DO YOUR ‘HOME‘ WORK BEFORE BUYING A PROPERTY
IMPORTANT TIPS FOR YOU:
Buying your first home is a big financial step and it is therefore important to take this decision seriously. It is a process that is both exciting and stressful. To make the process a blessing, and not a negative experience, follow these simple tips when it is time to buy.
• Save up for a deposit
• Know what you can afford
• Seek professional advice
• Shop around for your home
• Shop around for a bond
• Be aware of the hidden costs and defects of any property
• Repay as much as you can into your bond every month
EVERYTHING YOU NEED TO KNOW ABOUT CONVEYANCING
A conveyance is the transfer of legal title of property from one person to another by a document in the form of a deed, lease or mortgage. The written document contains the legalities involved whereby a person, business or trust becomes the registered and legal owner of an immovable property.
The standard conveyance is done within 10-12 weeks and during this period, no person is legally obligated to continue if they choose to pull out.
The first requirement is a valid agreement of sale.
The deed needs to be signed by the purchaser, seller and the spouses or their agents who have been given written authorization to sign on their behalf.
The Deed of Sale is handed to the conveyancer, who will draft the documents and meet with the buyer and seller at the deed office
The documents to be signed include:
• On receipt of the deed of sale
• A power of attorney to pass transfer
• Declaration in respect of marital status, identity number and insolvency
• Transfer duty and Value Added Tax (VAT) Declaration
• Bond documents
The costs involved:
• Transfer duty or VAT
• Rates and Levies
• Bond registration costs
• Bond cancellation costs