"The property buyer is left to fend for themselves... " |
Once a decision has been made to purchase a property
in South Africa, a home buyer usually looks through
the newspaper classifieds, views property websites or drives
around looking at show-houses. Either way we end up dealing
with the seller's ‘salesman’ – an estate
agent.
An estate agent is retained and rewarded by a commission payment
from the seller to obtain the best possible price and terms
and conditions for the seller. Although the estate agent has
certain moral and ethical responsibilities towards the buyer,
these must not conflict with their primary role – to
look after the seller, their client.
Once a suitable property is found an offer to purchase agreement
is completed. Once this is accepted by the seller, and all
suspensive conditions are met, the offer becomes legally binding.
In most cases the only counsel the purchaser has available
to them when compiling the offer is the seller's estate agent.
The seller then appoints a solicitor of their choice whom
the purchaser must use.
Often the offer to purchase will dictate that the estate agent
is appointed as the buyer's sole agent for the obtaining of
a bond and that the seller or agent nominates the electrical
engineer and beetle specialist.
What is apparent from the above is that there is no assistance,
help or guidance from an independent party for the purchaser.
This same process has remained the same for decades, whereas
in most industries laws are passed increasingly towards consumer
protection.
SA HomeBuyers does not sell houses! We serve as a home
buyers consultant, assisting them to find the right
property and helping them throughout the process, providing
research, financial guidance and legal advice for the modern
buyer.
Welcome to the future of house purchase – where the
buyer is king!
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