1. The Conveyancer prepares the Deed of Transfer.
2. The transfer documentation is lodged at the deeds office.
3. The documentation is checked by the deeds office examiners.
4. The property is then registered in the name of the purchaser.
Month: September 2021
WHAT IS TRANSFER DUTY?
Transfer duty is tax levied on the value of the property.
WHO IS RESPONSIBLE TO PAY TRANSFER DUTY?
Transfer duty is payable by the Purchaser.
HOW IS TRANSFER DUTY CALCULATED?
Transfer duty is calculated according to a sliding scale on the value of the property.
The Seller and the Purchaser will be required to sign the transfer documentation in order for the conveyancer to proceed with the transfer and registration of the property.
The Conveyancer will now attend to the following:
1. Request the bond cancellation figures from the Seller’s bank or financial institution.
2. Apply to the relevant Municipality for the rates clearance figures of the property.
3. Apply to the Home Owners Association for the levy figures of the property. (if applicable) 4. Apply to the Body Corporate of a Sectional Title unit for the levy figures of the property.
