IMPORTANT DOCUMENTATION TO BE KEPT BY THE BUYER
When a non-resident uses funds transferred directly from a foreign source to purchase a property, the agent/conveyancer must give specific instructions to the buyer to keep the below documents in paper form for as long as the property is owned. Without these documents, it will be challenging to repatriate the funds out of South Africa.
- MT103 ‘Deal Receipt’ – this is prima facie proof that the foreign funds were introduced into South Africa from abroad when the funds are paid into the STBB trust account.
- Copy of the Final Statement of Account
- Proof of Interest paid to the buyer
- Offer to Purchase
To avoid any potential issues in the repatriation of the funds, it is imperative that you contact us for any further queries.