Question posted in the Property Law category relating to Western Cape
In total 5 people inherited a house (brother & wife - married ICP, sister & husband - married ICP and sister) and the house was already registered on these individuals names prior to the person passing away.The 2 sisters are not interested in keeping the house, but the brother is. He wants to buy them out and renovate the house to live in once retired. The brother obtained 2 market valuations from independant estate agents that viewed the house and based their valuations on various market related factors and then made a market related offer to the sisters, based on the agents valuations. The sistets then obtained a telephonic valuation from another agent that didn't view the house. They are insisting on the higher value provided by the 3rd agent (no written valuation provided). The brother has now requested a written valuation from the 3rd agent.
Obviously the sisters want to sell for the highest value whereas the brother is looking at the current market related value.
What are the options of the brother if the sister keep insisting on the higher value?
Should they agree on an amount, what is the process to change ownership on the property and who needs to pay the cost, i.e. transfer cost?
Do the "sellers" provide any certificates, i.e. electricity, etc?
Answer to the Question
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The sale price would need to be negotiated between the brother and the sister. If they can't reach an agreement, then there is no sale. You can't force a sale if the parties can't agree.
The purchaser will need to pay the transfer costs, etc.
The sellers would need to provide all of the required compliance certificates, including water & electrical certificates.
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