Seller and Buyer Tips

WHAT EVERY SELLER SHOULD KNOW

  • Provide FICA documents (ID, proof of residence – not older than 2 months, Tax number, marriage certificate and Antenuptial Contract ) to your agent and attorneys.
  • Give notice to your current bondholder (bank) of your intention to sell the property to prevent penalty interest. The transfer attorney will apply for cancellation figures at which point the 90 days notice period will start to run.
  • You are obliged to provide a valid electrical compliance certificate not older than 1 year, as well as a valid electrical fence certificate and gas certificate if applicable.

You will be liable for:

  • Payment of any arrear rates and taxes as well as payment of estimated rates and taxes in
    advance for a period of 120 days.
  • Any arrear Homeowners and Body Corporate levies until date of successful registration.
  • FICA Fee
  • Bond cancellation costs if applicable
  • Agents’ Commission (*)

WHAT EVERY BUYER SHOULD KNOW

  • Provide FICA documents (ID, proof of residence – not older than 2 months, Tax number, marriage certificate and ANC contract) to your agent and attorneys.
  • An Electrical Compliance Certificate should be provided for the seller’s account, as well as a gas certificate and electrical fence certicate (if applicable).

You will be liable for:

  • Transfer duty – if the purchase price of the property is above R1000 000.00.
  • Homeowners and Body Corporate levies payable 2 – 3 months in advance.
  • Homeowners and Body Corporate admin/certificate fees.
  • Investment fee in respect of deposit or full purchase price invested.
  • Conveyancing fees for both the transfer and bond, calculated on the value of the property.*

The following information is to assist you in preparation of purchasing your property

Deposit

If you have a deposit, which will form a portion of the purchase price, your deposit must paid by a certain date to the transferring attorneys as stipulated in the agreement of sale. The deposit will be invested on your behalf to enable you to earn interest on your deposit.

Bond

If you need to apply for a bond (either to cover the balance purchase price or full purchase price) the bond must be granted to you by a certain date as stipulated in the agreement of sale. An addendum can be signed to extend your application period if necessary.

Signing of documents

It is important to sign your documents as soon as possible after being requested by the transferring and bond attorneys (if applicable).

General

The transferring attorneys need to apply for a Transfer Duty Receipt from SARS. Please ensure all your returns are up to date as this can cause a delay in registration.

You need to furnish the transferring attorney with the following:

  • Copy of your identity document,
  • Marriage certificate (if applicable)
  • Antenuptial contract (if applicable);
  • Income tax number
  • Proof of residence not older than 3 months

When the agent has sold your property, commission will be due to the agent. This amount will be deducted from your proceeds and paid to the agent on registration.

If you want the transferring attorney to issue any letters of undertaking for funds to be paid to a third party upon registration, such instruction must be in writing, and signed by you.

WHAT DO I PAY AS PURCHASER – TABLE OF COSTS

If the seller is a VAT Vendor, VAT is payable at 15%, and NO transfer duty is payable.