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FREQUENTLY ASKED QUESTIONS

Q.1.What costs do I pay when Selling a property ?
The Seller is responsible for the following costs:
Estate Agents Commission which is negotiable up to a 7.5% maximum.
Municipal Rates/Services and Sectional Title Levies to date of occupation.
Electrical and Beetle Certificate inspections and cost of remedial work.
Bond Cancellation costs and outstanding cancellation amount to bank.
Capital Gains Tax to SA Revenue Services on any profit less current rebates.

Q.2.What costs do I pay when Buying a property ?
The Buyer pays the Purchase Price and the following costs:
Transfer Duty to SA Revenue Services, and registration fees to Deeds Office.
Transfer Fees to the Sellers Conveyancer,and any Bond Registration fees.
Municipal Rates/Services and Sectional Title Levies from date of occupation.

Q.3.Should I buy the property in my Own Name or in a Company/CC or a Trust ?
This answer depends on many factors so it is advisable to consult your Attorney.
However as a starting point here are some of the advantages and disadvantages to consider when buying in the following legal entities:
Buying in Own Name
: Pros- Lowest transfer duty and capital gains tax, first R2 million profit is exempt from capital gains tax on a primary residence, no accountants fees.
Cons- R2million exemption not applicable to non-residents or 2nd properties, properties may be attached by creditors, estate duty payable.
Buying in a Private Company
: Pros- Separate legal entity with directors limited Liability, shareholders only limited to 50, can be formed after purchase.
Cons-higher transfer duty and capital gains tax than for Own Name, dividends taxable, annual audit fees.
Buying in a Close Corporation
: Pros- Separate legal entity, lower administration than for a Company, can be formed after purchase. Cons- higher transfer duty and capital gains tax than for Own Name, ownership restricted to 10 members.
Buying in a Trust:
Pros- Effective estate planning entity, separate legal entity, protected from attachment by creditors, no annual audit although recommended.
Cons- Highest rate of capital gains tax, higher rate of transfer duty than Own Name, must be formed before purchase.
Given these complexities and as property is a major asset, you are advised to consult your Attorney before signing any Offer to Purchase.

Q.4.Who appoints the Conveyancing Attorney ?
The Seller, Buyer, and Estate Agent all have important roles to play. They also have different and potentially conflicting interests to consider when concluding a sale. As it’s the Sellers major asset before sale, the Seller must consult with and appoint the Conveyancer before signing the agreement of sale and also to attend to the transfer. This legal principle is also recognized in the Estate Agency Affairs Act 112/1975, wherein Regulation 7 of the Estate Agents Code of Conduct prohibits influencing the appointment of the Conveyancer.

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