Think carefully before you sign on the dotted line

It is not easy to back out of an offer to purchase, once you have made your mark, without legal and financial repercussions

Q: We are considering moving to another province but are trying to work out the costs. How much could such a move potentially set us back?

A: A move from one side of the country to the other starts at around R10 000 and can go up to R50 000 or more. There are a lot of factors that influence costs when moving house, especially with a long-distance move. Every mover operates differently, therefore prices of home removals vary. Key factors that influence costs are:

1 Where you are going: Distance is a huge factor as it affects fuel consumption, and with the current state of our fuel price per litre, this could add up quickly.

It also means paying the driver for additional time or hiring a second driver.

2 How much needs to be moved: Naturally, the moving costs incurred for a one-bedroom flat move compared to those of a four-bedroom house are vastly different.

3 What needs to be moved: The type of items being moved also plays an important role. Moving a piano, for example, will require specialised equipment and extra removal staff which may add to the overall cost of the move.

Moving can also become more expensive based on how booked up the furniture removal company is.

You can expect prices to start going up as you near the month-end. Weekends are also very busy for removals, so expect a price jump. – Graeme Steen, chief operating officer at Kandua.com

Q: What are some ways I can prepare to be financially ready to buy a home?

A: There may be a lot of paperwork, logistics and a fair amount of money involved in purchasing and insuring your home, but it’s absolutely worth it, especially if you do your homework and act wisely.

Here are some tips: 1 Take time to save up: Prepare early for buying a home, giving you enough time to save up for a good deposit, the costs involved in the purchase process and renovations. A good deposit could save you thousands over the life of your home loan.

Also bear in mind that, in addition to the purchase price, you’ll need to budget for transfer duty, attorney transfer and bond registration fees, as well as initiation fees.

2 Check the insurance tick box: Make sure you can afford insurance on the property – covering the bond, building, home contents and personal liability.

3 All-clear on debt: Service your debt well and improve your credit score. The better your credit score, the better your risk profile and the higher your chances of getting a competitive interest rate.

Make sure that all your accounts are up to date and paid regularly, check your credit score and address any problems before applying for a home loan. – Susan Steward, spokesperson for Budget Insurance

Q: Once I have made and signed an offer to purchase (OTP), can I withdraw it if I have a good enough reason to?

A: In short, if the signatures of the seller and buyer (or their agent) appear on the offer to purchase, then both parties are bound to honour the contractual agreement. Not doing so puts you in breach of said contract.

This means you will probably have to foot the bill for some hefty penalties if you pull out at this stage – even if you’re backing out for reasons that are completely beyond your control.

If the OTP has been signed, neither party can opt out – without incurring legal repercussions – simply because they are no longer interested.

There needs to be a legal basis for cancelling the agreement and some of these reasons include:

1 A suspensive condition was not met: These are conditions in the OTP that suspend the obligations of the contract (for all parties) until they have been fulfilled.

2 A breach of contract: If this happens, the party not at fault can justifiably cancel the OTP and claim any legitimate damages or losses from the party in breach.

3 The home is priced under R250 000: A buyer can cancel their OTP, regardless of suspensive conditions or other clauses, on a home priced under R250 000. In this case, notification in writing is provided to the seller within five days of signing (as stipulated in section 29A of the Alienation of Land Act).

This cooling-off period does not apply to residential homes that are sold for more than the R250 000 threshold. – Adrian Goslett, regional director and chief executive of RE/MAX of Southern Africa

Q: We do not live in KZN but watched footage of the devastating floods. If we are ever in that position, how should we deal with removing the water from our home?

A: Being prepared is half the victory. So, whether you have a water-logged room from this recent hundred-year flood or if you just want to be better prepared for a future plumbing malfunction, here are some tips to getting the water out as soon as possible:

1 The first thing to do is turn off (and disconnect, if possible) electricity points that are affected before you go anywhere near the water. Risk of electrocution is real.

2 Ensure you put on protective gear like gumboots and rubber gloves, if possible.

3 Remove loose furniture and wooden items first. Most wood, but particularly reconstituted products (like chipboard or laminated wood) swell when they come into contact with water.

4 If the water has not been able to drain out of the affected spaces, it should be removed as quickly as possible, preferably with a pump.

Once the water is out, the cleaning can start. If a lot of debris and soil came in with the water, this will be a manual process.

If flooring, like carpets, has to be removed anyway, consider loosening them around the edges and rolling the dirt up in them; thereby removing the dirt and damaged flooring simultaneously.

Consider washing the walls and floors with a disinfectant to combat any nasties that could have come in with the water.

5 To dry the floors and walls you can use heaters, fans or even a leaf blower. – Johan Kruger, national sales manager at Husqvarna South Africa

MOVING costs can vary depending on how much you need to move and how far you are going. PICTURE: RODNAE PRODUCTIONS/PEXELS