If you’ve got property for sale in Port Alfred, for example, and are worried that none-one is going to view it, then you clearly need to become acquainted with the world of the Internet property market.
Selling a property in South Africa using the Internet is not unusual at all these days, and is as easy as loading some details about, and pictures of, your house – taken on your Nikon coolpix camera – onto a trusted site. However, online selling has its unique quirks and demands in order to avoid the stress and anxiety of filtering out nuisance inquiries. Keep in mind that real estate is a major asset and it is important to know the process so the disposal of the property is done without issues or problems. In real estate, as you may be aware of, the government can still go after you after you sell a property if there is any discrepancy in the transaction.
The first decision you have to make is if you are to do independently or work with a real estate office. Not all real estate offices or agents have an online presence, so this should narrow down your choices. On the other hand, trying to sell the property on your own has its disadvantages because you may be unfamiliar with the government requirements, tax laws, and even the kind and format for legal sales documents. The upside is that you don’t have to pay anyone commission and you get to keep the payment less taxes.
In the case of a foreign buyer, there are certain additional details that must be explained and would warrant the help of a broker or agent. For example, non-residents, which is the term used for foreigners who own land in South Africa, must pay at least 50% of the selling price up front. The balance can be borrowed from a South African bank. Foreign buyers must also open a local bank account with a registered banker as bond for the balance of the payment.
The main document used in selling property is a Deed of Sale. Once signed by both parties and witnesses, the document must be submitted to a conveyance that is in charge of transferring ownership – a process that usually takes about 10 weeks.
Costs of Selling or Buying Property
Aside from the standard 7% fee paid to a real estate agent or company, the seller, buyer, or both parties depending on the terms of the contract, also have to pay for Value Added Tax of 14%, transfer costs of 1 to 2% of the selling price, Capital Gains tax, transfer duties tax which is paid to the government, and inspection fees and other fees related to mortgage.
What Online Real Estate Agents Should Be Skilled In
Since online selling is a practical choice because the range is wider and it’s on 24/7, you should pick an agent that knows more than just real estate. This person should have online marketing skills, know how to get the trust of buyers, be credible and honest, and refer to you for all major decisions.
At the same time, the personality of an estate agent should not be grating. Many people prefer not to deal with agents because many of them are too slick, persistent, and irritating. They call you at odd hours, try to force a decision just to close a sale, or pit your property against another to earn money quicker.
Quick tips For Online Selling
- Know the zonal and market value of the property
- Consider fixing up your property before putting it on the market
- Don’t rely on online selling alone or one website only
- Know the legal aspect of selling even if you are using a real estate agent