‘FAQs’ Category Archives

11
Mar

What are the rules for foreigners to buy property in South Africa?

by Annalien in Advice to buyers, FAQs

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If you are a foreigner and interested in buying property in South Africa, you may find the following useful: First of all, you must be a 'legal' foreigner, i.e. in possession of either a temporary or permanent residential permit; You will be required to pay a deposit of at least 50% of the purchase price; You will also have to ...

18
Jan

What is more expensive?

by Annalien in Advice to buyers, Advice to sellers, FAQs

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What is more expensive? Sectional title or full title homes? "At stages during the pre-2008 house price boom, the average price of a three-bedroom sectional title home was in excess of 20 percent higher than the average for a three-bedroom full title home". According to an IOL Property newsletter that is no longer the case, as the ...

16
Jan

Can a buyer revoke his offer to purchase of a property?

by Annalien in Advice to sellers, FAQs

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A buyer may revoke his offer to purchase, if: The purchase price of the property is R250 000 or less, and The offer was made by a natural person (not a company or CC), and It is done within 5 days, in writing, and The property was not bought on auction.

4
Jan

What is the difference between a mandate, an open mandate, a sole mandate and an exclusive sole mandate?

by Annalien in Advice to sellers, FAQs

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What is a mandate? When a seller instructs an agent to sell his property in return for payment in the form of commission and the agent accepts the instruction, a mandate has been formed. What is an open mandate? This means that any agent who received a mandate is entitled to market and sell the property. No agent ...

13
Nov

When will I be paying Capital Gains Tax on my primary home?

by Annalien in Advice to sellers, FAQs

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CGT forms part of your income tax and is a tax on the profits you make from selling something that you own (that is not otherwise taxed) It therefore only comes into effect when you dispose of an asset, called a CGT event. You will NOT be paying CGT on your primary residence if: it is registered in the ...

6
Nov

Obtaining approval in principal from your bank

by Annalien in Advice to buyers, FAQs

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Following up on our previous blog about obtaining an Approval In Principal from your bank to make your Offer to Purchase more appealing, here are some more details. What are the advantages of obtaining a pre-approval? Before searching for a home, you can obtain pre-approval for a loan of a certain amount from a bank or through ...

3
Oct

Ever wondered exactly where the deep water or boatable spots are located on the Vaal river

by Annalien in Advice to buyers, FAQs, Vaal river info

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As river property consultants we generally have two types of clients looking for a weekend place; those who mainly want to take part in motorised water sports and those who have a need for peace and quiet. Fortunately there are spots to be found to satisfy these diverse recreational needs. The question we get asked the ...

21
Aug

Must all home owners pay municipal rates and taxes? Even if you live in a complex?

by Christian in FAQs

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Since 2009 it is the responsibility of every home owner in South Africa to pay taxes to the local authority, no matter how the property is registered; full title, sectional title, real right, share block. It is vitally important that the rates and taxes on your property are paid up to date, for without a clearance ...

25
Jul

What is the main river and why is it called the main river?

by Christian in Advice to buyers, FAQs, Vaal river info

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The term "main river" is actually a misnomer, because the whole of the Vaal river is a main river with tributaries, (see our map) but traditionally the 50 km or so boatable water below the Letabo weir down to the barrage (again please refer to the map) was called the "main river" because here the ...

13
Jul

In today’s property market, is it more expensive to build or to buy an existing house?

by Christian in Advice to buyers, FAQs, Property market

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According to Absa's house index, the average price for a middle class home (about 220sqm) is around R1mill (R200 000 down from 2004) To build a similar house will cost you, according to ABSA, around R1.6mill, bringing average building costs to about R7 273 p. sqm. This is the biggest difference in 32 years. Immediate future indications ...

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