Costs to Consider when purchasing a property
The new budget speech wasn’t all doom and gloom as prospective purchasers received a breather up to R900000 (up from the precious R750000) before becoming liable for transfer duty. To calculate the predicted transfer duty on your property purchase go to: http://www.sars.gov.za/Tax-Rates/Pages/Transfer-Duty.aspx
Other costs to consider when purchasing include the transferring attorney’s fee, bond registration fee and any moving costs.
When selling a property it is essential that you give notice on your bond as soon as possible to avoid paying cancellation penalties. Sellers also have to consider the cost of compliance certificates, agent's commission, rates and levies clearance and bond cancellation fees.
Author: Realtors International Durbanville