Buying a property
Hoedspruit has seen some phenomenal growth in the property market since the new millennium. The market offers prospective residential buyers a diverse property portfolio that ranges from entry level secure town house complexes and sectional title developments to the exclusive wildlife estates such as the acclaimed Raptor’s View Wildlife Estate. For the more exclusive client our portfolio covers a broad spectrum of products that includes game farms, big 5 reserves and selected private and commercial game lodges. Average prices in these areas vary between R400 000 to R800 000 for sectional title and R400 000 to R3.5m for full title properties. New sectional title complexes and wildlife estates are also being developed, providing excellent investment opportunities for investors seeking to purchase and rent out to the ever-growing, unsaturated rental market. Buying property All agreements to purchase land must be in writing and contain certain prescribed information. The agreement must be signed by both the purchaser and the seller to be valid and legally binding. In practise, agreements for the purchase of property take the form of an Agreement of Sale or Offer to Purchase which, once accepted, constitutes an Agreement of Sale. Once an Agreement of Sale has been signed by both parties it represents a valid and binding contract from which neither party can withdraw without incurring legal consequences. The decision of buying property in South Africa should not be taken lightly and it is recommended that any potential purchaser obtain independent legal advice in any aspect of the transaction.