South Africa — Property: Buying Process

Key facts

• The transfer begins with an offer to purchase and the buyer consults a conveyancer, who is legally required for property transfers under the Deeds Registries Act 47 of 1937.
• Costs, duties, rates and levies are paid into the conveyancer trust account, and the conveyancer obtains the rates clearance and the SARS transfer duty receipt.
• The conveyancer lodges at the Deeds Office, usually together with bond registration; documents are available within seventeen days of lodgement if in order, and the title deed is delivered within 10 days after registration.
• Ownership is not complete until the transfer is noted at the Deeds Office.

Steps

1. Step 1: Finding a Property — Work with a reputable estate agent or private seller to find a suitable property. Make sure to research the property's history and any potential issues before making an offer.
2. Step 2: Making an Offer — Submit an offer to the seller, which should include a deposit and the terms of the sale. The offer is usually valid for 7-10 days.
3. Step 3: Due Diligence — Conduct due diligence on the property, including reviewing the title deed, property taxes, and any outstanding debts or liens.
4. Step 4: Transfer of Ownership — Once the sale is finalized, the buyer's attorney will facilitate the transfer of ownership, which includes updating the title deed and registering the new ownership.