There are three material payments to be made; Transfer Duty, the Conveyancing and Bond Registration Attorney’s statutory fees and professional costs..
The seller is responsible to pay for:
- Real Estate Agents Commission
- COC’s – Electrical/Gas Compliance Certificate
- 3 months’ municipal rates and taxes in advance
- 3 months’ levies in advance
- Bond cancellation costs
Transfer fees are paid to a transferring attorney, appointed by the seller to transfer ownership to the buyer. This cost varies, depending on the purchase price and comprises of the conveyancer’s fees plus VAT. The fee is based on tariffs recommended (and published) by the Law Society but may differ slightly from one law firm to another. All attorney’s fees must be paid before registration.
The buyer is responsible to pay for:
- Transfer fees/Attorneys’ fees
- Transfer Duty – determined by SARS for properties of over R1 100 000.00
- FICA verification fee, property search fees
- Rates Consultant
- Pro-rata Levies or Body Corporate Levies
- If registering for a bond the Bond Attorney fees
- Occupational rent, if early occupation is taken
Property transfer duty is a tax payable by the buyers of all types of properties and is over and above the selling price. Transfer Duty is determined by SARS and is payable directly to SARS before registration. This amount is not negotiable. If your property costs less than R1 100 000.00, you will not be required to pay transfer duty.
Bond Registration fees are paid to a registration attorney, appointed by the bank to register the bond against the property and the bank retains the Deed Document. This cost varies on the purchase price and comprises of the registration attorney’s fees plus VAT. The fee is based on tariffs recommended (and published) by the Law Society but may differ slightly from one law firm to another. All attorney’s fees must be paid before registration.
To ascertain the bond value you are likely to qualify for, please contact Martin at 082 447 3463