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Housing in Namibia
 
 
 

Buying a Property

Except for agricultural land, there are no restrictions on non-resident foreigners and legal aliens owning property in Namibia. Most property ownerships are freehold.

Real estate transactions are negotiated and concluded in Namibian dollar (NA$). South African rand (ZAR) is also accepted as legal tender in Namibia, with the exchange rate pegged at NA$1=ZAR1.

The seller is usually represented by a conveyancer (lawyer), and negotiations done with a real estate agent. The conveyancer executes a Deed of Transfer for the purchase.

Upon signing of the Deed of Sale, the buyer is expected to pay a deposit of 10%, usually held in escrow by the real estate agent. The balance is fulfilled on the closing of the transfer, or once the transfer has been registered. Transfer costs are paid directly to the seller’s conveyancer. The legal fees and Transfer Duty are usually paid one month before the actual transfer.

The Title Deed should be endorsed “non-resident” to allow the foreigner to freely transfer out of the country the proceeds of any future sale of the property.

Both the seller and buyer are expected to produce identification documents and the seller to present the original Title Deed of the property.

According to common law, the seller is liable for any latent defects in the property which exist at the completion of the sale,even if the seller has no knowledge of them. Latent defects are those not easily discernible and not clearly visible, such as leaking roofs, dampness and structural design faults . The seller, however, is not liable for patent defects, or defects clearly visible upon inspection. In the event of patent defects, the buyer can cancel the contract and/or claim repayment of a portion of the purchasing price.

In the event of misrepresentation or false statements about the condition and quality of the property, the seller can be held liable by the buyer. The buyer has the right to set the sale aside, or abide by it and claim a reduction in the price or damages. If defects arise after the completion of the sale, the seller is not liable for any repairs or replacement of the damage.

Renting a Property

All terms of lease agreements can be freely negotiated between the landlord and tenant. Issues such as the initial rent, the increase thereof during the lease term, can be freely agreed by the parties to the contract.

The payment of deposits can be freely agreed. Deposits equal to one month’s rental are customary.

The initial period of lease and the extension thereof, use of the premises, breach, eviction, maintenance, insurance, etc., the duration of the contract, can be freely agreed between the parties. One year leases are customary, but leases are often either longer or shorter.

A fixed term contract simply runs out at the end of the tenure; after that, the lessee has no further right to occupy the property.

If no termination date has been established, a “reasonable” period of termination notice is required, which will be measured against the time it would normally take to re-let the property. Three months for residential properties would be acceptable unless there are specific circumstances which would render it unreasonable.

 

 
 

 



 


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