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· Which types of properties show the best investment returns
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· How to make your property appealing to sellers - tips that work.
· Market commentary - recession seems to be over, is it now the time to buy?
· How to buy property
· What role does interest on your bond play?
· Interesting property facts
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· Centurion Townhouses - Best buys
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Total Transfer cost
guide
This is a guideline of the costs levied on the sale
of properties. Please email
info@centurionrealestate.co.za regarding what is possible.
We can also get a home loan consultant to come and
see you should that be required. Note that home
loan debt is one of the cheapest forms of credit there is in terms of
the interest % charged.
Transfer duty is not the same as
transfer cost
NOTE:
Many see transfer duty to mean
transfer costs! Transfer duty is only a small part of transfer costs to be paid
in a property transaction. For example, a property of R610000 will have
transfer duty of R300 but transfer fees of approximately R25000. Banks don't
finance transfer costs or transfer duties, so you need to save this sum before
you enter into a property purchase transaction, which implies you have to rent
until you have the funds together, if you are a first time buyer.
Total Transfer Cost Table
(Updated 23 March 2011)
|
|
Transfer Duty |
Deed Search |
Transfer Attorney incl. VAT |
Deeds Office Fee |
FICA |
Bond Registration |
Postage |
Law Fee |
Bank Valuation |
Total |
|
450000 |
0 |
70 |
6750 |
500 |
150 |
5850 |
150 |
70 |
5000 |
18540 |
|
500000 |
0 |
70 |
7500 |
500 |
150 |
6500 |
150 |
70 |
5000 |
19940 |
|
550000 |
0 |
70 |
8250 |
500 |
150 |
7150 |
150 |
70 |
5000 |
21340 |
|
600000 |
0 |
70 |
9000 |
500 |
150 |
7800 |
150 |
70 |
5000 |
22740 |
|
650000 |
1500 |
70 |
9750 |
500 |
150 |
8450 |
150 |
70 |
5000 |
25640 |
|
700000 |
3000 |
70 |
10500 |
500 |
150 |
9100 |
150 |
70 |
5000 |
28540 |
|
750000 |
4500 |
70 |
11250 |
500 |
150 |
9750 |
150 |
70 |
5000 |
31440 |
|
800000 |
6000 |
70 |
12000 |
500 |
150 |
10400 |
150 |
70 |
5000 |
34340 |
|
850000 |
7500 |
70 |
12750 |
500 |
150 |
11050 |
150 |
70 |
5000 |
37240 |
|
900000 |
9000 |
70 |
13500 |
500 |
150 |
11700 |
150 |
70 |
5000 |
40140 |
|
950000 |
10500 |
70 |
14250 |
500 |
150 |
12350 |
150 |
70 |
5000 |
43040 |
|
1000000 |
12000 |
70 |
15000 |
500 |
150 |
13000 |
150 |
70 |
5000 |
45940 |
|
1050000 |
14500 |
70 |
15750 |
500 |
150 |
13650 |
150 |
70 |
5000 |
49840 |
|
1100000 |
17000 |
70 |
16500 |
500 |
150 |
14300 |
150 |
70 |
5000 |
53740 |
|
1150000 |
19500 |
70 |
17250 |
500 |
150 |
14950 |
150 |
70 |
5000 |
57640 |
|
1200000 |
22000 |
70 |
18000 |
500 |
150 |
15600 |
150 |
70 |
5000 |
61540 |
|
1250000 |
24500 |
70 |
18750 |
500 |
150 |
16250 |
150 |
70 |
5000 |
65440 |
|
1300000 |
27000 |
70 |
19500 |
500 |
150 |
16900 |
150 |
70 |
5000 |
69340 |
Transfer Duty Lowered
On 24 Feb 2011, the Finance Minister annouced that no transfer duty is payable
on a property priced at R600000 or less and 3% for properties priced between
R600000 and R1 million, on individuals, trusts, companies and close
corporations.
Transfer Duty is payable at the following rates on transactions which are not
subject to VAT.
Acquisition of property by all persons (being natural persons and legal
entities)
|
Value of property (R) |
Rate |
|
0 –600 000 |
0% |
|
600001 –1 000 000 |
3% of the value above R600 000 |
|
1 000 001 –1 500 000 |
R12000 + 5% of the value above R1
000 000 |
|
1 500 000 and above |
R37000 + 8% of the value exceeding
R1500 000 |
Minister of Finance Pravin Gordhan announced in the 2011 Budget
Speech that the transfer duty exemption threshold will be increased from R500000 to R60000 bringing about major changes and savings for purchasers!
The greatest amendment is that these rates are also applicable to legal entities (being trusts, close corporations and companies)!
In the official SARS Budget Pocket Guide 2011, the revised rate structure
which will apply to all properties acquired on or after 23 February 2011 is set
out as follows.
- This will have the effect that persons acquiring a property for R600000
on the 23 February 2011 or later will be exempted from transfer duty. This
will save natural persons R5000 and legal entities R48000
- Should the same person acquire a property for R1000000, transfer duty
will be R12000 – saving natural persons R13000 and legal entities R68000.
- Persons acquiring properties of R1500000 will pay transfer duty of
R37000 – saving natural persons R28000 and legal entities R83000!
Contact
Us
Office
Tel: 012 654 8613. Shop 19, Hennopsview
Shopping Centre, Blackwood Street, Hennopspark
Property Consultants
• Johan on 082 905 9800 (Eco
Park Estate, Highveld, Die Hoewes, Lyttelton, Centurion CBD)
• Mariana on 082 775 5140
(Eco Park Estate, Highveld)
• Julia on 082 796 4873
(Doringkloof, Lyttelton, Die Hoewes, Zwartkop, Hennopspark, Clubview,
Eldoraigne, Wierdapark, Rooihuiskraal North)
• Trudey 082 796 4873 (Eldoraigne,
Amberfield, Rooihuiskraal, Raslouw, Celtisdal)
• Vera
on 082 708 9946 (Lyttelton, Die Hoewes, Zwartkop, Hennopspark, Clubview,
Eldoraigne, Wierdapark, Rooihuiskraal North)
•
Emilie on 082 923 7572
(Doringkloof, Highveld)
• Magda on 082 221 5718
(Zwartkop, Highveld)
General sales queries & newsletter
subscriptions:
info@centurionrealestate.co.za
General rental queries:
rentals@centurionrealestate.co.za
Or visit us on
the web:
www.centurionrealestate.co.za
Free monthly newsletter
If you would like to receive our newsletter, which is a valuable
property informative on property trends for informed decision making
please send us your email address to
info@centurionrealestate.co.za?subject=I would like to receive...
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