FAQ’s

Q

 

1. What costs are involved when purchasing a property?

 

A

 

The cost involved when purchasing a property is your transferring cost which is approximately between 5% – 8% of your purchase price. This is payable to the attorney processing the transfer of the property.

Bond Cost are also required if you will be using a bond to purchase the property.

Once the transfer has been processed at the Deeds Office a deposit will be required at the council in order to put the electricity and water and rates account into your name.

             

Q

 

2. What documents are required when purchasing a property?

 

A

 

The documents required when purchasing a property is:

1. Your South African Identity Document

2. 3 months payslips – in some cases 6 months is required

3. Proof of residence

4. In the case of you being non-South African then you will require a valid permit when is valid for a further 3 years or a permanent residence.

             

Q

 

3. Who are the parties involved when purchasing a property?

 

A

 

1. The Willing Buyer

2. The Willing Seller

3. The Estate Agent – when mandated

4. The Transferring and Bond Attorney

5. The Bank – when bond is required

             

Q

 

4. Can a Landlord/Estate Agent do a credit check on a prospective tenant?

 

A

  Yes, provided that the tenant has been made aware and has given the landlord/estate agent permission to do.
             

Q

 

5. Do tenants have to pay a deposit when renting?

 

A

 

Yes, a tenant is required to pay a deposit which is to be held in an interest-bearing account by the landlord/estate agent. The deposit is used in the event that a tenant is in breach or the owner suffers damages due to the tenant.

             

Q

 

6. Must a tenant give access to a landlord/estate agent to inspect the property?

 

A

 

Yes, the landlord or estate agent has the right to inspect the property from time to time during the course of the rental period. This inspection is to be arranged with the tenant.

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