Buying a property is a huge financial commitment. Don’t get caught short by these frequently forgotten additional costs. David Jacobs, Gauteng regional manager for the Rawson Property Group, runs through all the expenses buyers need to prepare for, and shares a few cost-saving tips.
This fee is paid by the buyer to the conveyancer in return for registering ownership of the property in the buyer’s name with the Deeds Office. It includes general disbursements and is subject to VAT at 15%.
“Transfer duty is calculated as a percentage of the property value over R1 million,” said Jacobs. “If your purchase is under R1million, no transfer duty is due.” “This fee varies by lender,” said Jacobs. “Some banks charge a fixed fee of around R6,000, others charge a base fee plus a percentage of the loan amount.”: Your bond initiation fee can be included in your loan amount if necessary. It’s a good idea to pay it upfront if possible, however, to avoid accumulating unnecessary interest.The Deeds Office will also charge a fee to register your bond over the title deed.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The updated rules you should know before buying in a complex or estate in South AfricaMost buyers who are considering a sectional title property know by now that they should first check how much the monthly levy is and what it covers before making an offer to purchase.
Read more »
South Africa 'desperately' needs young farmers for progress | The CitizenVan Zyl said South Africa had enough problems as it is, without worrying about food security.
Read more »
Audi South Africa trains first responders to 'pull the plug' in electric car accidents | WheelsParamedics, firefighters and police attended a course on how to safely power down an electric car in an accident to ensure unnecessary high-voltage injuries or even death. | Wheels24
Read more »
HONOR announces the availability of its new Flagship, HONOR Magic4 Pro in South Africa[Promoted] HONOR announces the availability of its new Flagship, HONOR Magic4 Pro in South Africa
Read more »
Theatre legend Kani turns eye to modern South AfricaWhen John Kani launched his acting career in the 1960s, the only stage he could find was an empty snake pit at a shuttered South African museum....
Read more »