Transfer Cost Calculator
Cost Breakdown
Other Costs
Understanding Property Transfer & Bond Costs
Transfer Costs
Transfer costs include transfer duty (government tax), conveyancing attorney fees, deeds office fees, and various clearance certificates required for property transfer.
Bond Costs
Bond registration costs include bond attorney fees, deeds office fees, bank initiation fees, and administrative costs. These are separate from transfer costs.
Bond Repayments
Monthly bond repayments include both principal and interest. Over the loan term, you'll pay significantly more than the loan amount due to accumulated interest.
Important Disclaimer
These calculators provide estimates based on standard fee structures and current rates. Actual costs may vary depending on your specific circumstances, property location, and service providers. Always consult with a qualified conveyancing attorney and your bank for accurate quotations.
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Frequently Asked Questions
Transfer Cost Calculator FAQs
What is transfer duty and who pays it?
Transfer duty is a government tax levied by SARS on property purchases. The buyer is responsible for paying transfer duty. Properties under R1,100,000 purchased by natural persons (individuals) are exempt from transfer duty. VATable properties (commercial/new developments) are generally exempt from transfer duty but subject to VAT instead.
What are conveyancing fees?
Conveyancing fees are the attorney's fees for transferring ownership of the property from the seller to the buyer. These fees follow a regulated sliding scale based on the property value. The transferring attorney handles all legal requirements, documentation, and registration at the Deeds Office.
What are clearance certificates and why are they needed?
Clearance certificates prove that rates, electricity, water, and levies are paid up to date. They are mandatory for property transfer and protect the buyer from inheriting the seller's debts. These certificates typically cost between R400-R600 each and are obtained from the municipality and body corporate (if applicable).
How long does the transfer process take?
The property transfer process in South Africa typically takes 8-12 weeks from the date the offer to purchase is signed. This timeline can vary depending on bond approval, availability of documents, and Deeds Office workload. Complex transfers may take longer.
Can I negotiate attorney fees?
While conveyancing fees follow a recommended tariff structure set by the Law Society, there is some room for negotiation, especially on higher-value properties. However, be cautious of extremely low quotes as they may indicate inexperienced attorneys or hidden costs. Quality service is important in property transactions.
Are there any additional costs not shown in the calculator?
Yes, buyers should budget for additional costs such as bond registration fees (if financing), home inspection fees, moving costs, homeowner's insurance, and potential repairs or renovations. If purchasing in a security estate, there may be initiation fees or deposits required.
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