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Costs involved when selling your property

Costs for electrical, beetle, electric
fencing, gas and plumbing compliance
certificates. If there are problems that are
discovered then you also have to pay for the
necessary work to be done before the
certificate can be issued.

The estate agent’s commission.

Any bond cancellation fee, if applicable.
This is charged when your bond is
cancelled.

Early bond cancellation fees. If you are intending selling property and cancelling the bond then you should let
your bank know in advance, in writing 90 days before the property is being sold. If you do not do this the bank
may decide to charge you a fee for cancelling your bond early. This fee is calculated as 3 months’ interest, which can be
a substantial sum to pay unnecessarily. Please note that if you give notice about cancelling your bond, the bank will
freeze your facility and you won’t be able to access it.

Upfront contribution towards municipal rates and taxes, services and levies (if applicable), usually equivalent to
about 3 - 4 months’ payments, to get rates and taxes and levy clearance certificates. This can be a large amount.
If your property transfers earlier than anticipated you might get a refund.

In general capital gains tax occurs if you sell your property at a profit (the first R2 000 000 of the profit made on
the sale of a “primary residence” is not taxed if the house is registered in the name of a natural person). The
capital gains tax rate usually works out to a maximum of 13.3%. Please consult SARS or your accountant for further
specific details for your particular situation.

Costs of moving your furniture and possessions to a
new property or to storage.

Property Partners Property Management and Sales cc
Registration No: 2011/099893/23