Who?
If you're looking to sell your home in South Africa, it's essential to understand the costs and requirements involved in the process. Working with a reputable property professional who can assist you in successfully selling your home without any hassles is recommended to make things easier.
What?
When selling your home, there are several costs and requirements to remember. These include:
· Electrical compliance certificate: Before selling your home, you must have a valid Electrical Compliance Certificate (ECC), which can cost anything from R1,500 and R2,500, excluding any necessary electrical repairs. · Gas, plumbing, and electric fence certificates: Depending on what you have on-site at your property, you may also need a Gas, Plumbing, Entomologist, Solar Panel, and Electric Fence System Certificate of Compliance. These certificates are valid for different periods and are worth obtaining before putting your house on the market. Again, your agent can recommend trusted service providers. These generally cost another R2 500 each, depending on which contractor you use. · Municipal rates and taxes: These must be paid before your conveyancing attorney can lodge any transfer documents. Expect to pay anything owing plus 4 months in advance, calculated based on your average account over a recent period. Your conveyancing attorney will advise you on the amount payable and make this payment on your behalf. · Bond cancellation: Although the purchaser is responsible for most of the conveyancing attorney's fees, the seller must pay an amount determined by your mortgage provider to cancel the existing bond if the property is still bonded. · Agent's fee or commission: This amount is usually agreed upon in advance or negotiated upon acceptance of the offer to purchase. Your conveyancing attorney will pay your estate agent upon final registration of the transfer at the Deeds Office.
When?
The timing of these costs and requirements varies. For example, you should obtain your compliance certificates before putting your house on the market, while municipal rates and taxes must be paid when your conveyancer asks for them sometime before the conveyancer can lodge the transfer documents in the Deeds Office.
How much?
The cost of selling your home in South Africa depends on various factors, such as the value of your property and the specific costs and requirements associated with it. Working with a property professional who can help you understand and anticipate these costs and conditions is essential. Doing so can ensure a successful and hassle-free sale of your home.
Comments