Real Estate Investor Magazine South Africa August 2015

ACQUIRING FICA Documents A legal requirement in a property sale BY DEBBIE JUSTUS-FERNS P roperties in the northern suburbs of Johannesburg are taking, on average, between six and eleven weeks to sell in the current market, provided they are priced correctly. However, there are some stumbling blocks that are holding up the listing of available property stock, the biggest being resistance from sellers when it comes to providing the required Financial Intelligence Centre Act (FICA) documentation before a property can be listed on the market. “Estate agents and landlords need to have proof that a person is who they say they are.” The limited supply of property in northern Johannesburg is driving demand, and the market is currently buoyant. This is evidenced by the fact that properties priced below R1.2 million are most often selling within a matter of days. The various financial institutions also have a bigger appetite for home loan credit, meaning more loans are being granted specifically 100% loans - which is also i

Real Estate Investor Magazine South Africa August 2015 | Page 41