Buying a home may well be the biggest single investment any person will ever make, so one shouldn’t ever take a risk with it.
Home owners may sometimes consider selling their homes privately and ask their attorneys to help with the sale contract, but in cases like these it possibly would be better to let their attorney handle the whole process.
“There are many legal pitfalls to be aware of in dealing with property, and various law reports show many property sale disputes could have been prevented if the right person had been employed to handle the drawing up of the contract and the sale”,
says Meyer de Waal of MDW Inc. – who is one of the founding members of a revolutionary property service provided by attorneys who sell properties through the use of the tools provided by the Attorney Realtor Hub, www.attorneyrealtorhub.co.za (The ARHub).
This new initiative, the brainchild of independent conveyancing firm members working together, quickly grew to 18 firms with a national footprint and more than 84 individual users subscribing to the ARHub.
These subscribers can leverage the wide range of cutting edge FinTech and PropertyTech tools and resources to achieve the best possible sale, at the best possible price, in the shortest possible time.
The key benefits of the tools made available by the Attorney Realtor Hub service, according to de Waal, are:
ONLY CASH OR PREQUALIFIED BUYERS ARE INTRODUCED TO SELLERS.
The use of the “My Bond Fitness” application helps screen interested buyers by allowing them to perform their own online and paperless prequalifying process, so only cash or prequalified buyers will be introduced to sellers.
Viewing of properties is revolutionised with modern technology via a virtual reality tour system. Where possible, sellers are only introduced to serious buyers (the buyer can do a full walk through online to decide whether to go further); without the inconvenience, disruption, and security concerns of having a horde of possible buyers having to physically view the property.
SALES COMMISSION ARE SET BY EACH INDIVIDUAL ATTORNEY FIRM. A traditional estate agent on the one hand can be paid up to 7% commission plus VAT. That’s a rate that is normally entirely warranted on the side of the “traditional estate agent”, with their huge overheads, days and weeks of effort needed to introduce prospective buyers to the property, and expensive advertising costs.
TRIMMING EXPENSES. Attorneys on the other hand are able to work smarter with the application of Fintech and as they incorporate their property sales office into their current legal practice and office space, they can save on office administration expenses and are able to charge a lower commission while still being able to provide a comprehensive service.
ACCESS TO A HUGE POOL OF POTENTIAL BUYERS. Working together gives fellow attorneys a large national client database, captured and managed on an electronic client relationship management tool which lists property sales mandates and properties for sale through the most advanced property listing technology available.
PROPERTY FINANCE FOR END USERS. Working with pre-qualified buyers, the sales process and home loan application and approval process can be fast-tracked as inhouse mortgage origination services are provided.
RENT2BUY FINANCE, innovative sale and purchase solutions for sellers, property realtors and homer buyers are also available.
A qualified attorney or an attorney estate agent, as a property realtor, assists sellers and buyers to negotiate and conclude the largest and most important financial transaction many will ever make in their lifetime.
“Entrusting the sale of your home to your attorney will ensure that all the role-players can sleep peacefully at night knowing that they are in safe, experienced and qualified hands from the time the property is put on the market, to the time the buyer is registered in the Deeds Office as the new owner”, says de Waal.
FLISP SUBSDIY ASSISTANCE
A Memorandum of Understanding was concluded with the National Housing Finance Corporation which has enabled members to obtain assistance and support for FLISP applications and the processing of such applications.
Meyer de Waal secured the FLISP web domain and has been able to provide an extensive FLISP subsidy support to first time buyers and Attorney Estate Agents.
A partnership agreement was secured with LexisNexis to assist attorneys and their clients with FLISP applications. Click here to read more about the LexisNexis partnership.
SAVE THOUSANDS OF RANDS
With access to tools and services such as TPN, members of the Attorney Realtor Hub van also provide the pre-screening of tenants and extensive rental management structure.
A rental guarantee service is also available, covering rental income for either a 2 or 4 month rental income period, that includes the collection and distribution of the rental income, which also covers the legal fees and costs of evicting a non-paying tenant. Terms and conditions apply.
ONE STOP SHOP
For the buyer: The buyer works with one team from the home loan pre-qualification, property purchase and transfer process in the deeds office.
For the seller: The same applies for the seller who also works with the same team, from receiving a property valuation report, listing of the property for sale, marketing process, introduction of a pre-qualified or cash buyer and up the transfer process in the deeds office.
We found the “traditional estate module” very disruptive as usually a buyer is shifted from estate agent to mortgage originator or financial institution and then two sets of attorneys, one attending to the registration of the transfer and one attending to the bond registration.
For further information contact Meyer de Waal 021 461 0065 or (mobile) 083 653 6975 or via email on firstname.lastname@example.org.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)