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Buyers - and sellers - urged to do their homework before signing an offer

Buyers are urged to carefully assess the properties they consider purchasing before making an offer as, despite legislation protecting them in cases where the true state of properties are hidden, they still need to "beware".

"Caveat emptor" - "let the buyer beware" - is a phrase from contract law that often applies in property transactions as buyers know less about properties than the sellers.

"The onus is on them to inform themselves of the true state of the property they are about to purchase," says Paul Stevens, chief executive of Just Property.

"While the Consumer Protection Act has gone some way towards protecting buyers, and the new proposed Property Practitioners Bill goes further, buyers still have to beware."

Sellers would also do well to check their properties before they list their them, as this could save them a lot of money, and even the sale itself.

Stevens says to avoid liability for damages, sellers and their agents are required to inform buyers of all defects or potential defects, even if the property is being sold voetstoots - meaning "in current condition". The new bill will make it mandatory for sellers to attach disclosure forms to the sales agreements or leases. Some agents already do this.

Read more: Buyers - and sellers - urged to do their homework before signing an offer

 
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Cape Town - Minister of Finance Malusi Gigaba officially announced on Thursday that Cabinet has approved the appointment of six new board members for South African Airways (SAA), including a new chairperson to replace embattled Dudu Myeni.Myeni is replaced by Johannes...

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Hong Kong - The FBI has opened an investigation into US links to the Guptas, while the UK has asked financial enforcement agencies to probe possible ties between HSBC and Standard Chartered to South Africa’s Gupta family, the Financial Times reported.The FBI...

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Politics

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Durban – Slain former ANC Youth League secretary general Sindiso Magaqa knew he was on a hit list of Umzimkhulu Municipality officials, who were to be assassinated for fighting corruption, the Moerane Commission heard on Wednesday.Ward 16 councillor and executive...

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Cape Town – Freshly sworn in Minister of State Security Bongani Bongo wants to assure South Africans that he will provide the leadership required by legislation.At 15:38 on Wednesday afternoon Bongo entered a boardroom at Tuynhuys, the presidents Cape Town office,...

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Sports

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Cape Town - Proteas opening batsman, Hashim Amla, has been rested for the final One-Day International (ODI) against Bangladesh taking place at Buffalo Park in East London on Sunday.Amla has been in prolific form in both the Test and ODI series against Bangladesh,...

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Cape Town - Springbok prop Wilco Louw has reportedly signed a deal that will keep him at Western Province and the Stormers for at least the next three seasons.According to  Read More...

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