What you need to know when selling your home amid big law change coming in February

 

The new Property Practitioner’s Act 2019 is an important piece of legislation in the property sector, notes ZIYANDA Real Estate.

With the publication of the regulations in mid-December, the act and all of its provisions will take full effect on 1 February. The act brings a number of changes to the industry including updating the title of estate agents from “estate agent” to “property practitioner”.

The act also provides additional protection for consumers including the need to disclose defects in both sales and rentals. Although it has been in practice for some time, it is now a legal requirement.

The document must be signed by all parties and annexed to the respective sale or lease agreement, said ZIYANDA Real Estate .

Musa Pitso, manager for ZIYANDA Real Estate Centurion, said that sellers who try to cover or conceal defects can be sued by the purchaser. However, should a seller fail to disclose a fault that they were unaware of, they would obviously not have been able to declare it, hence it is unlikely to pose a problem for the seller.

ZIYANDA Real Estate, however, recommends that prospective buyers should conduct a home inspection, to safeguard against any problems down the line.

There are generally two types of defects, namely patent defects which are those that are visible to the naked eye, and latent defects which usually relate to structural issues and are more difficult to spot.

The property practitioner must undertake a thorough inspection and the seller must point out all defects, regardless of whether they are patent or latent, said ZIYANDA Real Estate.

Patent defects could include aspects such as cracks in the walls, sagging gutters, cracked or broken windows, damaged light switches, cracks around the swimming pool, deteriorated woodwork, damaged cupboards, cracking paintwork, cracked tiles, and damage to carpets, laminate or wooden flooring.

Latent defects include structural issues such as unsteady walls, leaking roofs, faulty geysers and swimming pool pumps, and rising damp. These are more difficult to spot, hence the recommendation that the buyer completes an inspection, said Pitso.

“It is important to choose a reputable home inspector with the relevant expertise to inspect and discover defects in the property. The cost of the inspection is for the buyer’s account, but this is money well-spent,” Pitso said.

Buyers should be mindful that once the contract is signed it becomes more difficult to act, and can be costly if legal action is required. It will also put the buyer in a position to request repairs or negotiate reparations as part of the conditions of sale.