How to buy a property

Jotham Chiketa

Step One

The most important thing to do is to try and make some savings, that is you save money in line with your ability and capacity according to your income levels.

Step Two

The assets or properties you want to purchase must be categorised in classes. If you want to buy a stand, select the density which suites you in terms of taste and availability of disposal incomes. In housing, there are high density, medium and low density.

Hence if you are in the class of high-density suburb, there is need to also look at several high density classes and now select the most favourable areas such as Glennorah, Glenview, Highfield, Mabvuku etc.

Pick an area where there are some facilities such road, sewer, water, electricity, schools, hospitals and major shops to mention a few, where you may enjoy your comfort without much disturbance.

Step Three

Now you may start browsing the stands on properties which you wish to purchase. The searching of stands may be done through the use of internet or the print media.

After identifying the stand of your choice, now you may contact the seller or agent enquiring more details of the stand and do some due diligence with the deeds registry or the local authorities.

Once you are satisfied about the due diligence, you could now arrange for viewing of the stand, where you are accompanied by the seller or the agent mandated to sell the stand.

Note that, it is also important for you to deal with agents who are registered with the Estate Agents Council in order to avoid loses which might occur due to fraud or misrepresented facts about the property. After viewing the stand, an offer is made in written form by the prospective purchaser and once it is accepted, other details follows.

Step Four

The draft agreement is made by the agent, detailing the information for both the seller and the purchaser, the purchase price, the conditions of the agreement that is when is payment made and date of occupation etc.

Once the draft agreement has been perused by both parties and all issues corrected and agreed, a final agreement is now signed by both parties and witnessed by each ones representative and counter signed by the principal registered agent.

The purchase price is paid as stipulated by the agreement and the monies are deposited into the trust account awaiting disbursement after transfer of the deed or when all conditions set forth are fulfilled.

Step Five

A declaration of the deed is made by the seller and the conveyancer takes it together with the agreement of sale. An invoice for conveyancing is issued out to the purchaser for the fees and stamp duty.

The conveyance will arrange for the insurance of anew deed of transfer after the seller and purchase has gone to ZIMRA to obtain a capital gain tax certificate as well as the rates clearance certificate which is obtained from the local outstanding, after the seller has cleared all outstanding rates and also the payment of a rental of three month in advance in respect thereto.

During the process of conveyancing, the legal practitioner will check on the deed at deeds registry for any encumbrances or conditions on the deed which might limit or prohibit the transfer of the property.

Once all the issues are sorted out, the conveyance armed with the details pertaining the assurance of a new deed of deeds registrar and a new deed of transfer is issued to the new purchaser or owners.

Step Six

Once a new deed of transfer has been issued to the purchaser, the conveyance or agent will release the purchase price to the seller, less disbursement such commission and outstanding amounts owing.

Therefore, after all this, the transaction will be deemed completed. The agent will thank the seller and the purchaser for the successful transaction and the file is closed.

Non disclaimer: No responsibility is taken upon the writer for anyone who uses this information. Anyone who wants advice may contact the undersigned or other reputable organisations.

Jotham Chiketa is a member of the Real Estate Institute of Zimbabwe and write in his personal capacity. You can contact him on email: [email protected], whatsapp: 0773 323 624.