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.
All material subject to our Legal Disclaimers.