The true cost of buying a house in South Africa, including hidden fees

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.

Property Property Latest News, Property Property 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.
Source: BusinessTechSA - 🏆 24. / 61 Read more »