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Things I wish I would have learnt as a First-time Home Buyer.

02 October 2024 ,  Puleng Valentine Tladi 11
  1. Costs. I cannot emphasis how important it is to budget for both the transfer and bond registration costs. This is important because the property will not be registered in your name if you do not pay those costs. If your property is being financed you will get two accounts. One from the transferring attorney and the second from the bond registration attorneys. Do not be surprised if you are called by the different parties.

     

  2. After approval ensure that you avoid debt to buy furniture or pay the above costs for your new home. Banks usually do a random credit check and are allowed to withdraw after approval of your bond.

     

  3. Deposit payable to the Municipality. As soon as you open a municipality account, you will be expected to pay over a deposit in accordance with the tariffs issued by the local Municipality.

     

  4. Rates and Taxes. If you are purchasing a house ensure that you pay your local authority the monthly rates and taxes. If you purchasing a townhouse ensure that you also pay the levies to your body corporate as well as the rates and taxes to the Municipality.

     

  5. If you are paying a deposit or buying cash. Please do not pay the money directly to the seller. To be on the safe side ensure that you pay over the money to the attorney or estate agent so that it can be kept in a trust account by the said Attorney or estate agent who is in possession of a fidelity fund certificate. The attorney will invest the money in an interest bearing account in terms of section 86(4) of the Legal Practice Act 28 of 2014.

     

  6. If you are purchasing a property above the R 1 100 000.00 (One Million One hundred Thousand Rand) you will be required to pay transfer duty. Check the scales on the SARS website. The amount must be paid over within six months from date of acquisition alternately penalties will be due.

     

  7. Do a thorough inspection of the property with the agent or owner before signing the deed of sale or offer to purchase.

     

  8. Please read the Contract before you sign I know you may be excited, but ensure that you know what you are getting yourself into.

 

Puleng Valentine Tladi

Director, Conveyancing Department

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