Sales Submission Process 2025

Sales Submission Process 2025 f r o n t h o u s e @ i c o n p g . c o . z a | 0 2 1 2 0 9 1 6 2 0.

[Audio] In South Africa, compliance with OTP and FICA documents is crucial for legal real estate transactions. OTP ensures legally binding agreements between buyer and seller, establishing clear terms. FICA prevents financial crimes by mandating personal information verification. Examples of proof of funds include a bank statement, letter from your bank, or attorney's trust account letter. These measures safeguard interests, foster transparency, and protect the financial system..

[Audio] In the Offer to Purchase, the personal details of both the buyer and seller must match those on the copies of the identity documents that form part of the paperwork. Furthermore, personal details such as phone numbers and email addresses should be checked for correspondence purposes to minimize administrative errors and delays. The property description must accurately reflect the property as described on the Title Deed, including the ERF NUMBER, which is essential for registering the property and transferring it to the purchaser's name. This ensures the precision and integrity of legal paperwork, protecting the rights and interests of all parties involved..

[Audio] When dealing with the sale of a property, it's crucial to ensure that the personal details of both the buyer and seller are accurate and matched correctly on the Offer to Purchase (OTP). This includes checking the names, ID numbers, phone numbers, and email addresses for correspondence. By doing so, we reduce the likelihood of administrative errors and delays. Furthermore, the agents must complete the risk assessment forms and questionnaires to provide a comprehensive understanding of the transaction. Additionally, the OTP must accurately describe the property, including its exact description as stated on the Title Deed, and include the ERF NUMBER, which serves as a reference point for the transferring attorneys and the Deeds Office to register the property and transfer it to the purchaser's name. The precision and integrity of legal paperwork are essential in ensuring fairness, transparency, and enforceability in agreements, ultimately safeguarding the rights and interests of all parties involved..

[Audio] When submitting a purchase price, it's crucial to consider that bond approval is necessary and the Offer to Purchase (OTP) is a legally binding agreement. Proper briefing is essential before presenting the OTP to the transferring attorney. Any deposits or remaining purchase prices must be clearly stated on the OTP along with specific dates. For cash transactions, the purchaser must specify the payment date. Sales support must be accurately briefed regarding the source of funds for cash sales and occupation-related matters such as tenants, evictions, early occupation, and registration. Accuracy is paramount in this process..

[Audio] When dealing with the sale of a property, it's crucial to clarify what's included and what's excluded in terms of fixtures. Fixtures refer to items permanently attached to the property, such as ceiling fans. Make sure you're aware of patent defects, which are clearly visible, and latent defects, which may be harder to spot. A signed immovable property report must be included upon submission of the OTP, and it's essential to have a professional home inspection done before making an offer, especially for older properties. The OTP should include a full list of defects, and the responsibility lies with the purchaser..

[Audio] You have to sell or buy another property, and a date must be specified in the OTP for this condition to be met. Alternatively, the seller needs to stay in the property for a certain period before moving out. In case of a cash transfer, the date of full payment must be specified in the OTP. Additionally, if the buyer applies for FLISP, the OTP must specify the costs. All of these conditions must be included in the OTP rather than being added later, causing stress and unhappiness. Part of dealing in good faith before submitting the OTP to the attorneys. Ensure initials and clauses are completed, and signatures and witnessing are done properly. Brief the agent thoroughly, and obtain the necessary documents, including the attorney's name and contact details. Confirm the bond details if applicable, and complete the submission documents, making a courtesy call to the client to confirm submission and outline the next steps. Once the sale is finalized, remove the listing from Property24 immediately..

[Audio] Ladies and gentlemen, welcome to our final slide of the presentation. It is my pleasure to introduce to you the final step in our sales submission process for the year 2025. Slide number eight is all about submitting transfers to the attorneys. First, we must email the buyers and sellers separately with an introduction email and a copy of the OTP. Please note, pages 11 and 12 must be excluded and commission instruction page must only be emailed to the seller. It is crucial to make sure that the OTP pages mentioned are correct and the page numbers are still relevant. And don't forget to update the OTP. Next, we need to capture the data in our Amalgamated Sheet and copy the OneDrive link. This data must also be captured in the attorneys' workflow, agents' KPI and cash flow. For any existing hard copies, you can file them, but we will not need to print any additional documents. Thanks to our efficient systems on Monday.com and OneDrive, everything will be saved online. A quick reminder, it is important to continuously follow up with the attorneys to avoid any unnecessary delays in the transfer process. Once the attorneys have confirmed that the transfer has been lodged, we must make sure that the COCs have been submitted. And as per clause 9 in the OTP, the agent is responsible for issuing the new owner with the original COCs upon key hand-over of the property. Lastly, it is important to celebrate the successful registration of the transfer by sending a congratulatory email to both the buyer and seller. This email should also include a request for feedback on their experience with Icon, branch support, the attorney, and the agent..