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WHO PAYS FOR WHAT


        SALE AND TRANSFER PROCESS


        **Information from STBB
      SELLER                                                  PURCHASER

           Agent’s Commission                                     Transfer Costs
                                                                     -  Your agent would have supplied you with
            Penalty Bond Interest                                      a table of costs.

             -  if 3 month’s written notice not given to the         -  Note that the transfer duty is payable to
             bank to cancel seller’s bond.                              the conveyancers approx. a month
             -  It equates to approximately a bond                      before transfer.
                installment for each completed month of              -  No transfer duty payable if the seller is
                notice not given (or pro rata thereof )                 VAT registered and the sale forms part of
                                                                        the seller’s VATable enterprise.  The
           Bond Cancellation Fee                                       purchase price will either be recorded in
               -  (If property is bonded)                               the contract as inclusive or exclusive of
               -  Between R2 000 – R2 500                               VAT.
             -  Note:  this still applies even if the bond has       -  The account to purchaser may include
                a nil balance.                                          the cost of obtaining a home owners’
                                                                        association consent to transfer.
           Rates and Services                                       -  Rates clearance certificate
             -  Any arrears, current amounts owing and a
                120 day advance collection amount.                 Bond Costs
                                                                     -  Only if there is a registered bond.
           Levy amounts owing to the Body Corporate                 -  Your agent would have supplied you with
             or Home Owner’s Association                                a table of costs.

           Certificates                                           Occupational Rental
               -  Electrical (in order if issued under 2 years &     -  If purchaser moves in before transfer.
                no changes made to the installation)                 -  Always try and provide for a figure in the
               -  Beetle (if applicable)                                Agreement of Sale, even if occupation is
               -  Plumbing (if applicable)                              on transfer.
               -  Gas (if applicable)
             -  Approx R2 000 for all 4 if no repairs              Plans
                necessary.                                             -  Seller not obliged to deliver copies of
                                                                        approved plans to the Purchaser
           Certified Copy of Title Deed:
               -  If original misplaced – the cost is approx.      Conveyancer’s Certificate re Title
                R1000.                                               Restrictions
                                                                       -  If purchaser intends subdividing or
           Any repairs agreed to in the contract.                      renovating (examples)


           Other
               -  Any financial undertakings for seller.
               -  Bridging finance for seller
               -  Obtain directive from SARS (withholding
                tax scenario)
               -  Repatriation of funds
                foreign investment abroad
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