It is important to note that even though the Seller appoints the transferring attorney and they act on behalf of the Seller, it is the Purchaser, who is liable to pay the transferring attorneys for services rendered.
These costs are based on a sliding scale depending on the value of the property and there is a recommended amount that conveyancers should charge. Only Purchasers who are purchasing a property worth more than R1 100 000 will pay transfer duties.
The bond registration attorneys represent the bank. As with the transfer attorneys, it is the Purchaser’s responsibility to pay for the services of the registration attorney. Payment is typically required after all necessary documentation has been completed and signed by the Purchaser.
The Purchaser will have to pay all rates and taxes 4 months in advance before the registration of the property can take place. In addition, the conveyancer must obtain a Rates Clearance Certificate from the Local Municipality to verify that there are no outstanding Rates and Taxes payable by the Seller. The municipality will not issue the Rates Clearance Certificate until the outstanding rates are paid. The Purchaser pays for this even though it is the Seller’s clearance.
In an instance where the Purchaser moves into a new home before the registration has been changed to their name, the Purchaser will be liable to pay occupational rent to the Seller until completion of the transfer. This amount must be stipulated in your offer to purchase.
We can negotiate with the various banks to get the best interest rate and terms and conditions for you when seeking a bond. We can unfortunately not renegotiate should the agreement be registered in the deeds office already.
Yes, we use the same matrix that the banks use, to qualify a client. However one should remember that the final decision still remains with the respective credit managers at the banks at the time of submission of an application.
Yes, if you are a SA resident working and living abroad temporarily, a mortgage bond can be secured. Most banks will look at granting up to a maximum of a 70 – 80% loan but each application is reviewed on individual merit by the credit manager.