Home Property in South Africa
How to buy a house in South Africa?
Here you will find the detailed information about real estate purchasing in South Africa:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in South Africa;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in South Africa and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in South Africa.
Real estate market in the RSA takes full advantage of country’s landscapes and numerous unique attractions. For instance, tourists may get a true African safari experience here, which is something not all African countries can deliver. This is also a perfect place for fanciers of world-class golfing and exclusive wines. Owing to wonderful weather conditions, divers can enjoy their hobby all year round. Obviously, all these factors determine local property attractiveness among foreigners. Another remarkable fact is that even despite global financial crisis, housing sector in the RSA remains stable, due to governmental support.
UniksLtd experts can assist in property selection, based on client’s personal preferences.
Having appointed the date and selected relevant property objects, potential buyers are invited to have a look at RSA housing market in the company of a Russian-speaking interpreter.
Purchase process in the RSA is quite quick and simple. Seller hires a certified notary, who will be handling all transaction-related paperwork.
Having selected particular property, buyer should compose a letter of offer and forward it to seller. After seller’s approval, both parties sign this document. In fact, it acts as a sale and purchase agreement and becomes valid immediately after signing.
It should be noted that the letter of offer is essentially a debt obligation. Once signed, it acquires legal grounds.
Within several days, buyer should pay a deposit, which is 10 % of property value.
Buyer and seller need to submit their personal information, such as copies of their passports, marriage certificates, etc., to their lawyer. Seller should also present the certificate of property quality. This document confirms that property meets sanitary standards, equipment integrity, etc. Personal identification documents are forwarded to the registry department. Registration and tax payments usually take 6–8 weeks.
- transfer tax in rands:
0–500 000 – 0 %;
500 000–1 million – 5 %;
over 1 million – 8 %.
- notary fee;
- lawyer’s fee;
- registration charge, etc
The average additional expenses attributed to real estate acquisition in South Africa make up at least 10 % of property value.
The remaining amount should be paid after new owner registration. Finally, the lawyer hands title certificate to the new owner.
The amount of taxes imposed on non-residents is determined by their income within the RSA. Marriage partners are taxed separately. If a married couple registers a real estate object as marital property, tax amount is split equally between them.
Dependency between tax amount and income:
18 % – up to $16 440;
25 % – from $16 440 to $26 155;
30 % – from $26 155 to $36 119. archived version