Residential Real Estate
All kitted out
“The new Consumer Protection Act (CPA) could lend property sellers and estate agents in hot water should they fail to allow buyers to scrutinise all relevant documentation prior to signing a sale agreement. Conveyancing attorney Meyer de Waal in consultation with key industry associations and service providers, has created the Property Transaction Kit (PTK), which aims to protect all parties involved in a property transaction and allows for a structured process through which all parties can access relevant compliance material. ‘Once a seller registers for the service, the PTK team will access a database of accredited service providers to source all the relevant documentation and issue certificates of compliance pertaining to the property.’ Says Meyer. ‘The documents are then loaded onto a virtual “property vault” on the PTK portal. There the seller, estate agent, buyer, attorney or bank can access the information securely.’ Such a kit may prove crucial in terms of the CPA, property buyers can now attempt to hold sellers and their estate agents responsible for defects or non-disclosure of property faults, even months after taking ownership. Past property sales contracts typically included a voetstoots clause protecting sellers from defects that buyers could identify, but not against defects that the seller didn’t know about and therefore could not disclose. Sellers must now ensure the inspection and evaluation of sale properties by accredited service providers. Buyers can agree to buy the property as is, or they can request that the seller repair any faults before purchase.
Please note that the above piece is not the work of Oosthuizen & Co Meyer de Waal, but rather that of the Property Magazine, (Western Cape). You may therefore access this article and others alike from:
Property Magazine, The (Western Cape)
01 June 2011, p. 66