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Choosing the right Agent for
you: |
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Select an accredited agency with a Fidelity Fund Certificate that is
active in your area |
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- Ask for a CV |
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- Ask for referrals from previous sellers |
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- Check out their advertising in The Saturday Star Property
section |
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- Ensure your agent has a good track record in your area |
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You need a ‘live-wire’ negotiator who will go all out for
you
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Before your
move... |
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When the seller moves out of the property, the council / body corporate does
a final reading of the electricity and water at the seller’s
request. |
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The seller will be liable for rates / levies until the date of registration
of transfer. |
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The purchaser will have to pay a deposit to the council / body corporate to
have the water and electricity account changed into his / her
name. |
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If the Close Corporation or Company is selling its interest, the purchaser
should have the water and electricity account in a personal name to avoid a
misunderstanding with the council / body corporate. |
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The purchaser will have to supply the council / body with an Electric
Compliance Certificate when he / she pays the deposit. |
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With regard to legal costs, remember the following:
- Bond costs
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Bank property assessment fee Postage and petties for both the bond and the
transfer Deeds Office levy for both the bond and the
transfer Stamp duty on the bond |
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VAT on all costs plus Capital Gains Tax which amounts to 5% of the value
above R500 000 or 8% plus R25 000 on any value exceeding R1
million. |
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Estimate rates / levies – Both the seller and purchaser pay in a pro-rata
lump sum of approximately 6 months of rates. Rates / levy fee (which amount is
payable to the council / body corporate – over and above the deposit for water
and electricity). |
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The seller must cater for the interim interest accruing on the bond
(calculate ± 3 months interim interest in advance). |
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The seller is also liable for the bonds cancellation and a levy of about R30
for every bond that is cancelled. |
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If two or more transfers are going to be linked, it is advisable for the
purchaser to pay the transfer costs upfront, as this can save three to four
weeks. |
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If the seller is a vendor, he will pay VAT and the purchaser will not have to
pay transfer duty. |
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If the purchaser is a vendor, he will have to pay
VAT. |
