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South Africa is seen as an attractive place to buy property due to the weather, lifestyle and exchange rate working in the favor of most investors. Buying any sort of property in South Africa can be a bit of a process though and this scenario should give you a better idea of what to expect. This particular scenario covers buying a 3 bedroom apartment in Cape Town CBD, one of the most popular tourist destinations in South Africa.
The buying process itself is quite straightforward; however, it is time consuming and some parts of it may change depending on where you are buying and for what purpose you want to use the property.
Contact a real estate agent, or, if you would like a wider scope—contact several estate agents. Some of the reasons to use an estate agent include:
Remember that the seller has the right to reject an offer to purchase or even to issue a counter offer.
The property lawyer only comes into play once the offer to purchase has been accepted and duly signed by both parties. The lawyer’s main functions include:
This is normally 10% but some sellers may require more.
Most sellers will require a deposit to secure the property while the transfer of ownership and funds go through. The deposit is normally deducted from the total amount due once the transaction is completed.
Once all of the legal requirements have been satisfied, the lawyer will then send the deeds to the Deeds office (fee of between R55.00 to R1,000.00).
The outstanding balance of the purchase price, along with any other accumulated fees, is then paid and the financial transaction is concluded.
Additional fees such as rates, taxes, water and municipal fees are paid pro-rata.
Some properties in South Africa may also require a Beetle clearance certificate and it is worthwhile to check this with the estate agent before putting in an offer to purchase.
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