Quick answer
Before you take the next step, check the signed offer, the suspensive conditions, the deposit, bond approval, transfer costs, transfer duty, occupation date, defects and which conveyancing attorney will handle the transfer. A first property purchase can feel simple until the money, timelines and documents start moving.
Key takeaways
- Before you take the next step, check the signed offer, the suspensive conditions, the deposit, bond approval, transfer costs, transfer duty, occupation date, defects and which conveyancing attorney will handle the transfer. A first property purchase can feel simple until the money, timelines and documents start moving.
- 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 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.
- This conveyancing and property law article is general information and still needs legal review for specific facts.
Documents and facts to prepare
- Signed offer to purchase.
- Identity documents and proof of address.
- Marriage status documents, if relevant.
- Bond approval documents.
- Deposit proof.
- Income or FICA documents requested by the conveyancer.
- Details of the property, occupation date and fixtures.
- Any defect disclosure or inspection records.
Common mistakes
- Assuming bond approval means the transfer is finished.
- Forgetting transfer costs when budgeting.
- Not checking whether transfer duty applies.
- Ignoring defects because the seller sounded reassuring.
- Missing dates for suspensive conditions.
- Not asking who pays occupational rent and from when.
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.
FAQs
Who usually handles the transfer?
A conveyancing attorney handles the legal transfer work. The seller often nominates the transfer attorney, but a buyer should still understand who is acting, what costs are payable and what documents are required.
Is transfer duty always payable?
No. SARS publishes transfer duty thresholds and rates. Whether duty is payable depends on the property value and the current SARS table, and some transactions may have different tax treatment.
Should I ask about defects before signing?
Yes. Defects, occupation, fixtures, compliance certificates and suspensive conditions should be clear before you sign or before conditions are fulfilled.
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Legal note
This article is general legal information for South African readers. It is not legal advice. Speak to a qualified legal professional about your specific facts before taking action.