FAQ
Our Answers To
Popular Questions
Check out our list of Frequently Asked Questions and contact us for further information.
The first step when purchasing property in Namibia typically involves researching the property market and identifying the specific location or area where you want to buy. Once you’ve narrowed down your preferences, it’s advisable to engage a reputable real estate agent or property lawyer who can guide you through the process. They can help you find suitable properties, understand local regulations, and navigate the legal requirements for property transactions.
And the next step is securing pre-approval for a mortgage if you’re financing through a bank. This involves assessing your borrowing capacity based on factors like income and assets. Once pre-approved, the financial institution provides details on down payment and closing costs. Having a pre-approval letter shows you’re a serious buyer and is often required by Estate Agents to start the purchase process.
- National Identification Document/Passport
- Proof of Residence
- Municipal Bill
- Marriage Certificate if married
- Ante nuptial Contract if married out of community
- Tax Certificate
- A Valid Pre-Approval
- Proof of Source of Funds
- References in case of lease (at least two referees)
- Guardian in case of a minor
What distinguishes prequalification from preapproval for a loan is: When you’re prequalified, it suggests you could potentially obtain a loan for the stated amount, pending accuracy of the information provided. However, preapproval involves a thorough financial background check, including credit history, tax returns, and employment verification, indicating that the lender is ready to approve you for a loan. Preapproval typically provides an exact maximum loan amount; most sellers prefer buyers that have been preapproved because they know that there will not be any problems with the purchase of their home due to reduced transaction risks.
The timeline varies due to several factors, but generally, it takes at least 10 to 12 weeks. Once both parties agree to a written deed of sale, the escrow period averages around 30 to 45 days. Cash purchases often have shorter timeframes, while financing through a bank may extend the process. Other factors, like the deeds office turnaround time in Namibia, also play a role.
This depends on your preferences. We recommend to search for properties online and make a shortlist of your preferred properties before scheduling a viewing session.
The timeframe should be specified in the offer which should be done in writing. Giving the seller at least 1-5 business days to respond is recommended.
Transfer duty is payable at 12% of the acquisition value where the property is acquired by non-natural persons (a sliding scale applies to property purchases by natural persons).
While it is normally payable by the buyer, the agreement for the sale of the property may determine the person liable to pay these costs.
This varies depending on the price of the property you want to purchase, and while a deposit is not always required, try to put down 15% or more if you can, as the bank is more likely to offer you a better rate as the risk of the loan is reduced.
An Offer to Purchase Real Estate (the “Offer”) is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a real estate transaction. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement.
All the banks have panels of conveyancers that they use for home loan registration and one of these will be instructed to register your home loan. Your mortgage broker will have special rates with various attorneys on the banks’ panels and it is advisable to use one of those.