Why this situation happens

First-time buyers often focus on the purchase price and bond approval. The legal transfer has its own process. There may be transfer duty, bond registration costs, municipal clearance, compliance certificates, FICA documents and deadlines in the sale agreement. If one item is misunderstood, the transfer can slow down or become expensive.

Legal explanation

Transfer duty is a tax on the value of property acquired by a person through a transaction or other acquisition. SARS explains that property includes land and fixtures, and SARS publishes the rates and thresholds. Conveyancers also use SARS eFiling processes for transfer duty declarations and receipts.

The conveyancer does not replace your own judgment on the commercial deal. The conveyancer attends to the transfer, but you should understand what you signed, what conditions must be met, and what happens if those conditions are missed.

What to do next

Ask for a written estimate of costs. Separate the purchase price from transfer costs, bond costs, rates clearance amounts, occupational rent and moving costs. Read the offer again with a pen in hand. Mark every date, every condition and every document you must provide.

Costs and timeframes

Costs vary by property value, bond structure and transaction facts. SARS transfer duty rates change, so use current SARS information rather than old tables. Timeframes depend on bond approval, guarantees, municipal clearance, SARS processing, seller documents and deeds office steps.

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