We all know that selling one’s home is not the simplest or quickest of transactions and, depending on the prevailing market, it can take months to conclude from the decision to transfer.
Therefore, if you are even thinking about selling your home at some point in the near future, it’s essential to get a start by ensuring that all the potential stumbling blocks are dealt with as early on as possible in order to minimise potential stress and avoid delays and additional expenses.
Legal compliance
So, whilst it’s important for your home should look its best when you put it on the market and a fresh coat of paint and pretty garden are important, those ARE factors that can be left until last minute – unlike the required Certificates of Compliance (COCs) as this could not only jeopardise the sale, but also prove costly.
Property owners are required by law to ensure that the property is legally fit for sale and before the transfer can take place, the transfer attorney must be in possession of the relevant COCs which is no longer the simple process it once was.
In previous years only Occupancy, Electrical and Beetle Certificates were required, but amended laws now stipulate that a seller also needs to obtain a Gas Certificate, Electric Fencing Certificate as well as Plumbing and Water Certificates.
The nitty gritty
The onus is on the seller to ensure that their Occupancy Certificate is current and that the building they are selling is still as per the original council approved plans.
Each compliance certificate costs around R500 and it takes only a few days to acquire them if everything is in order.
However, if problems are discovered, then not only will you have to bear the costs of the necessary work to be done, the certificates can’t be issued until the repairs have been completed and this can delay the property transfer if left to the last minute.
And, as most banks now also insist on these certificates before they will approve a mortgage bond, this could further scupper a smooth sale and cause unnecessary stress for both buyer and seller.
Professional advice
Home owners should begin the compliance process before they even put their home on the market, or even earlier if they want to protect their families and allow them to benefit from the stringent safety standards that are now in place.
And beginning the compliance process as early as possible is especially recommended for older homes, where faults, such as worn wiring, eroded conductors and faulty wall plugs may need to be repaired.
This also enables you to have the required work done over a period of time and cause less of a strain on your pocket because, depending on how much remedial work needs to be carried out, these repairs can quickly add up to thousands of Rands, which are seldom budgeted for.
A stitch in time saves nine
Of course, the best way to avoid the potential frustrations and additional costs is through regular home maintenance which will also, most importantly, safeguard your family.
We all know that we should have our vehicles regularly serviced if we want them to remain reliable and run properly, but we forget that our homes also suffer wear and tear and have hard-working components that eventually erode, leaving us at risk and reducing the property’s value if neglected for too long.
It’s also a good idea to test components such as the earth leakage regularly and to attend to any electrical faults and wear and tear immediately and to make sure the roof and guttering are in a good state.
Whilst the Compliance Certificates add another layer of complexity to the sales process, these legal requirements are designed to indemnify the seller, safeguard the purchaser’s investment and, most importantly, to ensure the safety of the occupants.
However, it’s also important to do a little homework first to familiarise yourself with the regulations and what is required, as there are unfortunately some companies that will take advantage of a seller’s ignorance and rush to get the job done by including adjustments or repairs that are unnecessary.
If you feel that a quote is excessive, or that unnecessary work has been included, make a point of getting a second – or even third – opinion. It’s your right and could save you thousands of Rands.
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