EDITED BY THE EDITORIAL TEAM :: PHOTOS: SUPPLIED
Navigating the intricacies of buying a property can be a daunting task, particularly for first-time buyers, but help is at hand.
With the right guidance and leveraging the power of technology, the process of buying a dream home can be streamlined to ensure a smoother and more efficient experience, says Carla de Abreu, business development manager at South African fintech specialist e4.
“It’s important for homebuyers to have the right people on their side, advising them and helping them navigate the admin, so they don’t get bogged down or inadvertently hamper the progress of the purchase,” says De Abreu.
According to her, e4 has developed a suite of proptech innovations specifically designed to simplify the conveyancing process (the legal procedures required to transfer a property from the seller to the buyer) for all parties involved, including buyers, sellers, attorneys, estate agents, banks, and the deeds office.
Carla de Abreu
Understanding the property purchase process
When purchasing a property, several processes and procedures come into play, some required, others recommended.
The bank or financial institution providing the bond conducts a financial assessment or credit check to determine the buyer’s credit worthiness. This requires no action on the part of the buyer, except to have a clean record, she says.
Property assessments are crucial before making an offer, says De Abreu. These assessments include independent property valuations to ensure fair pricing aligned with market values. She also advises conducting structural assessments, especially for older properties, to avoid surprises post-acceptance of an offer, such as dampness or major roof repairs.
To avoid future complications, a comprehensive property search is recommended to uncover any building regulation restrictions, including heritage consideration.
“If the property is in a complex, buyers should also acquaint themselves about any additional terms and conditions set by residents’ associations or body corporates regarding occupation,” she says.
When help is needed
After signing the purchase contract, various requirements come into play, which De Abreu says is an area where real estate agents’ expertise is invaluable. “There’s a lot of admin and paperwork relating to transfer duties, legal fees, bond registration fees and related taxes, so keeping abreast of each step is time-consuming for the buyer.”
A proptech platform like e4’s can streamline the process, offering a workflow that simplifies the journey for all parties involved.
How to register a property faster
According to De Abreu, homebuyers can take practical steps to expedite property transfers. Delays in the transaction often occur during bond approval, bond cancellation, signing of transfer documents, obtaining compliance certificates, and due to delays at the Deeds Office. Being informed about the process can help buyers navigate everything with ease. Here are some tips:
- Prepare documents in advance, including IDs, proof of address, financial statements, and any other paperwork required by the bank or attorney.
- Choose an experienced attorney specialising in property transactions.
- Respond promptly to requests to avoid unnecessary delays.
- Take the time to educate yourself about the registration process, roles of involved parties, timelines, and potential challenges.
- Collaborate and coordinate with all parties, including the seller and the bank, to resolve any issues efficiently.
