Step 1

Determine the asking price:

The question that occurs to everyone as soon as you want to sell your house is: “What is my house worth?” The asking price of a house is not the same as the value of a house.
Every year, the municipal value of the house is determined by the municipality. That is an indication for the tax authorities. The selling price of the house depends on the current housing market.

Of course you want to sell your home for the best price. But what is the best price? A too high asking price leads to little or no interest and a too low asking price comes at the expense of the yield. A realistic asking price is therefore right in between.

There is often room in the asking price to negotiate. The desirability of the property, your personal situation as a seller and the search categories on property24 also play a role in determining the asking price.

Of course you can set the asking price yourself, but in most cases sellers choose to be advised by a Capital24 sales agent. A Capital24 sales agent will come to inspect the house and record all property details in an intake report. If it is an old house or if there are defects, the sales agent can advise to include certain clauses.

Additionally, he compares, using the Capital24 database, the market prices of similar properties in the area. Based on this information, the agent can quite accurately predict the value of your property. This sales advice is model-calculated. Of course, there are alwavs current factors

The price can be influenced by factors that cannot be included in a model calculation. Think about unexpected economic or political developments, but also other houses for sale on the street or in the neighbourhood.

The inspection report and the additional information about the property form the basis for the asking price that the sales agent recommends.

Duty to Disclose

As a seller, you have a duty to disclose, also called the duty to provide information. This duty to disclose obligates you as the seller to provide all information that may be important for the buyer. For example, you are required to let the buyer know if the property has defects and what they are. The Capital24 sales agent will help you fulfil the duty to disclose.

Clauses

Sometimes as a seller you can include special clauses in the purchase agreement.
These clauses can be included to protect yourself and to prevent you from being liable for hidden defects in the property. These are the most common clauses:

Age clause: In the case of an old house, an age clause may have been included. This points the buyer to the fact that the property has a certain age and that the construction quality is lower than that of new homes.

Non-occupancy clause: If a seller has not occupied the property themselves, a non-occupancy clause may apply, for example if the property is sold by heirs. The seller thereby indicates not to be aware of all the properties of the property like an occupant would be.

The Capital24 sales agent is familiar with this type of clause and all other matters in a purchase agreement. He can assess whether it is useful to include clauses.

The real estate commission

If you decide to sell your home with the help of a Capital24 sales agent, you will pay a commission. The commission is 5% plus VAT

You usually hire a Capital24 sales agent on a no cure no pay basis. This means that if no purchase agreement is concluded, you don’t pay anything.

With a Capital24 sales agent, a commission amount is often agreed that is paid at the time of transfer of ownership of the house. Costs incurred, such as for making a photo report, are usually paid during the term of the assignment to the agent. You also agree on Previously, make it clear which sales activities the agent takes on and which activities the seller performs. You record the brokerage and other agreements
in a service contract.

A service contract does not always end with a fulfilled order (a successful transaction), but sometimes also because you have decided to withdraw the order or because the agent has decided to return the order. If an agent returns the order, he can only charge the costs incurred. If you decide to withdraw the order yourself, you will sometimes also pay so-called withdrawal costs in addition to a fee for the costs incurred. This is a percentage of the brokerage fee you have agreed upon and is stated in the service contract.

Step 2

setting up the publicity plan:

Just a sign in the garden is not enough to bring a house to the attention of a large target group. More is needed for that. Fortunately, there are many ways to bring your home to the attention of potential buyers. This is called a publicity plan and you can put this together in consultation with the agent.

Property 24

With the largest selection of homes, the most visitors, and the most homes sold, property 24 is the largest real estate site in South Africa. Nearly 100% of all house hunters start their search on property 24. Placing your home on property 24 is therefore recommended.
When your home appears online on property 24, it gets an enormous number of views.
That’s why you want to present your home as well as possible. A good home presentation consists of a detailed description of the property, features of the house, an extensive photo report, and information about the location and neighbourhood. The more complete the home presentation, the better the home scores.

