The Ministry of National Housing and Social Amenities has outlined the stages involved in acquiring a house in Zimbabwe.
In a statement, the Ministry explained that the process of acquiring a house involves several steps, which may differ depending on whether the property is being purchased from an individual, local authority, company, or the government. The statement reads:
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STAGES OF ACQUIRING A HOUSE IN ZIMBABWE
The process of acquiring a house in Zimbabwe involves several steps, which may vary depending on whether you are purchasing from an individual, local authority, a company, or the government. Below is a general guideline:
1. Identify the Property: Establish if the seller has title deeds for the property in their name. Also ascertain if the property has architectural drawings, engineering drawings and also check if the plans were approved by the local authority. Conduct due diligence to ensure the property meets your requirements in terms of location, price, and conditions of payment.
2. Verify Ownership and Legal Status: Obtain a copy of the title deed. Conduct a title deeds search at the Deeds Registry Office to confirm ownership and check for any encumbrances (mortgages, disputes, or caveats). For properties without title deed, confirm with respective local authority for council land, respective government Ministry for Stateland.
3. Negotiate and Agree on Terms: Discuss the price, payment terms, and any conditions of the sale with the seller. Engage a lawyer or estate agent to facilitate negotiations.
4. Draft and Sign an Agreement of Sale: A lawyer or estate agent should prepare a formal Agreement of Sale outlining the price, payment method, and conditions. Both parties sign the agreement, and payment modalities are agreed.
5. Obtain Tax Clearance Certificate: The seller must obtain a Tax Clearance Certificate from the Zimbabwe Revenue Authority (ZIMRA) to confirm that all tax obligations related to the property sale have been met.
6. Transfer of Title: The seller’s conveyancer prepares transfer documents, which are lodged at the Deeds Registry Of- fice. The buyer will be required to pay stamp duty at the point of registration at the Deeds Registry office, calculated based on the property value once processed, the new title deed is issued in the buyer’s name.
7. Handover and Finalization: After all payments are completed and the title is transferred, the seller officially hands over posses- sion of the property to the buyer. Utility accounts (water, electricity, rates) should be updated to re- flect the new owner.
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Pindula News

In Zimbabwe, there are steps to follow when buying a house. First, make sure the seller has the right paperwork for the house. Check if there are any issues with the property. Then, verify the ownership by getting a copy of the title deed. Negotiate the price and payment terms with the seller. Sign an agreement of sale with the help of a lawyer. The seller needs to get a tax clearance certificate. The title of the property will be transferred to the buyer once all payments are made. Finally, the seller hands over the house to the buyer, and utility accounts need to be updated.

Stages Of Acquiring A House In Zimbabwe

The Real Estate Institute of Zimbabwe (REIZ) has bemoaned the high mortgage lending rates in the country saying they are too steep compared to regional counterparts. Mike Majuru the president of the REIZ said:
<blockquote>The current mortgage lending rates of 12 percent per annum over a 10 to 15 year period on a United States dollar is quite steep compared to say, South Africa, which attracts the interest of around 10 percent over 25 years is charged on the Rand. That alone makes our repayments high.
In other economies, it is possible for one to make a choice of either purchasing a house through a mortgage or rent a property with repayments and rentals being in the same range.
In a nutshell, the issues on mortgage finance hovers around the interest rates, the loan period or tenure, the 25 percent deposit, low levels of income, proof of employment and title deeds.</blockquote>
More: <a href="http://www.herald.co.zw/mortgage-lending-rates-too-steep/">Herald</a>

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