FREQUENTLY ASKED QUESTIONS

The banks give points for period of employment/residence – stability.

Other debts – vehicles, children’s education, large expenses.

Also where the property is situated – suburb/complex

The valuation is important – structurally sound no obvious defects. 
The better your profile is in the above picture the lower the interest rate the bank will offer you – also be aware that you can attempt to negotiate a better interest rate than offered.

Not unless you have a portfolio of houses, no benefit to the average homeowner, also transfer costs are higher.

It is always a good idea to request the financial statements for the complex, if there are shortfalls it is possible that levies will be increased or services such as gardens, security, and upkeep of the houses will be affected.

Whether you have pets or not, find out what the policy is on this as a number of new developments do not allow pets and this in turn makes it more difficult when you want to sell one day.

Ask for the complex rules – these are intended for everyone to enjoy a peaceful co-existence, a lack of rules could mean troublesome neighbours, an example is if washing is allowed to be hung on balconies, it sets a bad tone, find out if TV dishes and antennae are allowed.

The seller chooses the transferring attorney – although the buyer is paying the fees. This is not a hard and fast rule but a necessary protection for the seller in the case of a buyer not fulfilling the conditions of the sale.

It means – as it stands, or as is. A dishonest seller cannot hide behind this clause in a Court of Law as the Consumer Protection Act states that any latent (not obviously noticeable) defect must be stated – all contracts now require a separate list of defects that the seller is aware of, this must be signed by the purchaser. The seller has a duty to disclose all defects and cannot use this clause to hide behind.  As a purchaser it would be wise to remove the voetstoots clause from the contract if possible.

If at all possible, it is safer  to have a condition in the contract whereby a property inspection be done by a reputable company, obviously paid for by the purchaser.

It has nothing to do with whether you are a first time buyer or not. Any property over R900 000 will incur transfer duty, not to be confused with transfer fees/ costs which are for the attorneys work.

Transfer duty is payable on a sliding scale, the more the home costs, the greater the percentage rises, it is a form of taxation.