What You Need to Know Before Buying or Selling Property in Pretoria

1.First and foremost, find out how much home loan you qualify for. You can do this by using the affordability calculator  on http://www.PropertyMate.co.za/Calculator.php

2.Once you know how much home loan you qualify for, decide which area or suburb you intend buying your property.

3.Next decide what type of property will suit your needs. For an example, a townhouse, flat, free standing house, farm or plot. How far do you want it to be from your workplace or school?

4.Once you have established what type of property you are looking for start searching for it in your local property guide or magazine. You can also contact your local estate agent or you can check properties for sale on www.PropertyMate.co.za.

5.As soon as you find the property you are looking for, check if the property is not overpriced. You can do this by requesting a Comparative Market Analysis Report from your local estate agent. In case you are buying the property privately, in other words direct from seller, you can request the Comparative Market Analysis Report from SAPTG on (011) 445 8100.

The report will give you more or less how much properties similar to the one you intend buying sold for in the past six months or twelve months. Compare the price of the property you intend buying with the average price listed on the Comparative Market Analysis Report for similar properties.

6.After comparing the price and your happy, get an experienced handyman or home inspection company to check the property on your behalf for any major structural, roof or plumbing problems. If there's' any major technical problem bring it to the attention of the seller.

7.If there are no major technical problems, ask the seller for copies of municipal approved building plans. The reason for this is to make sure that the property you intend buying was erected in accordance with the municipal by-laws. If the plan has no municipal approval stamp, chances are the property was not erected according to municipal by-laws and can cause problems for you in future.

8.In case you intend buying a farm, plot or small estate ask the seller if there's servitude registered over the property. Servitude is a registered right that another person has over the immovable property of another. It allows the holder of the servitude to do something with  other persons property, which would not normally be allowed.

An example is the right of way to travel over a section of other person's property to reach your own property. The best way to check if there's servitude over the property you intend buying is to ask the seller for a copy of a title-deed. Servitudes are normally listed on title deed.

9.If you intend buying a property in a complex or estate, request a copy of the rules and regulations for that specific complex or estate before signing an offer-to-purchase. By so doing, you'll be able to determine whether you'll comply with the rules of the complex or not.

10.In case you intend buying a vacant land in an area earmarked for new property development, especially where there's hundreds or thousands of empty stands for sale, find out from the seller or developer if a proclamation certificate has been issued by authorities and where possible to show you or supply you with proof thereof.

11.Before signing an Offer-to-Purchase, take a copy of the unsigned Offer-to-Purchase from the seller or agent to your personal attorney and ask him/her to go through the contract with you and to explain every clause in detail. If you do not have your own attorney appoint one and make sure that the said attorney has no financial gain arising from the property you intend buying, in other words, it must not be the seller's attorney.

12.Once you have gone through the contract with your attorney and are happy with everything, sign the offer in the presence of your attorney if possible and get other two people to sign with you as witnesses

13.In case you need to buy the property through the bank, get a competent, independent bond originator to submit your home loan application on your behalf to all four major banks at once. By getting your home loan application submitted to all four major banks simultaneously, you'll be able to know which bank offered you the lowest interest rate. For a short list of bond originators in Pretoria or Centurion go to: PropertyMate.co.za/homeloan.php

14. Once your home loan application is approved, it is advisable to take a homeloan protection insurance plan from an accredited insurance agent. The home loan protection insurance plan pays-off your home loan in case you pass away or when you become disable and are no longer able to work. For a short list of insurance agents in Pretoria area who offer a home loan protection plan go to: PropertyMate.co.za/Insurance.php

15.In case you need to pay deposit for your new found property, make sure you pay the deposit in the trust account of the registered property lawyer or estate agent. To check if the property lawyer or estate agent is registered phone the Law Society of Northern Provinces on (012) 338 5800 or the Estate Agency Affairs Board on (011) 731 5600.

16. Finally, do not pay any monies to the owner of the property without involving a lawyer. For a short list of property lawyers in Pretoria visit:PropertyMate.co.za/conveyancers.php