Property Finance

Can a local authority refuse to open a new owner’s account when the previous owner still owes the local authority an outstanding amount? This question was dealt with by the High Court of South Africa, Gauteng Division, in July 2022, when a newly registered owner took the previous owner – as well as the Ekurhuleni Metropolitan Municipality as second Respondent – to court.  

You’ve finally found your perfect home, made an offer and applied for finance to assist with your purchase. But when you receive the mortgage letter from the bank, you’re left trying to understand unfamiliar terms and concepts including prime interest rates, repo rates, and fixed or variable interest. Here’s what you need to know to make sense of it all.

Buying a home is an overwhelming enough task without being hit by unforeseen costs. The best way of avoiding unpleasant and costly surprises is by carefully looking at your affordability and making use of convenient tools such as transfer cost calculators and bond calculators to simplify the process.

Buying a new property is simultaneously an exciting and stressful experience. One of the important processes that can be quite overwhelming for buyers is the bond application process which is a key element of most property purchases which is why you should get your ducks in a row to have the best chance of success.

The sale of a property can often bring with it unforeseen expenses, but this needn’t be the case. To take the mystery out of bond settlement costs, we have put together this brief overview so that sellers can plan appropriately and avoid being caught off guard.

Extending finance on a home loan is possible in two ways: accessing funds under security of the already registered bond or, should the security provided under this bond not be sufficient, a second bond can be registered.

Buying a home can be a stressful process, particularly in a competitive market where you need to move quickly or run the risk of losing out on buying the property of your dreams. Being given an ‘approval in principle’ from a financial institution can play a significant role in moving ahead with the property agreement contract.

Buying a property comes with a number of expenses in addition to the basic sale price, one of which will be either VAT or Transfer Duty. Every property transaction will incur one of these two forms of tax, but it is important to understand the difference and know which will be applicable as they have different consequences for the buyer and seller in a transaction.

Purchasing a property off plan is often considered a good investment. But before putting down a deposit, it’s important to understand what this means…

2016 is fast approaching its end, providing an opportunity for us to reflect upon what has been an exciting and successful year, although it has not been without its challenges.

The ins and outs of “subject to bond approval” clauses.

The pros and cons of investing in repossessed property.

New developments bring a level of unknown into the property purchasing equation. Exciting or intimidating, there are a number of things to consider before taking the plunge.

Financial institutions will typically require a buyer to take out homeowners insurance before approving a bond application.

While there may be additional information required to successfully be granted a home loan, being self-employed should not be seen as an obstacle to accessing finance.

Maintenance of houses and apartments can be a costly aspect for any property owner, but when it comes to renting, who is responsible for these costs – the owner or the tenant?

Income received from investment and rental properties falls into the category of taxable income, and as such should be declared to SARS and included in your annual tax return.

At first glance, Capital Gains Tax (CGT) may seem like yet another thing to worry about when completing a tax return, but it needn’t cause confusion.

Paying off a home loan ahead of schedule can be beneficial, but paying close attention to the agreement is important to avoid additional fees…

May Non-Residents buy a property in South Africa?

To whom is Transfer Duty Payable and how is it calculated?