The process of transferring property can be both onerous and costly, and many sellers – and buyers – are ill-prepared for this vast amount of paperwork. It is thus vitally important that before you sign that sales agreement you are aware of how the transfer process works as well as the implications this will have on your budget.
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In part one we dealt with the first 14 ‘need-to-know’ terms in the world of property purchase or sales from ‘amortising loan’ to ‘gearing’. It can be daunting if one doesn’t understand the processes and terminology involved in real estate transactions, so we’ve tried to explain some of the most common terms as simply as possible.
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In the world of real estate there are often words and terms that come up in the process of buying or selling property that may seem unintelligible to the average person. Here is a list of common terminology you will come across as well as the simplest explanations and definitions.
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When not managed properly, mortgage debt can place an enormous amount of stress on homeowners. A fair amount of homeowners are ignorantly labouring under the weight of a home loan that is well in excess of their home’s current value. This may be because of the fact that interest rates are at such a low and they are comfortably able to afford their monthly instalments. As such it doesn’t seem to be a big deal that their homes are currently a liability instead of an asset. Some owners will find themselves back in equitable territory when the values of their homes increase. Some, however, are not that lucky and may feel that the only way to sensibly reduce their indebtedness is to sell their home.
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The capital city of the Northern Cape, Kimberley, is going to open the doors of the new Northern Cape University in 2014. While the local planning will include university residences it is unlikely that this housing will be sufficient to accommodate the influx of new students.
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In the wake of the recession that hit South Africa hard from 2008 to 2009, the market and consumer confidence seems to be slowly but surely strengthening. Even though the annual growth rate of the country is expected to remain below 3%, there appears to be more confidence in the recovery of economic stability. The question remains though – is there a light at the end of the tunnel? Analysts fear that there is no prospect of world markets returning to ‘normal’ any time soon.
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Making the momentous decision to buy property in a retirement village is not one that should be taken lightly. Retirement villages and estates have been developing nation-wide at a rapid pace, creating great opportunities for investors and retirees alike. For those planning to buy in a retirement village or estate, it is vital to consider all the options and whether all the facilities and amenities you may need are available at the particular village or estate.
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Located at the very heart of Kwa-Zulu Natal's Northern Coast, Ballito lies only 30 minutes north of Durban, and is flanked on the east by vast golden beaches and the warm water of the Indian Ocean. Popular nation-wide as Kwa-Zulu Natal's premier coastal holiday destination, Ballito emits a friendly, relaxed village atmosphere that entices many visitors. This perception of the once sleepy village is rapidly changing, however, as more buyers are viewing Ballito as a permanent residence instead of just a holiday locale. The boom of commercial growth in areas like Umhlanga is boosting property sales further up the Dolphin Coast, with sellers in Ballito reaping the rewards.
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Due to the thriving local economy and steady job creation in Polokwane, demand for residential homes has been consistently increasing as more people move to Limpopo’s capital.
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Latest statistics from First National Bank reveal some interesting trends in the property market. The ‘property barometer’ report released on the 19th of October lists predominant reasons given by sellers for selling their primary residences. Also known as the FNB Estate Agent Survey, the property barometer report provides valuable insight into the current developments and fluctuations in the market.
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