ITS MY HOUSE: All you need to know about buying a property on instalments - Yes without a home loan
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GUEST – Eulenda Lebese-Cussons who is the founding Director at Lebese-Cussons Attorneys
Given the fact that few people have the resources to buy a property for cash, and almost half of bond applications are still declined by banks despite the low interest rates, many South Africans have likely wondered if there is another way of buying property. The buyer must take transfer of the property anytime from one year after the date on which the contract is signed and can settle or secure the full amount outstanding and take transfer of the property. The good news is, there is - it is called an instalment sale and about 5 percent of property sales are currently concluded in this way.
Given the fact that few people have the resources to buy a property for cash, and almost half of bond applications are still declined by banks despite the low interest rates, many South Africans have likely wondered if there is another way of buying property. The buyer must take transfer of the property anytime from one year after the date on which the contract is signed and can settle or secure the full amount outstanding and take transfer of the property. The good news is, there is - it is called an instalment sale and about 5 percent of property sales are currently concluded in this way.
