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.
Category: Property Law
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.
One of the suspensive conditions in an agreement of sale is that the purchaser must obtain a loan from a bank or a financial institution, within a certain time period.
Should the Purchaser not be able to obtain a loan from a bank or financial institution within the stipulated time period, the agreement of sale will lapse and be of no force and effect.
Categories
RENTAL DEPOSIT
The Rental Housing Amendment Act 43 of 2007 regulates the rental housing industry in South Africa.
DID YOU KNOW?
The deposit which the tenant pays to the Landlord remains the money of the tenant.
The deposit held by the Landlord is security in the event of damage to the property including outstanding costs due by the tenant to the Landlord.
The Landlord must invest the deposit received from the tenant in an interest bearing account. The deposit, including the interest earned during the lease period, must be refunded to the tenant at the end of the lease period.
DESPOSIT AT THE END OF THE LEASE PERIOD
No damage or outstanding costs owed to the Landlord at the end of the lease period:
- The Landlord must refund the tenant within 7 (Seven) days from vacating the property.
Damage or outstanding costs owed to the Landlord at the end of the lease period:
- The Landlord must refund the tenant within 14 (Fourteen) days from vacating the property.
