The parties could agree
in writing that the buyer will pay the commission, but then the buyer must be informed that he will also pay
transfer duty on the said commission amount.
amount to the bank and the cancellation of existing bond(s) over the property
- Please obtain the Home loan Account
number from the Seller
This will enable the transferring
Attorney to call for the cancellation figures and Title Deed as soon as possible
This will also enable the
transferring Attorney to give the formal 90 days' notice of intention to cancel
to the bank (This works on a prop rata basis. The sooner the 90 days' notice is
given to the bank the smaller the early termination fee to the bank will be, if
the seller can not wait out the entire 90 days period)
Even if the bond has been paid up
100% it still needs to be cancelled at the Deeds Office.
The cost to cancel a bond is R2 351.00
for the 1st bond on the property, for each additional bond
thereafter an additional R150 + VAT will be payable as well.
certificates (The next three are a must as same are required by law)
- Electric Wiring Certificate
Electric Fence Certificate (if
Gas Appliance Certificate (if
- Woodborer Certificate
The parties may under special
conditions in the OTP confirm in writing that the buyer will pay for all the
above certificates ,should the seller not be willing to do so .
share of Rates and Levies (if Sectional Title)
- The seller is responsible fro all
rates on the property until date of registration (The same applies for levies
in the case of a Sectional Title Scheme)
- The seller will also be liable for
any and all Special Levies raised
prior to registration
- All legal fees pertaining to the transfer, which include transfer duty to SARS if the
purchase price is for R600 000,00 or more;
All legal fees pertaining to the registration of the bond (if applicable) NB PLEASE
ALWAYS ASK YOUR BUYERS TO BUDGET FOR A POSSIBLE INNITIATION FEE TO THE BANK OF
R5 700, 00.
14% VAT will be charged on all
transfer and bond fees payable to the duly appointed attorneys.
share of the Rates
The purchaser will pay all rates from
date of registration until the end of the financial year at the Municipality,
which is always 30 June of each year.
share of levies (if Sectional Title)
The purchaser will pay all levies
from date of registration and will pay for ± another 2 months in advance.
The managing agents will also charge
the buyer ± R600,00 to issue the attorney with a levy clearance certificate
On any transfer or bond file there
will always be disbursement of not more than R1000, 00, this will include post
and petties etc.
Should the buyer take occupation
prior to registration he / she will also pay occupational rent on a pro rata
basis and on an amount as agreed upon in the Deed of Sale.
After registration the new owner
will have to pay a deposit of ± R800,00 to the municipality to open the
necessary municipal account.