A copy of your ID document. © 2021 ooba (Pty) Ltd. All rights reserved. What's the 'golden' credit score number for bond approval? Click below to consent to the use of this technology on our website – and don’t worry, we respect your privacy. Effective 1 April 2018, by order of National Treasury, Value-Added Tax (VAT) will increase from 14% to 15%. Buying a house is a big financial commitment, and can be a lengthy exercise. Buying a house is a big financial commitment, and can be a lengthy exercise. Staff Writer 2 November 2019. As attorneys who handle many transfers of properties and sale agreement of houses, the one thing we consistently note is that many sellers are not aware of the certificates they have to supply to the purchaser when they sell the property. Currency is another contributing factor. Stefanie de Saude, South African Immigration and Nationality Law Specialist and Director of De Saude Attorneys Inc, says the permit for which they apply will largely depend on their country of origin, how long they plan to stay in South Africa, and the purpose of their visit. It’s no wonder it seems to be a favourite for many investors in the South African real estate market. Having approved plans for your property has therefore become a major … Foreign nationals living in South Africa or investors may be able to loan more at the bank’s discretion. If you’re looking to buy a house in South Africa, it’s worth knowing about the Land Holdings Bill. Everyone knows that the most important point to buying property is the area where it is located. In certain cases, houses for sale in South Africa can make financial sense; rental costs can be expensive, especially in large cities. What is a good credit score if you want to buy a house? All loans to foreign nationals are typically subject to approval from the South African Reserve Bank. An Estate Agent or the public can call for this information if required. Get in touch with a South Africa real estate agent who can help you find the home of your dreams in South Africa. All residential property for sale Bank owned & repossessed Developments & off-plan Farms for sale On Show Property. The title deed is a document that states that you are the legal owner of a property in South Africa. House buying costs in South Africa. Therefore, it stands to reason that every dwelling or house will have a set of plans. Foreign buyers can freely purchase property. As part of the home buying process, you’ll also need to take out building insurance. Estate agents’ commission is often open to negotiation, and can depend on whether you sign a sole agent agreement or an open agreement (where other agents are also allowed to market your property). The more supporting documents you have at the ready, the smoother – and quicker – your bond application process will be. How to buy property without a home loan It is important that there is more than one way to go about purchasing a property in South Africa, you even have options when it … Deposit: as foreign buyers typically need pay half of their property purchase, it’s important to establish the amount you can put down as a deposit on your bond. CERTIFICATES REQUIRED FROM PROPERTY SELLERS. Many agents are also members of the Institute of Estate Agents of South Africa. While the seller usually gets to choose the conveyancer, the buyer pays their fees. For South Africa, this growth has persisted for years as the country’s urban middle class expands, creating a need for new houses, shopping malls, and office blocks. They sometimes base the amount they lend on their valuation, rather than the purchase price. If you do not have the full amount, you need to know who will finance your project. The Estate Agent is involved exten- sively whilst choosing a property and concluding a Deed of . While land is relatively cheap, so too are existing properties. If you intend to stay in your South African property, you’ll need to apply for a visa, depending on your country of origin, the purpose of your visit and how long you plan to stay. With the Rand (ZAR) devaluing in recent years, it’s now significantly cheaper than it was for foreign currency buyers to purchase homes in South Africa. You will need to provide a salary slip (not older than two months), or a letter from your employer with a breakdown of your salary and deductions.