What is the difference between a transfer fee and a transfer duty?

On each transaction of transfer, the fee is the amount paid to the attorney for the work done being the transfer process.

All properties with a purchase price more than R 600 000.00 are subject to payment of Transfer Duty. This is a form of tax payable to SARS, and is payable in addition to the transfer fee.

The Purchaser is also responsible for a proportionate payment of rates and taxes to the municipality, and levies to the Body Corporate or Home Owners Association if that is applicable. These amounts will also reflect on the statement of account received from the attorneys doing the transfer.

Transfer and bond fees are prescribed by the Law Society and are calculated on a sliding scale.

By | 2017-07-26T20:07:14+00:00 July 26th, 2017|0 Comments

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