Buying your first home
Buying a home for the first time can be overwhelming, but having decided on the area you want to live in and identified a possible purchase, the following tips may help:
- Examine the house thoroughly during the day. Ask questions about the roof, gutters, electrical wiring, structure, plumbing, geyser, swimming pool, foundations etc. Should you have any doubts consult an expert to examine the house. Should there be any defects, provide in the deed of sale for their remedying by the seller at his cost prior to transfer.
- Before you sign a deed of sale, give the document to your attorney to examine. Enquire about anything that is not clear.
- Enquire about any additional costs, such as rates and transfer costs – your attorney will have all the answers. Ensure that your finances are sound.
- Should you need a bond also make provision for the costs e.g. the Bank’s processing and valuation fee and bond registration fee.
- Affordability – if you are not certain whether you will be able to obtain a loan to provide for the purchase price and costs make the sale subject to obtaining a loan.
- Ensure that the deed of sale provides for the issue of a beetle free and electrical certificate at the expense of the seller.
- Should the seller require a deposit, ensure that the Deed of Sale provides that the deposit is paid into the Trust Account of the Attorney and that he is obliged to invest it for your benefit until transfer of the property.
- Take note of date of occupation in the deed of sale. Should you move in before the house is transferred into your name you will pay rent or occupational interest.
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