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Conveyancing process 'very different in South Africa'

Date : (News Section: South Africa)

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Conveyancing process 'very different in South Africa'

Anyone who is considering buying property in South Africa should be aware that the legal processes associated with such a transaction are very different to the UK.

This is the opinion of Sue McDermott, co-founder of Spacesa.com, who explained the South African conveyancing system tends to provide more certainty for buyers.

She noted there is little chance of a purchaser being gazumped in the country, because the timeline for closing a sale is "much more fixed" than in the UK.

"You have one lawyer, who represents both parties, which sounds like a huge conflict of interests for anybody coming in [from] the UK, but in fact it works really well," Ms McDermott stated.

Last month, Berry Everitt, managing director of the Chas Everitt International Property Group, claimed an increasing number of foreign investors are targeting the nation's real estate market.

He highlighted South Africa's stable financial sector and economic growth as two reasons why more overseas buyers are interested in owning property here.
 


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Article created on behalf of Propertyshowrooms.com News Desk ()

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