Bond Registration Costs/Conveyancer's Fees are for the service the Registering/Bond Attorneys provide to get your bond registered over the title deeds. The fees amount varies according to your home loan amount. The fee is based on tariffs recommended by the Law Society, but may differ slightly from one law firm to another. They also charge a small levy to cover sundries and postage. Average charge is R 1 150.00, excl. VAT per bond.
On a bond of R 650 000.00 the fee is approximately R 12 700.00 excl. VAT.
On a bond of R 2 000 000.00 the fee is approximately R 26 560.00 excl. VAT.
Bond Registration Fee payable to the Deeds office for legal registration of your mortgage bond. The Bond Attorney will make payment to the deeds office, you will transfer the funds to the Attorney. This is also a once off cost payable before bond registration; this is a fixed amount determined by your loan:
R 600 000.01 -R 800 000.00 the fee is R 852.00.
R 1 000 000.01 -R 2 000 000.00 the fee is R 1098.00.
R 4 000 000.01 -R 6 000 000.00 the fee is R 1 846.00.
R 10 000 000.01 -R 15 000 000.00 the fee is R 3 057.00.
Transfer Duty is a Government Tax levied to transfer the property from the seller's name into the buyer's name. However, If the seller is registered as a VAT vendor, no Transfer Duty is payable. In such a case, the seller must have included VAT in the purchase price. This is usually the case when buying property in a new development – the developer is generally VAT registered. The funds must be paid to the Transferring Attorneys who will then pay South African Revenue Services. This is a once off fee payable before the property can be transferred in the new owners name.
There is no Transfer Duty on property under R 1 000 000.
From R 1 000 001 to R 1 357 000, transfer duty is calculated at 3% of the value above R 1 000 000. (You don't pay transfer duty on the first R 1 000 000).
From R 1 375 001 to R 1 925 000, Transfer Duty is calculated at 6% on the value above R 1 375 000.00, PLUS a flat rate of R 11 250.
From R 1 925 001 to R 2 475 000 , Transfer Duty is calculated at 8% on the value above R 1 925 000, PLUS a flat rate of R 44 250.
From R 2 475 001 to R 11 000 000, Transfer Duty is calculated at 11% of the value above R 2 475 000, PLUS R 88 250.
From R 11 000 001 and above, Transfer Duty is calculated at 13% of the value exceeding R 11 000 000, PLUS R 1 026 000.
The Conveyancers Fee is charged by the Transferring Attorneys for the service of registering the property in the new owners’ name. The amount depends on the purchase price and may vary slightly from one attorney to the next. This must be paid to the Transferring Attorney before the property can be registered into the buyers name and is a once off cost.
The Deeds office Registry Fee/Property Transfer is charged by the Deeds Office for the Title Deed and legal transfer and registration of property into the new owners’ name. This is paid to the transferring Attorney who then pays the deeds office. It is a once off cost payable before transfer. This is a fixed amount based on your home loan:
R 600 000.01 - R 800 000.00 the fee is R 889.00.
R 1 000 000.01 - R 2 000 000.00 the fee is R 1 020.00.
R 4 000 000.01 - R 6 000 000.00 the fee is R 1 588.00.
R 10 000 000.01 - R 15 000 000.00 the fee is R 2 680.00.
Municipal Provision for Rates and Taxes charged to cover all rates and taxes that need to be paid in advance by the buyer. It is paid to the local municipality. The amount may differ from one municipality to another but you should budget for R7500.
