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Ownership of the majority
of property in South Africa is under 'freehold title'. |
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The security of tenure and
indisputability of an owner's title is controlled by the
Deeds Registration system. This modern system of registration
and Title Deeds guarantees the security of property registration. |
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Only attorneys (solicitors)
who are registered as conveyancers are authorised to execute
a Deed of Transfer for any change in the ownership of
immovable property. |
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A written Deed of Sale, signed
by the seller and purchaser (or their agents with written
authority) details the contractual obligations between
the parties. |
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It is standard practice for
the Estate Agents acting on behalf of the client (the
seller or purchaser) to negotiate sales and purchases
of property. Upon finalisation of the sale, the seller's
attorney (the conveyancer) is instructed to pass transfer
to the purchaser. |
| • |
The purchaser may choose a
conveyancer to manage the conveyancing of the property. |
| • |
Registration normally takes
between 8 to 12 weeks to finalise. |
| • |
There are no restrictions
for non - South African citizens resident abroad to purchase
property in South Africa. |
| • |
Non - residents are not restricted
from introducing capital into South Africa for the purchase
of property. |
| • |
Non - residents who have retained
their non - resident status and subsequently wish to sell
their property can freely transfer the proceeds of the
sale out of the country. |