Capital24 database

When you put your home up for sale through a Capital24 sales agent, it is included in the Capital24 database. This database for residential properties tracks the housing stock of all Capital24 agents. This means that all Capital24 agents are immediately aware that your home is for sale and your home may match the housing needs of one of their clients.

Social media

Social media is playing an increasingly important role in the sale of homes. Where agents used to have display windows or advertised in door-to-door magazines, this is shifting more and more towards online channels such as social media. There are even agents who only sell through social media! See it as an online display case, agents place the property on various online channels and platforms
often have a large number of interested followers from the region. This way, your home gets extra (free) attention among potential buyers from the region and beyond.

Capital24 sales agent

A Capital24 sales agent advises on a strategic publicity plan based on your budget and wishes. He also advises on the presentation products needed for this. Think for example of an extensive photo report, floor plans, a virtual tour or even a video tour of your home.

Step 3

make your home ready for sale:

Selling a home requires good preparation. Think for example of a fresh coat of paint or a good clean-up or cleaning. These tips will help you to fully prepare your home for sale.

Decluttering

Now that you are moving anyway, this is the perfect time to declutter your home.
Throw away items that can go or temporarily move some furniture to a storage.
This creates space in the house and makes the home look larger. Don’t forget the garden: by pruning the shrubs and removing the weeds, everything looks a lot neater and more cozy.

Cleaning

Visitors love a clean and fresh house. A thorough cleaning before the viewing can therefore do no harm. Make sure that the kitchen and bathroom in particular are clean and mold-free. And air everything out nicely to prevent unpleasant odours.
This will ensure the best start to the viewing. There are also special home fragrances on the market to spread a pleasant scent throughout the home. So, you no longer have to bake an apple pie!

Repair

Renovating often makes no sense if you’re going to sell your house, as it usually doesn’t bring in the money you’ve put into it. Repairing defects helps.
Peeling paint, loose door handles, screw holes in the wall or outdated sealant.
Potential buyers are more likely to remember the downsides than the upsides. So you’re one step ahead.

Remove personal items

Store personal items such as photos and drawings. Viewers will then feel more like guests and be distracted by this. A neutral appearance ensures that they can already see themselves living in the property.

Building plans

Are there certain aspects of the house that make the sale difficult? You may consider having drawings made by an architect that show the possibilities the house offers. Together with an estimate from a contractor, the buyer will have direct insight into how the house could also look.

Need advice on the presentation of your home? Capital24 sales agents offer interior and garden advice to present your home even better.

Step 4

the viewings:

The viewings start as soon as the first potential buyers have requested a viewing.

This is usually done through the Capital24 sales agent. The agent coordinates and supervises the viewings.

The Capital24 sales agent coordinates the timing of the viewings in consultation with you. You do not need to be present yourself. This gives viewers less the feeling that they are on a visit, allowing them to better imagine living in the home. With an agent, buyers are more honest and critical, giving the agent the opportunity to respond to the feedback and suggest how they could arrange or renovate things differently.

The viewing is a good opportunity to find out why the prospective buyer is interested in the property and where additional questions lie. This information can be important for determining the strategy in the follow-up phase and of course in later negotiations. The Capital24 sales agent therefore reports on the feedback after the viewing.

Step 5

negotiating and bidding:

There are different ways to bid on a house. This is determined by the seller. You can encounter the following forms: negotiation, sale by registration and auction.

Negotiation

In this bidding form, as an interested party, you make an opening bid orally or in writing. If you choose to make a bid orally, it is wise to always confirm it in writing. As soon as you receive a counterbid, you are in negotiation. You can also choose as a bidder to immediately place a final bid.

to lay, on which you wish to receive a response from the seller by a certain date and time.

Selling by registration

If the seller chooses to sell by registration, a bidder can submit a bid by a certain closing date. You must submit this by a certain date and time to the selling agent or notary. For example, in a (sealed) envelope, by email or through an online bidding system. The bids will only be discussed with the seller. The seller then determines whether and to whom the property will be awarded. All bidders are told whether or not the property has been awarded to them. Often various guidelines, rules and conditions play a role. Always check if this is the case.

