Mandatory Disclosure Forms
Category From the pen of Esti Lombard
MANDATORY DEFECTS DISCLOSURE FORM - SALE OF IMMOVABLE PROPERTIES
In terms of new legislation that came into law on 1 February 2022 [The Property Practitioner's Act, Act 22 of 2019 (hereinafter "the Act")] it is now mandatory for the Seller of an immovable property to complete a prescribed defects disclosure form to list various defects relating to the property.
This defects disclosure form needs to be completed by the Seller at the time that the Seller engages a Property Practitioner (the new fancy name for an estate agent under the Act) to start the marketing process.
The defects disclosure form must then be presented to any potential Purchaser of the property so that the Purchaser is aware of the defects to allow him/her to make an informed decisison before deciding to purchase a property.
If no defects disclosure form is presented to and accepted by the Purchaser of a property simultaneously with or before the sale agreement is concluded, the Act provides that it is deemed that no defects or deficiencies relating to the property were disclosed to the Purchaser.
In my view the defects disclosure form is a great tool that protects the Seller, Purchaser and Property Practitioner in any sale transaction because it creates fairness, disclosure and certainty in a transaction.
The defects disclosure form is here to stay and whereas it was a nice to have in the past, it is now compulsery to have going forward.
ABOUT US
Before founding E. Lombard Attorneys Inc, Esti Lombard served at a prominent and trusted Durban-based law firm for 18 years. At E. Lombard Attorneys Inc we are passionate about law, and, being a small firm, pride ourselves in rendering fast, efficient and personal client service. Our practical and creative problem-solving skills, coupled with our genuine love for people, sets E. Lombard Attorneys Inc apart from the rest.
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Author: Esti Lombard
