Property Valuation

Market value is the value of your home, seen through the eyes of a buyer, who has many properties to choose from. This is why we strongly believe that determining the correct value of your property is one of the most crucial factors required before placing your property on the market. A badly priced property will take longer to sell, and ultimately drive your price down in the end due to over exposure, than a property that offers fair market value. Fair market value is the highest price an informed buyer will pay for a property, after thoroughly and carefully comparing what a property has to offer, in the current climate. Our objective is to correctly pitch your property, this is why we believe a detailed valuation is crucial. The valuation needs to be performed by an experienced estate agent, drawing on information from a property research company such as Lightstone, a bank value and a comparative market analysis to ensure we are well prepared to approach the correct audience with an accurate market value for your property. Our team will perform a free property valuation and they will send you detailed evidence of the valuation figures to guide you on setting the correct asking price for your property.

These are the costs, you as the seller, can expect when you secure an offer on your property:

Certificates of Compliance

The cost of getting Certificates of Compliance for your electricity, gas installation and electric fence are the responsibility of the seller. Without these being done, your home cannot be transferred into the buyers name.

Bond Cancellation fees

An attorney will be appointed by your bank to deregister your bond from the title deed.

Rates & Levy Clearances

Both City Council and the managing agents will require a fee and pre-payment of rates and levies to issue a clearance certificate. This amount will be valued somewhere between 3 and 6 months equivalent of the monthly amount. This will need to be paid prior to the transfer of your property. The good news is some of this can be refunded to you. Refunds are given on credit balances and deposits once the City account has been closed. They are also issued for inactive accounts with a credit balance.

Municipal Account Closures

Electricity in Johannesburg is supplied by Eskom or City of Johannesburg, depending on your area. There is a different procedure to follow for each of these. Make sure you contact the relevant service provider ahead of time so that you understand the procedures that need to be followed and the deadlines for these.

City of Johannesburg

Once your property has been sold and you have received confirmation that it is registered in the new buyer’s name, you will need to go and close your municipal account and request any refund due to you. Once the buyer has opened the new account, the seller’s municipal account should automatically be closed. However, it is best if both the seller and buyer go to the municipality as soon as possible after registration of the property transfer to avoid charges on the incorrect account. It is advisable to record all meter readings, photographically, on date of occupation and date of transfer in the event there is a discrepancy with the billing or refund on the account. If the buyer has taken occupation of the property prior to transfer, they will need to reimburse you for any consumption during that time.

Eskom

The accounts are closed with the readings on the day the property is handed over to the new owners, either date of occupation or transfer, whichever is sooner. The buyers account will be opened with the same readings so you need to ensure they are accurate and agreed upon by both parties. Once the account is closed you will receive a final bill which will detail the refund due to you. Do not make payment into the account after you have submitted the readings and requested it be closed.