THE COST OF BUYING A PROPERTY IN SOUTH AFRICA
Property is not cheap. First time buyers and very often even "old hands" in the property game are surprised at the costs they are expected to pay when they are buying or selling a property. It is important to do one's homework and ascertain the exact costs and other required payments involved in a property transaction
DEPOSIT
Although not a cost as such, the purchaser is normally required to pay a deposit (cash) soon after signature of the deed of sale by the parties. This payment is negotiable as a term of the contract but will these days always be required in sales in new developments, or where the purchaser requires early occupation of the property prior to transfer. The amount of the deposit depends on t... read more
23
Aug
General remarks about immigration to South Africa
Immigration Policy For South Africa
Supplied By the Department Of Home Affairs, Pretoria South Africa. 1. General Remarks about immigration to South Africa. 1.1 The republic of South Africa can accommodate only a certain number of immigrants. There are valid reasons for this. In the first instance South Africa has a vast reserve of unskilled and semi-skilled workers who are entitled to employment opportunities and to an economically viable lifestyle for themselves and their families. For this reason no one in the unskilled and semi-skilled categories will normally be accepted as an immigrant worker in South Africa. 1.2 Because of the considerable need for the creation of job opportunities for South African workers, as well as for their training and development, it will be understo... read more
19
Jul
Capital Gains Tax
CAPITAL GAINS TAX
Purchasers, Sellers and Estate Agents should keep abreast of legislation and changes to legislation which affect property transactions to ensure that they are fully informed when dealing with property transactions. Questions like "Should I be purchasing property in the name of my family trust or in my own name " and "What will the effects of Capital Gains Tax be if I sell?" arise frequently and should be answered before a property deal is concluded
Another consideration is capital gains tax (CGT). Again, rates differ for individuals, trusts, Close Corporations and Companies.
If a property is owned by an individual or a special trust, 25% of the capital gain made on disposal of the property must be include... read more
26
May
Property Transfer Process
A basic understanding of the transfer will be enable you to deal with the two questions most commonly asked of you:
The Purchaser will want to know how long it will take for the property to be registered in his name, and when the balance of the purchase price will be payable.
The Seller will want to know how soon he will receive his money.
While the transfer process follows a series of successive stages, the period involved varies considerably. Generally, the following guidelines apply:
A cash transaction may take approximately 6 weeks.
Within normal circumstances (including bond approval), approximately 2 months.
If conditional upon the sale of the purchaser's property (within 30 days), approximately 3 month's... read more
