Property Transfers
Costs Of Property Transfers
Home buyers are often taken by surprise regarding the costs involved with property transfers. As a rule of thumb, use the Internet to find calculators for property transfers or make sure the estate agent provides you with a complete table of costs involved and explains the costs before signing a purchase to offer agreement.
We have such a table to determine the costs of property transfers right here at the Bert Smith Incorporated website. Informed decisions normally involve fewer risks and unpleasant surprises. Do your homework before purchasing a piece of property to avoid a financial nightmare down the road.
One of the costs involved in a property transfer is that of government tax. You cannot bypass it and if not paid, the transfer of ownership cannot take place. If you purchase a stand or a piece of vacant land you will only pay tax calculated on its value, but when purchasing a home, there will be taxes levied on the building and land value. Fortunately, a sliding scale is used for determining the payable duties. We recommend that you view the table to determine whether you will have enough money to also pay all the applicable costs involved in purchasing and transferring of a property before you shop for properties. Keep the costs in mind when budgeting for a new home.
Other fees involved should also be calculated before putting your hand to paper. There are deposit and valuation fees, bond registration fees, stamp duties and conveyancing attorney fees. All of the fees are regulated ensuring that you will not pay more at one attorney than another. Only after all the fees have been paid can the property rights be transferred into your name. Also note that when purchasing a property as a company or close corporation that there will be VAT payable.
Contact us today for assistance regarding property transfers in an efficient and professional manner.