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Conveyancing Fees and the Whole Shebang: Know What You Need To Pay

It’s everyone’s dream to own their own home, but it soon can turn into a nightmares. Conveyancing fees, transfer duties, deeds office levies, bond costs. These are all terms you’re going to come up against when you apply for a home loan.

The most important thing is to know where you stand and know your facts. Do some research and know what you’re up against. The last thing you need is to make an offer on your first home and then to find out you can’t afford something like the conveyancing fees or transfer duties.

Know the Terms

Terms like conveyancing fees or bond costs are alien to some folks who are not clued up on all the legal jargon. Here’s a handy list of some terms you’ll come up against and how it’s going to impact you when purchasing your dream home.

• Deposit – This is the money the bank will require you to put down when purchasing a property (20% is usually the rule of thumb).
• Bond Costs and Transfer Duties – These are the taxes levied by the government on all property transactions.
• Conveyancing Fees – The attorney who registers the property in your name needs to be paid as well as conveyancers, who are appointed by the bank to register a bond for your potential property.
• Deeds Office Levies And Fees – The deeds office falls under the Department of Land affairs and are responsible for registering ownership and rights of immovable property.
• Bank Charges – Financing the purchase of a new home with a bank will incur some costs including, valuation fees, bond initiation fee and an administration fee.

Now you should know all the major terms and it will give you the confidence to reach your goal of owning your own property. Next time someone asks about conveyancing fees, you’ll have the answer ready and waiting.

Contact Details:
Contact Number:
012 654 4107 or 082 578 3104
Fax Number:
012 654 7407
Email:
bert@bertsmith.co.za
Website:
http://www.bertsmith.co.za

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