TIPS FOR PURCHASING
PROPERTY
- Ensure that you deal with a reputable agent
- The Financial Intelligence Centre Act (FICA), which
has recently been promulgates, calls for all persons
entering into financial transactions to disclose all
their personal particulars.
- Prior to signing an Offer to Purchase where there
are clauses in the contract that you do not
understand, please refer to an Attorney for legal
advice.
- In all property transactions the following costs are
usually paid for by the Purchaser of the property:
Conveyancing Fees which include Transfer Duty,
Transfer Fees, Deeds Office Levies, Stamp Duty,
Pro-Rata Rates and Taxes, Rates Clearance
Certificate Costs.
- Coupled to the above, should a Mortgage Bond be
required, the Bank will charge the Purchaser
(Mortgagor) the following costs: Initiation Fee,
Valuation Fee, Administration Fee and the Attorney
will charge a fee to register a Mortgage Bond.
- The Seller of the property is liable for the
following costs unless another arrangement is made:
Estate Agents commission, Entomologist Certificate,
Electrical Compliance Certificate, Cancellation fees
for any bonds registered over the property.
- Usually The Seller of the property nominates the
Conveyancing Attorney
THE TERM IMMOVABLE PROPERTY INCLUDES AMONGST OTHERS:
- vacant erf or erven;
- houses;
- flats and townhouses forming part of a sectional
title scheme in terms of the Sectional Titles Act 95
of 1986;
- houses forming part of a group housing scheme;
flats and townhouses forming part of a share block
scheme in terms of the Share Blocks Control Act 59
of 1980; and
- accommodation in a housing development scheme as
defined in the Housing Development Schemes for
Retired Persons Act 65 of 1988.
Information
supplied by s t r b Smith Tabata Buchanan Boyes
Attorneys.
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