Buying a house in South Africa?

Financial Preparations

Let's get a clear understanding of your budget and financial capabilities.  Pre-approval for a home loan, from a reputable financial institution, will give you a good indication of the bracket to shop around in.

Property Search

Vermaak Properties have a large portfolio of opportunities to consider, and once we've identified your preferences, such as location, size, and features, we can start narrowing it down.  If you start the search early, we recommend being added to our buyers list to review new property listings added from time to time.

Legal Requirements

Verify your legal eligibility to purchase property in South Africa, especially if you are a foreign buyer.

Obtain a tax clearance certificate if required.

Offer to Purchase

When you are ready to submit a formal Offer to Purchase, , our Vermaak Properties team will step in to assist with the negotiations, which might include the purchase price, timelines, exclusions, and other terms with the seller.  The pertinent details outlining the terms and conditions of the sale need to be in writing, and our Vermaak Properties agents will assist with drafting of documentation.

Home Inspection

Need a home inspection?  Let's tie that down in the terms of the contract.  We have associates able to conduct a thorough home inspection and at a marginal cost to the purchaser to identify any potential issues or required repairs that the Seller may not be aware of when submitting the condition report.  Work with Vermaak Properties to address concerns and negotiate repairs with the seller or adjust pricing accordingly.

Conveyancing Process

In South African customary law, the Seller appoints a conveyancer or attorney to handle the legal aspects of the property transfer.  In some events negotiations could allow for a deviation where the Purchaser nominates, subject to the Seller's consent thereof.  In some cases, a supervisory attorney may be appointed by the Seller (at the Purchaser's expense) for the Seller to Purchaser's attorneys handling the transfer.  Your agent will assist with communicating progress once the transaction is handed over to the Conveyancer until such time as the property registers in the Deeds office.

Transfer Costs

It is important to budget for transfer costs, which may include transfer duty (or VAT instead if the seller is a VAT vendor), conveyancing fees, and other related expenses.

Vermaak Properties would be able to obtain a statement of account from the Conveyancer detailing the costs involved.

Deposit Payment

Payment of the required deposit may be according to the deal structure, either on acceptance of the offer, on acceptance of the due diligence, on acceptance of the finance, or by a specific date if funds must be released from an investment account.  This will be specifically noted in the Offer to Purchase.  Deposit payments is made to the Conveyancer and kept in a Trust Account. Please contact one of our Agents to discuss interest on the deposit and how it may be structured to accrue to the Purchaser until transfer.

Finalisation and Registration

Our agents are ready to assist from completion of all necessary paperwork and communication throughout until the property transaction is finalised and registered in the Purchaser's name in the Deeds Office.

Insurance and Utilities

An important aspect of any transaction is to ensure homeowners' insurance for the property is updated.  In Cape Town, the transfer of utility accounts into your name takes place automatically.  Please contact one of our Vermaak Properties agents to assist with explaining the process.