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List your businessHow the property market works in South Africa
In South Africa, estate agents must be registered with the Property Practitioners Regulatory Authority (PPRA, successor to the Estate Agency Affairs Board) and hold a valid Fidelity Fund Certificate, which protects clients' trust funds.
Property management of sectional title schemes (the South African equivalent of apartment ownership) is often handled by managing agents working alongside a body corporate's trustees.
Buying and selling: key steps
Transfer of property is handled by a conveyancing attorney, who prepares the transfer documents and lodges them at the relevant Deeds Office for registration; the sale is only finalised once registration takes place, which can take several weeks after the agreement is signed.
Buyers pay transfer duty to the South African Revenue Service on resale properties above a tax-free threshold, or VAT when buying from a VAT-registered developer instead of transfer duty.
Working with agents, managers and architects
Estate agent commission in South Africa is negotiated and commonly charged as a percentage of the sale price, usually paid by the seller, and should be recorded in a written mandate under the Property Practitioners Act.
Architects must be registered with the South African Council for the Architectural Profession (SACAP), and building plans must be approved by the local municipality before construction begins.
Things to check before hiring
Verify that a property practitioner holds a current Fidelity Fund Certificate on the PPRA register before paying any deposit to them.
Request a copy of the title deed and, for sectional title units, the body corporate's financial statements and conduct rules, and confirm whether a compliance certificate (such as for electrical installations) will be provided before transfer.