PROPERTY NEWS - If you are a foreign buyer looking to secure property for sale in Mosselbay, there are a few things that you need to know when bringing in money from abroad.

The South African property market is attractive to the international market, with the rand depreciating against some of the major currencies allowing for further opportunities. There was some slight concern for buyers looking at South Africa, as talk of a potential ban made rounds. However, this news was cleared up with the Global Property Guide revealing, "Following plans to introduce a bill banning foreign ownership of land in South Africa, made public last year, the South African government has clarified that the ban will not apply to residential properties, but only to agricultural land."

Once you have decided on a property that you are interested in buying, then you need to consider a few things. As a non-national, you are able to deposit funds into a bank account in South Africa for your purchase. The funds would usually be moved to a trust account of the estate agent or transferring attorney. This allows them to pay the transfer duty and legal fees. Because trust accounts are monitored by the respective regulatory body, the transfer of funds receives a "deal receipt" which must be retained in case a purchaser wants to repatriate funds.

You could also open a non-residential bank account from overseas but it requires several documents.

Mortgage bonds can be applied for at lending banks or other financial institutions, but it is important to know that non-residents are only able to borrow 50% of the property price, with the other half having to be paid in cash or financed through a foreign bank.