Selling and Buying Property 101

by Taka Rashid Gambe, Partner, GLG.

Are you buying or selling your property?

In a market which is rife with fraudsters and some too good to be true opportunities, how can one protect their hard earned money from disappearing into the wind?

This article will give you a brief outlook on some potential pitfalls.

Some Traps

Fraud

Purchasing a non existent property resulting in loss of money.

Misrepresentation

Buying from a non-owner resulting in loss of money.

Hard Sells

Purchasing a property which cannot easily be transferred - some property could be registered in the names of minors or have a caveat on the title deed.

Some Solutions

Using a Lawyer at the first stage

Engaging a lawyer at the first step, from the agreement of sale stage. Some contracts are drafted by Estate Agents or Third Parties who are not lawyers, thereby creating risk.

Legal Review before signature

Lawyers can also be engaged to review documents before affixing your signature to the agreements you have.

Due Diligence by a Professional

Identifications - Lawyers can perform due diligence to find out the identities of sellers whether as individuals, companies or trust. These are cross-checked with the presented deed and the original deed at the deeds registry.

Checking of Details by Lawyer

1. Property Descriptions - An important check to ascertain if the property is properly described and it genuineness

2. Ownership descriptions - Do the owners on the original deed match those on the title deed?

Specialist Services for the case involved

1. Minors - If the property is registered to minors, does the signer have authority and permission from the High Court.

2. Caveat or Blocks -  Are there any mortgages registered on the property and if so what are the conditions for their removal after negotiation.

3. Are there creditors who have registered a bond over the property and how can their bond be removed.

4. Deceased Estates - A letter of Administration is needed from the High Court so only executors can sell the property subject to the Master of the High Court's consent to transfer.

At Gambe Law Group we have been conveyancing properties for almost 40 years. We offer fast service delivery and peace of mind.

DISCLAIMER: One should not rely on the contents of this article in making their decisions or view this article as legal or tax advice. One must employ their own lawyer or author in full capacity to deal with their own personal case/s.