What do I have to know when selling and buying property simultaneously?

It often occurs that the Seller of a property wishes to purchase another property before the registration has been finalised. If the purchase of the property is financially dependant on the sale proceeds, the Seller must be safeguarded against any contractual obligations which do not align with the timeframes or expectations of the initial offer to purchase.

It is very important to ensure that there is reference to the sale of the current property by means of a clause in the new offer to purchase by making it a condition upon the sale of your current property.

It is recommended that you provide the Estate Agent dealing with the property being purchased a copy of the current Offer to Purchase. It is often possible for the Conveyancing attorneys to register both the sale and purchase of the properties simultaneously.

By registering the two transactions simultaneously it will enable you to plan your move more efficiently.

(Article by Morne Sauer from Kruger Attorneys & Conveyancers Inc)