21. Who do I pay my deposit to?

 Depending on what is stipulated in your sale agreement, your deposit is either paid to the estate agency involved or to the Conveyancing attorneys attending to the transfer. Both these professionals should have trust accounts in which your money...

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22. Restrictions on Your Property.

Restrictions on Your Property. The use of every privately owned property in South Africa is subject to certain control measures, which may restrict you from making the changes you would like to make to your new home. If you are able to check...

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23. Rates Clearance Certificate from the Municipality.

When a property is changing ownership the transferring attorney will need to apply to the council (local authority) for a rates clearance certificate. The clearance figure is normally six months in advance on the sellers account. Only once the...

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24. Property Inspections.

 What is a Property Inspection? A Property Inspection is a Detailed and Systematic Visual Inspection of the Property, its Structures, Design and Fixtures that will provide a Transparent Understanding of the Property's 'Vital Signs'...

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25. What will my transfer and bond costs be?

Your estate agent and conveyancing attorney should be able to answer this question based on a schedule of bond and transfer costs. The transfer fees depend on the purchase price of the property. Bond costs are calculated on the total loan...

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26. Will someone contact me to let me know when the property is registered?

A representative from your conveyancer's firm should contact you as soon as the registration has gone through. You will also be given a final statement of the account. Your estate agent may also phone you to confirm registration. The bank will...

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27. Fractional Ownership

Fractional Ownership can be defined as the collective ownership of an asset, usually one with a high monetary value. Usage of the asset is shared amongst the owners by means of an ownership usage roster. The running costs are also shared...

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28. What is a Title Deed and why is it so important?

The owner of Immovable Property is the person in whose name the property is registered in terms of the Deeds Registries Act 47 of 1937. A Title Deed is the owner of immovable property's documentary proof of ownership. Each privately owned property...

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29. The Conveyancing and Transfer process of Property

Once an Offer to Purchase is duly signed by all parties it is handed to conveyancing attorneys traditionally appointed by the seller who then proceed with the formal process of conveying ownership of the property from the seller to the buyer and...

Wednesday, 27 January 2010 | 2942 hits | Print | PDF |  E-mail | Report | Read more

30. Buying Property on Auction

South Africans are not used to buying and selling residential properties using auction sales. A property that is being auctioned usually conjures up pictures in the minds of people of liquidations and insolvencies. In countries like Australia,...

Friday, 06 February 2009 | 915 hits | Print | PDF |  E-mail | Report | Read more