Introduction - Namibia Real Estate

1 Immobilien 1 Introduction Like anywhere else in the world, the Real Estate Industry in Namibia is a vital part of the economy. However, it is a fast changing and dynamic environment, with well-equipped property professionals being essential to the industry. Many agents enter the industry with no formal training and a long, lonely road ahead. In a competitive industry a large percentage of these agents do not survive the rigours and pressures of real Estate and leave disillusioned. This in turn may lower the professional image of the industry in general.

2 If the property industry in Namibia is to upgrade its image, it is imperative that Estate agents who intend to enter the profession should receive ongoing training and motivation after beginning their career by passing the Board exam. This guide should assist both new and experienced agents alike in fulfilling this need. From combined experiences and research we have structured this hands-on, practical guide. It is structured in logical order of activities: Sellers, buyers, the sale (including negotiation aspects and the contractual requirements), utilising your own potential, as well as related legal and financial matters. Questions of practical relevance often arise about aspects of property transfers and related matters in general; in this guide we attempt to discuss these matters.

3 We are therefore confident that this comprehensive and highly informative guide to selling real Estate in Namibia will prove to be an indispensable accessory to every Estate agent s successful sale. Although well researched, the purpose of Immobilien is not to be an all-inclusive source of information regarding the real Estate industry in Namibia . As this is a broad field with no set borders, we rather like to think of it as a living work and intend to update, expand and develop it over time. Therefore we will appreciate input from you and the different role players related to the industry. Combined with your hard work and underscored by integrity, we hope that Immobilien will assist you to achieve the satisfaction of success and reap the rewards of consistent earnings and professional pride.

4 Good luck to you all abundant opportunities are out there! JACO JACOBS Qualified Realtor Legal Practitioner & Conveyancer of the High Courts of South Africa and Namibia Theunissen, Louw & Partners Windhoek, Namibia Immobilien 2 About this Guide Because a property transaction involves a great deal of money, it requires a great deal of responsibility and skill from the Estate agent. Although general skills are tested by the examination to qualify as agent, your standing as Estate agent in the community will depend on your professional level of skills and knowledge. You must be willing to continuously develop yourself by attending seminars and doing research about the industry, to enable you to satisfy clients from both a moral and professional viewpoint.

5 It is one of the primary objectives of the Institute of Estate Agents in Namibia to educate Estate agents with meaningful literature, seminars and training methods to help you to adapt to this highly competitive, rapidly changing and increasingly demanding business scene. Well educated and professional Estate agents can indeed successfully contribute to the social and economic upliftment of our industry, country and people. An Estate agent also becomes a valued member of the Namibian community and is as important to its general well being as the local vet, doctor, banker or accountant. In the past there has been a great need for a practical, informative and market-effective publication based on local conditions and problems a publication which would teach all Estate agents, both experienced and inexperienced, most of what they need to know about selling property in Namibia .

6 Immobilien is that publication! Various chapters cover a wide spectrum of topics, all of them vital to the success of any person involved in the selling of property. With this publication available, no agent will be ill-informed or ill-trained. With the rapidly changing and sophisticated property market we are experiencing higher demands. Therefore an ever increasing level of competence and professionalism would be required from agents. In Immobilien, Mr. Jacobs did not only recognise these demands, but also set out to satisfy them. Therefore, it should certainly become compulsory reading for all Estate agents. Enjoy the privilege of selling Real Estate in Namibia . RIAAN POTGIETER President of the Institute of Estate Agents in Namibia ISBN 978-99945-68-42-0 EAN 9789994568420 Published by: The Institute of Estate Agents in Namibia E-mail: Printed and bound by: Xtreme Print & Stamp, Windhoek Immobilien 3 Thanks and Recognition to: Partners and staff; Theunissen, Louw & Partners.

7 Anne-Marie van Zyl, Nick Klazen, Carol Schneider, Nedbank Namibia . Gregg Usher, Thomas Slabbert, Dixon Norval, FNB Namibia . Kevin and Lesley Lancaster; Real Estate practice. Gawie Le Roux and Lizelle Kilbourn, John Christie; Legal and Conveyancing. Phelem Like, Namibia Estate Agent s Board (NEAB). The Institute of Estate Agents of South Africa. Reinard Steyn, Herman Strydom, Strydom and Associates Land Surveyors. Willem Boshoff, Swart Grant Angula. Francois Swart, Town Regional Planner and Quantity Surveyor, IDC Johan Pretorius and staff; Xtreme Print and Stamp. Dana Beukes Registrar of the Deeds Office in Windhoek and Willem Eiseb Assistant Registrar as well as the staff at the Deeds Registry.

8 Dr Karim Owolobi, and staff from the office of the Surveyor General, Namibia . Roxanne Bennett and Lindi van der Merwe for editing. Hanri, Lounus, Joadi and Est e for their patience and support over the last couple of months for the time I could have spent more productively with them. Estate Agents who contributed to the survey. Special Thanks to: The Honourable Dr. Libertina Amathila, Deputy Prime Minister of the Republic of Namibia Dedicated to the Namibian Real Estate Industry. This guide is protected by copyright and no part thereof may be copied or duplicated by any means. First publication June 2008 Although every care is taken to ensure the accuracy of the contents of this guide, please note: We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in this guide or references made herein.

9 This guide is not offered as legal or financial advice. As legal and financial advice must be tailored to the specific circumstances of each case, and laws are constantly changing, nothing provided herein should be used as a substitute for the advice of competent counsel or financial advisor. No responsibility can be accepted for any errors, whether caused by negligence or otherwise, or for any loss however caused or sustained, by any person who relies on the information contained herein. Immobilien 4 INDEX Part One Chapter 1 Sellers .. 6 Prospecting .. 7 Mandates and Pricing .. 13 Marketing and Service to Sellers .. 20 My Commission .. 23 Sourcing Sellers.

10 29 Chapter 2 Buyers .. 33 Advertising .. 35 Presentation Manual .. 41 Show Days .. 45 Qualifying Buyers .. 50 Service to Buyers .. 51 Sourcing Buyers .. 58 Chapter 3 Closing the Deal .. 61 Communication Skills .. 62 Body Language .. 64 Negotiation Skills .. 70 Closing the Deal .. 72 Sales Agreement of Immovable Property .. 76 Chapter 4 Succeeding with Sales .. 101 Land Use Control .. 102 Ownership and Contractual Capacity (Including Natural and Legal Entities) .. 111 Sectional Titles .. 136 Conventional Deed of Transfer / Title Deed .. 149 Agricultural Land .. 157 Immobilien 5 Chapter 5 Finance, Registration and Costs.