Transfer of Property

After the buyer and the seller have signed the agreement of sale, in order for the conveyance to proceed with the next step in the transfer procedure, it is necessary for the buyer to sign a declaration that the price on the agreement of sale is the correct price that has been paid, or will be paid for the property.  The buyer will also sign a power of attorney document  which allows the conveyancing attorney to lodge the transfer at the Deeds Office on their behalf.

The seller will also sign documents .   As before, the seller will sign a power of attorney to allow the conveyancer  to represent them for the submission of the transfer documents at the Deeds Office and a Declaration stating that the price on the sales agreement  is the price that has been paid for the property.

The conveyancer  will organize for both the seller and the buyer an interview with Zimra, preferably together  so that a capital gains assessment can be obtained.  

If the seller is over 55 years of age and the property being sold is his principal private residence he can apply for capital gains tax exemption providing he has utility accounts in his name addressed to the property in question.

If a property was purchased prior to February 2009 for Zimbabwe Dollars should the seller be under 55 years of age a 5% capital gains tax liability is payable.

If the property was purchased after February 2009 a 20% capital gains tax liability is payable on the difference between the purchase price and the selling price, this being the capital gain.

The conveyance will assist you to make the transition as easy and as stress free as possible.