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South Africa real estate agents

Advice Buying Properties For Sale South Africa Real Estate Property Buyers Guide



You have found a South Africa property you wish to purchase what next?

South Africa propertyBuying South Africa Property - Costs of Purchasing Property
South Africa Property Buyer's Guide explains the real estate purchase legal fees, legal procedures, purchase taxes and mortgage procedure.

Purchasing South Africa property
South Africa is rightly known as the adventure capital of the world. With an outstanding natural beauty, affordable luxury, prize winning wines, the bright sun, stars, the city streets and the invigorating mountain or ocean air, South Africa has justifiably earned the name Rainbow Nation.

There are no restrictions on non residents owning property in South Africa. A non resident will of course be subject to the same laws and regulations as South Africans.

Most people purchasing property in South Africa will do so registering the property in their own name. Should the purchaser wish to purchase property in a company name, he / she should be aware that the company involved must be locally registered and meet the requirements as laid down in the Companies Act. Any monies bought into South Africa to assist the property purchase will be classed as a loan to the company and will be subject to exchange control approval.

Mortgages are available to non residents from the South African Reserve bank to assist with property purchase. They will consider all foreigners not having their main domicile in South Africa as non resident and to qualify for a South African Mortgage Bond of 50% of the property purchase price, the normal conditions of "proof of income etc," and compliance with the Financial Intelligence Centre Act, which involves proof of identity and proof of residential address, must be complied with.

The monies for the remaining 50% of the property purchase price must be seen to come from a foreign bank.

Non residents can open a non resident bank account if you are taking a mortgage this will do at the same time you apply for the mortgage. If you are not taking a mortgage to open an account you will need certified copies of your passport to prove your identity. A record of any monies deposited in your account from a foreign source is kept and is known as a "deal receipt"; this is an important document and is your proof of money entering South Africa should you wish to repatriate your funds at a later date.

Having found the property that you wish to purchase you must at the time of signing make sure that your intended form of purchase is clearly stated on the property purchase contract, i.e. If taking a mortgage this must be included in the contract at the time of signing as your form of purchase cannot be changed at a later date, without incurring serious penalties and will result in delays to the transaction.

It is normal practice in South Africa for the seller to nominate the attorneys that will attend the transfer. Should a dispute arise between the seller and the purchaser, the purchaser must appoint an attorney for independent advice.

The purchaser is responsible for the property transfer duty at this moment 10% (a tax levied on the cost of the property), transfer fees, deeds office levies, and a clearance certificate for rates. If taking a mortgage you will also be liable for the banks valuation certificate and their set up charges. If the property is not mortgaged it is always advisable as in your home country to take out the appropriate insurance, if mortgaged the bank will do this for you as a matter of course.

If you decide to sell your property at a later date you will be liable to capital gains tax At the time of sale the purchaser is obliged to retain 5% of the sale price if the seller is a private individual or 7.5% if the seller is a non resident company on all sales in excess of R 1 million and pay this to the South African Tax Authorities within 10 days of the date of sale, (this acts as an advance collection of taxes). At this moment you are taxed on 25% of your gain, you will then have to pay 40% of this. This equates to an overall tax of 10%. You then have to claim the excess taxes held by the Tax Authorities. This procedure has been introduced to ensure that all taxes owed by non-residents are collected.

For Sale
Zwahili Private Game Reserve
Modimolle Nylstroom
Limpopo
Apartment

Apartment Limpopo

€45,000

For Sale
Zwahili Private Game Reserve
Modimolle Nylstroom
Limpopo
Apartment

Apartment Limpopo

€45,000

For Sale
Hibuscus
KwaZulu-Natal
Margate
Townhouse

Townhouse Margate

€105,000

For Sale
Hibuscus
KwaZulu-Natal
Margate
Townhouse

Townhouse Margate

€105,000

For Sale
Hibuscus
KwaZulu-Natal
Margate
Townhouse

Townhouse Margate

€105,000

For Sale
Hibuscus
KwaZulu-Natal
Margate
Townhouse

Townhouse Margate

€105,000

For Sale
Somerset Place
Gordensbay
Western Cape
Apartment

Apartment Western Cape

£67,000

For Sale
Simbithi Eco Estate
Ballito
Kwa Zulu Natal
Apartment

Apartment Kwa Zulu Natal

€90,000

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These guidelines are meant for guidance only and describe straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.



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