5 Documents you should keep when owning a property

In order to avoid problems when you sell a property and need to account for the Capital Gains Tax, we recommend that you retain the following specific documents, especially when dealing with non-resident seller/purchaser:

  • Certified copies of the seller’s RSA ID or Foreign passport
  • Certified copy of the purchase agreement upon purchase of a property
  • Bank statements confirming the transfer of funds for the purchase of the property
  • Letter from the attorney who handled the transfer of the property confirming the receipt of the funds upon purchase/sale including final conveyancer’s account – Attorneys usually only retain their records for 5 years, after which it is destroyed.
  • Certified copy of the sale agreement upon sale of a property to prove that the property was sold at market value

NB as in all matters related to Capital Gains Tax – remember that you will need to keep these records from when you purchase the property until 5 years after the date your tax was assessed in the year of the sale.

Should you require any further information, please do not hesitate to contact us.

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