Disposal or Acquisition of Immovable Property

Disposal or Acquisition of Immovable Property

What you need to know

1. Consult your lawyer or property consultant before making a decision to sell or buy property.
2. Does the property have Title Deeds? If so, in whose name(s)?
3. Positively identify all the parties involved.
4. Before title changes hands, ensure that the purchase price is securely kept in the lawyer’s trust account.
5. Both Seller and Purchaser must attend on Zimra for assessment of capital gains tax. (NB parties must attend on Zimra irrespective of whether or not the Seller is exempted from paying capital gains) The decision whether or not capital gains tax is payable comes from Zimra.
6. The conveyancer/lawyer shall halp obtain a rates clearance from the local authority at the expense of both Seller and Purchaser.
7. Duty and registration of the new title deeds shall be collected and remitted to the Registrar of Deeds by the conveyancer at the time of lodging new title deeds.