• Transfer Duty: the amount of transfer duty depends on whether you are buying in your personal name, or in legal entity, which is either a CC (Closed Corporation), company or trust.

  If you are buying in your personal capacity/name, transfer duty is calculated on a sliding scale. The first R500 000 is exempt, between R500 000 – R1-million incurs five percent of the purchase price and from R1-million upwards incurs eight percent. If however, you are buying in one of the abovementioned legal entities, transfer duty is calculated on a flat rate of eight percent of the purchase price.

• Rates and Levies: rates are paid for residential properties and levies for sectional transfers, such as flats. The seller is liable for rate payments until transfer takes place. The cost of a rates clearance and valuation certificate is R35 over and above the rates due.

  Levies are normally paid up one month in advance to the managing agents for the body corporate. Their charges for a clearance certificate range between R350 - R500.

• Fees: this is the bit where the conveyancer’s services are paid for and these fees are calculated on a sliding scale depending on the purchase price of the property and the set tariff. The deeds office charge a registration fee of between R55 and R1000 depending on the value of the property.
• Bond registration costs: the banks charge a valuation and initiation fee — normally in the region of R1168 – R1500 — which must be paid before registration. The deeds office also charges a levy between the amounts above. Again, according to a sliding scale and a set tariff, the conveyancer may charge the purchaser with any costs incurred in relation to payment of the above amounts.
• Bond cancellation costs: if there is no settlement sum due by the seller to the bank on registration, the tariff fee is R400. If there is a settlement amount that has to be paid, the tariff fee is R600. The deeds office levy for registration is R95 and conveyancers may charge anywhere between R60 and R150 for this cost.

Deeds may be rejected for various reasons, such as a discrepancy regarding the spelling of names, ID numbers, erf descriptions etc. If it is something that can easily be remedied, the conveyancer will re-lodge the deeds after amending them.

How long does the process take?
The whole process from the date that your 'Agreement of Sale' is signed until registration in the deeds office should take between six to eight weeks.

Where and when will I get the keys to the property?
The question on every buyer’s lips! These details are set out in the possession/occupation clause in the 'Agreement of Sale' or 'Offer to Purchase'.

Some state that possession and occupation is given the day that the buyer officially becomes the new owner, and others allow for earlier possession, requiring the buyer to pay occupational interest to the seller. The keys are normally obtained from the Agent who sold the property.

What can I do if the conveyancer fails to do their job?
If you feel that a conveyancer has not done their job properly, you may lodge a formal complaint with the Law Society for that region. The Law Society will deal with it from there and investigate the matter further.

Why is a conveyancer necessary?
Due to the specialised nature of conveyancing, you need the advice and expertise of a person qualified and equipped to deal with this work. It’s the safest bet for protecting your interests in what is more than likely your biggest financial transaction.