Transfer Costs Explained

When purchasing property in South Africa, buyers must be aware of several costs in addition to the purchase price:

• Transfer Duty: A government tax paid to SARS on properties above a certain value.
• Transfer Fees: Legal fees paid to the appointed Transferring Attorneys for handling the transfer of a property into the Purchaser's name.
• Bond Registration Costs: Applicable if you’re registering a home loan over the property and the bond registration fees are paid to the appointed Bond Attorneys.
• Deeds Office Fees: Statutory fees for registering the property at the Deeds Office.
• Postage and Petties: Admin costs charged by the appointed Transferring Attorneys, Bond Attorneys and Bond Cancellation Attorneys.
• VAT (if applicable): VAT is applicable on certain transactions. It is important to determaine whether or not the Seller is registered for VAT purposes.

It’s important to request a cost estimate upfront from your appointed Transferring Attorney to avoid surprises!