Before signing a mandate, it is important for you to determine who the seller is, as only the true owner of the property can be your seller. Natural Sellers: A natural entity is any person or persons operating in their personal capacity. The seller can be more than one person, for example, a husband and wife, or two single individuals. In each case, it becomes important for you, as the practitioner,...
Mandate Management
In real estate, an erf is a legal term used to describe a piece of land registered in a deeds registry as an erf, lot, plot, or stand. Check carefully that the property description does not include “a portion of” or “a portion of or a portion of,” as this will result in an amendment to the bond if it has been recorded incorrectly. Every property has an erf description, which you will find on...
Property Practitioners and sellers often have a different understanding of what the “selling price” really is, so you need to confirm that you and the seller are on the same page. Sellers always think of the price as the amount they will get in their pocket, while Property Practitioners consider the price to include their commission. Never discuss the selling price with the seller before you have...
The mandate must be signed by the seller(s). If there is more than one seller, then all must sign, or there needs to be consent or a Power of Attorney giving authority to the person signing the mandate. The practitioner also needs to sign the mandate, as it is an agreement between the seller and the practitioner. If the Property Practitioner is an intern, then the mandate must be signed in front of a...
Bond Cancellation Contact your bank and advise them that the house is on the market. Ensure the notice period is kept current (i.e., keep your bank informed – consult the 90-day notice period on page ___). Electrical Compliance and Other Certificates Contact an electrician, plumber, gas fitter, or pest control company to issue the relevant certificates required for your...