South Africa offers a property portfolio fit for anyone’s standards. Foreign investors have the advantage of a fairly prolific exchange rate. Some may argue that this is a threat, while this may be the case – the fact that rental incomes remain the same and increase by 10% each year is often over-looked. Seasoned investors notice the value of owning property in South Africa and are often encouraged by the prospect of certain capital appreciation. This is the reason why many foreigners are buying commercial property in South Africa. Instructions for Foreign Buyers ― Buying Commercial Property in South Africa
- Look for a dedicated property broker.
A property broker’s list of contacts will ensure that you find and purchase a suitable commercial property. Included in the list are the mortgage lenders, the sellers, and the property appraisers. Mortgage lenders allow you to pay for the commercial property in increments. Sellers inform the property broker about the condition of the commercial properties that are for sale. Property appraisers evaluate the price of commercial properties after inspecting their condition as well as the surrounding areas. South Africa has a number of urban/suburban/industrial reformations – if you purchase property leading up to one of these projects you are sure to make a fortune in the property game. A hot example of this at the moment is Pretoria Central and the City of Tshwane. The new skype for report iphone app is compatible with the iphone 4, iphone 3gs, and ipod touch 4th generation with i0s 4.
- Prepare your identification documents.
There are four documents that you have to show to the seller and the property broker. You may also have to show the documents to a bank if you want to have mortgage loan. The four documents are the passport, divorce decree, marriage certificate, and the pre-nuptial contract. You only need to show the first document if you’re single.
- Purchase a suitable commercial property.
Inform the property broker that you’ve chosen a commercial property. He/She will give a Purchase Agreement or Offer to Purchase form where you and the seller have to sign.
- Give the form to a transferring attorney.
The transferring attorney transfers the ownership of the property from the seller to you. The attorney may require you to pay for this process by letting you pay to the SARS (South African Revenue Service). The money is then paid into a Trust account until such time that the transfer is complete. Local property investments – Forex Injection
You have to be patient while waiting for the commercial property to become yours after 10-14 days.