cluster houses, mini sub, share block and retirement villages (housing development schemes for retired people). Many agents selling conventional residential homes now also happily sell some or all of the abovementioned. If they do they must have acquired the knowledge of how all of these operate, how else would they be able to handle the sale, letting or leasing of any of them?
It is axiomatic that “the sale begins with the listing“, this then is the opportune time to get it right. The listing sheet should be completed to provide the following minimum information:
- Name of complex and street address, and chairperson of the body corporate;
- Certificate of Registered Title No. and date;
- Unit No. Section Nos.;
- Stand No. Size of Stand m2;
- Participation quota; Monthly levy; Name of Bondholder, if any;
- Any exclusive use areas;
- Availability of Balance Sheet;
- Amount of Contingency Fund
Plus any other information required for marketing purposes, e.g. number of rooms, any facilities, such as pool and so on.
More about: Sectional Title Re-sales
- Sectional Title: The Pros and Cons part 3
- Group Housing Schemes
- The Completion of Mortgage Loan Application Forms
- Housing Development Schemes for Retired Persons Part 3
- Sectional Title: The Pros and Cons Part 4
- Housing Development Schemes for Retired Persons Part 2
- Sectional Title: The Pros and Cons part 1
- Selling Sectional Title Off Plan
- Housing Development Schemes for Retired Persons Part 1
- Market Valuations continue...
- Sectional Title: The Pros and Cons part 2 - Real Estate Aware
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- Residential Property, Comparing different types - Real Estate Aware
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- The Ongoing relationship with tenants - Real Estate Aware
- Benefits of a Sole Mandate - Real Estate Aware
Topics: Agent, Course, Development, Form, Land, Listing, Market, Property, Residential, Sale, School, South Africa |
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