This is what is due and payable to SARS when a property changes ownership, in most instances (for example an ordinary second hand sale). This is a cost that Buyer will pay to the Conveyancers and they in turn pay it over to SARS. This figure is calculated against the Selling Price, unless SARS feels that it was sold under market value in which event SARS may demand valuations and then assess the transfer duty against the deemed value. This is especially likely where related parties buy and sell properties.
This is what the Conveyancers who have been appointed by the Sellers will charge to transfer the property into the name of the Buyer. It is payable over and above the transfer duty.
Value of Property and Rate of Transfer Duty
0 - 900 000 - 0%
900 001 - 1 250 000- 3% of the value aboue R 900 000
1 250 001 - 1 750 000 - R 10 500 plus 6% of the value above R 1 250 000
1 750 001 - 2 250 000 - R 40 000 plus 8% of the value above R 1 750 000
2 250 001 to 10 000 000 - R 80 500 plus 11% of the value about R 2 250 000
10 000 001 and above - R 933 000 plus 13% of the value above R 10 000 000
Bond Registration Costs
These are costs that the Buyer needs to pay to an attorney which has been appointed by the bank or financial institution in order to register the bond over the property. This is payable in addition to transfer duty and transfer fees.
Bond Repayment Calculator
To work out how much your bond will cost you approximately per month, this being worked out on the prime interest rate, the norm is not more than 30% of your gross monthly income can be spent on covering your bond repayment. This also depends on your disposable income.
Peter Weimann - Relationship Manager - Team Upton
Robert Krautkamer Director - Miltons Matsemela