31/03/2022
When ignorance of the law comes with a hefty price tag!
Do you know that all property Sellers, Lessors, and Developers are now obligated to provide a list of defects they are aware of or ought to be aware of when they choose to sell their property?
This is what is known as the "Mandatory Disclosure Form" and do you know that the costs to draft such a document is for the account of the Seller, Developer or Lessor. Just as they are required to cover the costs of an Electrical CoC, an Electrical Fence CoC, a Gas Installation CoC, A Lightning Rod CoC, and in the Western Cape, a Plumbing CoC.
(CoC - certificate of Compliance)
In the old days, homes were sold and bought as "Voetstoets", this often meant, many who thought they were buying their dream home often woke up to a nightmare! Those days are gone and for Property Practitioners (Estate Agents) who choose to represent unscrupulous or dishonest Sellers without covering their own interests, will eventually understand that ignorance of the Law does indeed come at a cost.
I'm often told by Property Practitioners that they have their own in-house Disclosure Forms, on their own Corporate Letterheads!!! They'll tell me that if the Seller is not honest, it's not their problem, because they rely on the information provided by the Seller, so any issues will be between the Buyer and the Seller. They’ll also tell me; they’ve been operating like this for years and see no real reason to change the way they operate.
Well, I can tell you this is not the case. You see, a Property Practitioner provides a Buyer with assurances in terms of defects and a property's overall condition and based on this, and other information, a Buyer may choose to submit an offer to purchase. But things can go horribly wrong when a Buyer subsequently finds that the assurances were not accurate or true, and that the property has defects that were not disclosed and where a Buyer can prove that a Property Practioners actions were intentional or negligent, which inflicts loss or harm, a Property Practitioner can be held personally liable for the costs of rectifying any defects. In worse case scenarios a Court may order the sale to be nullified which means the Seller and the Property Practitioner would need to refund, the Buyer.
Buyers today have a far greater degree of protection than in the past, so it would be wise for Sellers to appoint Property Practitioners who are prepared to take adequate care of both parties and to ensure that they know exactly what their rights and legal obligations are.
So, when you as a Seller, are told that a Home Inspection by and independent Home Inspection Company is an unnecessary expense, think of how expensive and damaging, NOT having one could be.
For more information contact All-Check Home Inspection Services.
