TIPS FOR PURCHASING PROPERTY

• Ensure that you deal with a reputable agent
• The Financial Intelligence Centre Act (FICA), which has recently been promulgates, calls for all persons entering into financial transactions to disclose all their personal particulars.
• Prior to signing an Offer to Purchase where there are clauses in the contract that you do not understand, please refer to an Attorney for legal advice.
• In all property transactions the following costs are usually paid for by the Purchaser of the property: Conveyancing Fees which include Transfer Duty, Transfer Fees, Deeds Office Levies, Stamp Duty, Pro-Rata Rates and Taxes, Rates Clearance Certificate Costs.
• Coupled to the above, should a Mortgage Bond be required, the Bank will charge the Purchaser (Mortgagor) the following costs: Initiation Fee, Valuation Fee, Administration Fee and the Attorney will charge a fee to register a Mortgage Bond.
• The Seller of the property is liable for the following costs unless another arrangement is made: Estate Agents commission, Entomologist Certificate, Electrical Compliance Certificate, Cancellation fees for any bonds registered over the property.
• Usually The Seller of the property nominates the Conveyancing Attorney

THE TERM IMMOVABLE PROPERTY INCLUDES AMONGST OTHERS:

• vacant erf or erven;
• houses;
• flats and townhouses forming part of a sectional title scheme in terms of the Sectional Titles Act 95 of 1986;
• houses forming part of a group housing scheme;flats and townhouses forming part of a share block scheme in terms of the Share Blocks Control Act 59 of 1980; and
  accommodation in a housing development scheme as defined in the Housing Development
• Schemes for Retired Persons Act 65 of 1988.