Signing your agreement

Real Estate issues with Jonathan Thompson
THE big day has come, you have bought a property.

Or maybe you have sold your first home.

You have waited for this deal to come together.

Perhaps you looked at dozens of properties before you found the right one for you.

If you were selling your home, you may have endured dozens of potential buyers tramping through your home.

Whatever you have gone through, finally it is the day to sit down and sign your Agreement of Sale.

 

We all know that one of the most important parts of the Agreement of Sale is the signatures on the last page.

This proves that all parties have agreed to the terms which have been recorded in the contract.

It shows that the seller is willing to sell, and that the purchaser is willing to buy.

Seeing that you may have signed your signature thousands of times during your lifetime, what is so important about this one?

Here are a number of things to consider, before applying your autograph to the paper.

Have you read the Agreement through?

Do you understand and agree to the terms and conditions of the Agreement?

Do you know that what is recorded on the paper is more important than any words that have been spoken to you?

Most of us grew up being told that we should not ever sign something that we have not read.

This is great advice.

Follow it!

The agreement should be signed by the parties of the Agreement, before witnesses.

They are witnessing that you are the one actually signing the Agreement.

As long as the signature has been done within the national boundaries of Zimbabwe, then your signature and contract will be valid.

If you are outside of the country then the Laws of Zimbabwe state that your signature needs to be signed and witnessed by a Notary.

Many Commonwealth countries charge quite a lot of money for someone to notarise your signature.

In other countries, such as the USA, the charges are much less.

The original document needs to be delivered back to Zimbabwe, to continue the transfer of the property.

Another way to sign your document is through the use of a Power of Attorney (POA).

A POA is where you appoint someone to act on your behalf.

In the past, a General Durable POA could be set up.

However, these General Durable POA’s were badly abused by many people.

Eventually Zimra and the Deeds office began to refuse this type of POA in favour of a Special POA.

A Special POA is very specific and limited.

Normally, they will allow someone to assist in purchasing or selling a property, especially in the transfer of the Title Deeds from the seller to the buyer.

Once the transaction is completed, the POA is terminated.

If the Special POA is signed by the party, outside of Zimbabwe, then it too will need to be notarised and the original sent back to Zimbabwe.

In many ways, the world has become a smaller place.

Deals can be arranged between two parties, who have never met each other, from opposite sides of the world.

Following the above suggestions will ensure that your signature is a legal one, this is very important to understand.

A correct signature will help protect the sanctity and strength of your Agreement of Sale.

Jonathan Thompson is a Registered Real Estate Agent who works in Bulawayo.

He has nine years of experience in Real Estate in the USA, and another 11 years experience in Bulawayo.

He is the founder and the Managing Director of Thompson Properties (Pvt) Ltd.