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Property Management Firm Explains Property Buying Process in South Africa

(IT-NEWSWIRE.COM, May 30, 2015 ) Johannesburg -- The Fitzanne Estates property management public relations officer explained the property buying procedure in South Africa. He says, ''applying for a bond and buying property is very intimidating especially for first timers. However when one knows the process, its much easier."

He continues, "With the majority of people not having the luxury to purchase property cash. Many couples or individuals have to go through the process of acquiring a loan to buy property. This procedure might seem daunting. However, it is very important to do some research first. You must understand the terminology to grasp any information.

The term bond in most countries is known as a mortgage. In South Africa a bond is commonly known as a home loan. Wikipedia states "in finance, a loan is a debt provided by one entity organization or individual to another entity at an interest rate, and evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment."

The public relations officer continues, "Many people are unable to buy property using their savings hence they need a loan to make a purchase. The first step one must take is to make an application to a bank for the loan and get the interest rate. After this procedure, an income verification process takes place as well as a property valuation.

A property evaluation is done after you have passed the Financial Intelligence Act requirements. A property of value is also known as a real estate appraisal. This process involves coming up with the market value of a property. The market value of every property is different. The location of a property is an important role when it comes to determining its market value. The market price is referred to as the price of a property in a competitive setting."

He adds, "To qualify for a property loan you have to be at least twenty-one years or above. You must have a permanent form of employment. This factor is very because if you are not employed most banks will not give you a chance to apply for a loan. You must also have a clean record when it comes to your credit profile.

If you know that you are blacklisted, do not even bother to apply because an extensive research is usually carried out first before you are granted the loan. Many banks usually have a salary range scale that can determine the type of loan you can access. So it is very important first to take a tour of your local banks so as to make sure that the bank you are dealing with, offers you more advantages."

He noted, "Do not forget to carry important documents such as your copy of South African ID, passport, proof of income, proof of residence, Salary slip, a bank statement that is stamped and has some history of 3 months or more and a copy of signed offer to purchase. The approval process of your loan only begins once you have submitted all the required information."

Depending on the bank the application can take from two to seven working days. The bank then proceeds to officially grant the loan. If the applicant accepts the loan the next stage is to take the documents to the attorneys for the final signature signing and the property is transferred to its rightful owner.

He also urged members of the public to choose the best property management company if they do require property management services.

The PR officer comments, ''property management is not only about the act of controlling a sight but it also includes overseeing property, making sure that it is well taken care of and at Fitzanne Estates we are experts in this field because we have been managing properties since 1982. We have evolved with the property industry and we still continue refining our skills and adapting to this constantly changing world."
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About InfoPortal Strategic Online Media:
Fitzanne Estates is a property management Company based in Johannesburg and Pretoria in South Africa. Fitzanne Estates agents are experts in property management, property administration off section 21 companies and sectional title schemes as well as sales and letting services. Their main purpose is to sufficiently administer property to the benefits of landlords the Body Corporate and the Non profit Company.

InfoPortal Strategic Online Media

Isaac Kondowe

0027 072 327 9566

Source: EmailWire.Com


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