Anybody that has ever purchased property before knows that the excitement of finding the perfect home can be quickly lost under a pile of paperwork.
Add to that the complexities for Non Resident buyers and suddenly your new investment feels more like a liability than a place where your money can grow.
The SA Reserve Bank has certain rules and regulations for the introduction and repatriation of funds with regards to property sales and purchases.
These intricacies can in some cases mean that Non Residents may struggle to get their funds out of the country should they sell their property in the future.
We can take of all the legwork to ensure correct procedures are followed, preventing any issues or delays, should you decide to sell your asset in the future.
Our extensive knowledge and experience in this field ensures that it is a simple and hassle-free experience.
South Africa boasts one of the best deeds registries in the world.
After finding a property that you like and want to buy, 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. 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 signed Offer to Purchase/Agreement of Sale is then sent to a Conveyancing (Property Law Process) attorney who will attend to the registration of the property. The nominated Conveyancer (Attorney) acts on behalf of the seller. Purchasers are not required to have an attorney but can appoint one to supervise the transaction on their behalf if they wish to do so.
The Conveyancer will apply for a Rates Clearance and Valuation Certificate and will follow up on the fulfillment of any suspensive conditions, such as confirmation of the purchase price or confirmation of a mortgage bond approval if applicable.
All the costs pertaining to the transfer are for the account of the purchaser, as well as Transfer Duty (a tax payable to the Receiver of Revenue). Transfer documents are drawn up by the Conveyancer for signature by both seller and purchaser. Once these are signed, all costs are paid and everything is in place, the documents are lodged in the Deeds Office. The examination process in the Deeds Office takes 10 – 14 days to come “up for registration”. Once “up for registration” the Conveyancer has five working days to finalise all outstanding issues and can then register the transfer. The entire process from signature of the Offer to Purchase/Agreement of Sale to the actual transfer date can take up to three months.
After registration of transfer, the new Title Deed (Ownership Deed) takes approximately two to three months to come out of the Deeds Office and is sent to the Conveyancer who then forwards it to either the Bond Attorney (if a Mortgage Bond has been taken over the property) or to the Purchaser.