The Infamous Voetstoots Clause
A voetstoots clause could be disastrous!
Most second-hand property sales are subject to the voetstoots clause.
When home hunting, most home buyers tend to be so excited that they give no thought to a closer inspection. Before you know you have signed the agreement and the property is yours. But what about all those defects you didn’t see during your first or even second visit.
Although it’s the law that home sellers have to disclose defects, it’s amazing what a coat of paint will hide. You will only start noticing problems six months down the line – when it’s too late for recourse.
Buyers who only complain of defects some months after the transfer has taken place occasionally exasperate sellers and Estate Agents.Continue reading “How The Voetstoots Clause Affects Your Home Purchase”
There are also various versions of “Sellers Property Condition Disclosure” statements in use by estate agents. The Estate Agency Affairs Board (EAAB) prepared one of the disclosure forms. Another by a prominent firm of conveyancing attorneys. Some “Offer To Purchase” contracts include the seller’s disclosure towards the back of the contract. None do much to make the average property transaction any fairer for the buyer.
These disclosure statements often don’t provide the buyer with genuinely comprehensive information on the true condition of the property. Such agreements often simply shift responsibility away from the estate agent and onto the seller. Continue reading “Is a Seller’s Disclosure worth the paper it’s written on?”