Most people are aware that there are certain costs involved in the purchasing or selling of a property.
The first cost item to consider when buying a property is the Conveyancing (attorney) fees, also known as transfer fees. Although the purchaser pays the Conveyancer’s fee, it is usually the seller who appoints the attorney. This ensures that the Conveyancer acts in the Seller’s interest and prevents unnecessary delays in the transfer process.
The Conveyancer’s fee is paid for his/her role to change the ownership of immovable property from the Seller to the Purchaser in accordance with the Deed of Sale.
Conveyancing Fees are prescribed by the Law Society of South Africa and are calculated on a sliding scale based on the purchase price of the property.
The second cost item to consider when buying a property and simultaneously registering a mortgage bond is the bond registration fees. These fees are prescribed by the Law Society of South Africa and is calculated on a sliding scale based on the bond amount being registered.