What do I need to purchase property in South Africa?
The entire process starts once you have found a property you wish to purchase after which you will be required to sign an Offer to Purchase/Agreement of Sale. This document states information such as the seller and purchaser details, the sale amount, any suspensive conditions and any further information needed.
What should be included in an offer to purchase?
An Offer to Purchase is a binding agreement of your intention to buy the home, so take some time to ensure it includes everything you need it to. Before you sign anything, take a look around the property to see if there’s anything you want to be included in the sale. These items must be stipulated in your offer.
Can a non resident buy a property in South Africa?
Yes, however Non Residents are only able to obtain a maximum bond/mortgage amount equal to that of the foreign currency introduced into South Africa. Is Non Res SA a foreign exchange company?
Is it legal to withdraw from a contract in South Africa?
Please note that unlike many other countries throughout the world, once signed, this document becomes a valid and legally binding contract from which neither party can withdraw without incurring various legal consequences.
The entire process starts once you have found a property you wish to purchase after which you will be required to sign an Offer to Purchase/Agreement of Sale. This document states information such as the seller and purchaser details, the sale amount, any suspensive conditions and any further information needed.
How to get better interest rates when buying a home in South Africa?
Aside from waiting on the South African Reserve Bank to further adjust its interest rates downwards, which is not guaranteed, there are a number of things you can do to earn more favourable interest rates when applying for a home loan. If at all possible, raise the biggest deposit that you can before buying a home.
How to transfer money to buy a house in South Africa?
Many house buyers transfer their purchase money to an attorneys trust account which offers poor interest rates and no access. We are able to provide you with bank guarantees – when purchasing a property in South Africa it is common that you will have to provide a bank guarantee that the funds are available.
How much does it cost to buy a house in South Africa?
Costs of buying property in South Africa. When you buy property in South Africa, you’ll typically need to pay transfer duty plus a registration fee and conveyancing fee. Transfer duty is not applicable in all property sales, as it depends on the property price: Up to ZAR 750,000: 0 percent. ZAR 750,000–1,250,000: 3 percent.