Auction

At an auction, all participants can see the bids being made. As a bidder at an auction, you usually cannot set any conditions.

Online bidding system

The seller may choose to use an online bidding system. In this, you can enter your bid.

If the seller switches to another bidding form, the Capital24 agent will always inform all bidders about this.

Your Capital24 agent can tell you more about these bidding forms.

Selling a house with a mortgage debt

It may happen that your house is ‘underwater’. This means that the value of the property (the collateral) is lower than the mortgage debt that rests on it.
The money you are short, the remaining debt, can cause problems when selling your house.

When you have no reason to move, a house that is underwater is not immediately a problem. It only becomes a problem if you want to move or if you have to do so out of necessity. For example, because you can no longer afford the monthly costs due to a divorce or loss of income.

Recognizing potential remaining debt problems in time is one of the most important ways to limit, solve or even prevent them. Is your house ‘underwater’, do you have payment arrears or are you dealing with financial problems? Then also consider renting. This can prevent you from having to sell with remaining residual debt.

A Capital24 broker can help in the (timely) detection of a possible residual debt and the associated problems. He can, in cooperation with a financial advisor, provide the right advice and discuss possibilities to limit the residual debt.

Foreclosure auction

If the payment arrears become too large, a financier has the right to take back the property and proceed with a foreclosure auction.

To start this auction, he needs an executory title. This can be a court judgment, or a notarial deed stating that there is a payment obligation.

Do you suspect that your financier wants to hold a foreclosure auction? Then get help as soon as possible. A Capital24 broker can give advice and try to come to a normal sale with the creditor. If the Capital24 broker finds a buyer before the day of the auction and the bid is approved by the court, the foreclosure auction will be cancelled.

Step 6

signing the purchase agreement:

When you and the buyer agree on the price, delivery date, terminating conditions and any agreements on movable property, an agreement has been reached. The agreements made are recorded in a purchase agreement drawn up by your Capital24 sales broker.

Along with the Capital24 sales agent, you will go through the purchase agreement to see if all the information is correct and – where necessary – to provide an explanation.

That way you know exactly what you are signing.

Written requirement

The sale is concluded when both parties have signed the purchase agreement. This is called the ‘written requirement’. An oral agreement is not legally valid.

Cooling-off period

The purchase agreement goes to the notary and the buyer then has a legal cooling-off period of three days in which he can still terminate the sale without giving a reason.

The three-day cooling-off period starts as soon as a copy of the signed

The purchase agreement has been transferred to the buyer. After this time, the purchase is final, unless there are any termination conditions that apply.

Step 7

the transfer:

The signed purchase agreement and all relevant documents, along with a copy of your ID, go to the notary. As soon as the notary has received the purchase agreement, he will set a date and time for signing the deed of delivery.

A few days before the delivery, you will receive from the notary a draft of the delivery deed and a settlement statement. Carefully check that all the details are correct. The Capital24 sales agent will help you with this. Keep in mind that the buyer has the right to inspect the property before delivery to see if it is still in the agreed condition.

On the day of delivery, you go to the notary with the Capital24 sales agent. At the agreed time, the buyer pays the purchase price and, if applicable, the price for the movable property you are leaving behind. The notary takes care of the settlement of the commercial charges such as the property tax and the water board charges. He also arranges the repayment of any existing mortgage on the house and the payment of the bill to the Capital24 sales agent. The remaining balance is transferred to your account. You will receive the money after the deed has been registered in the Land Registry. This is usually one business day after delivery.

Next, you draw up the deed of delivery. You are officially no longer the owner of your home when you have signed the deed of delivery at the notary, and it has been registered with the Land Registry.

The added value of a Capital24 real estate agent

Do you want to get more out of the sale of your home? Then choose a knowledgeable and involved Capital24 Real Estate Agent. A Capital24 Real Estate Agent negotiates on your behalf, knows the local situation inside and out, and knows exactly what goes into selling a home.