Posted by bobnone | Posted in Home Buying & Real Estate | Posted on 04-05-2010
Home Buying Closing Costs ~~ Home & Real Estate Matters ~~
When you go shopping for a house to buy, you must be aware of all the costs that will be involved. Apart from the actual purchase price that you and the seller agree on, there are a large number of other costs, some big and some small. Some of these relate to the home loan, while others relate to lawyers’ fees and transfer costs. It is a good idea to familiarize yourself with all these costs so that you know exactly what you are going to have to pay out at the end of the day.
The costs you will need to cover
The biggest cost factor will obviously be the purchase price of your new home. But if you are going to mortgage the property then you won’t need to have all the money available. You will, though, have additional costs to cover, including fees to register a bond, fees to have the property transferred into your name, as well as other costs including those that various attorneys will charge.
Costs of purchasing a property
The costs related to the purchase itself include transfer duty, conveyancing fees, and a Deeds Office tariff. Buyers are required to pay the transfer duty before the property is registered in their name. The amount payable is calculated according a set scale and then the transferring attorney pays it to S.A.R.S. If the property costs less than R500 000 it is exempt from transfer duty. If it costs between R500 0001 and R1-million, than there is a 5% transfer duty levied, and it increases from there. If you buy the property as a company, close corporation or trust, there is a flat rate of 8%. Conveyancing fees get paid to the transferring attorney (who is a conveyancer) and these are based on tariff guidelines set by the South African Law Society. The Deeds Office tariff is a nominal fee set by the Government, and it relates directly to the purchase or bond price. So, for example, if you buy a property for R1-million, the Deeds Office tariff for land transfer will be about R500 and for the bond, about R400.
Transfer cannot be registered until the relevant local authority has issued a rates clearance certificate. This means that the seller must pay all outstanding rates and taxes first. In the event of the seller having paid these rates in advance, the buyer will be billed for the pre-paid rates from either the date of possession or the date of transfer. If you have bought the property through an agent, the agent will have commission due. While this is usually a cost that is covered by the seller, sometimes buyers agree to pay the fee.
Costs of raising a bond
Very few people today can afford to buy a property without raising a mortgage. In fact when people buy homes, sales are more often than not subject to getting a bond on the property, sometimes even a 100% bond with no deposit needed. Of course the bond will have to be registered and this costs money, not only for registration fees (which are paid to the Deeds Registry), but also to pay for the attorney who handles the registration. There will also be a valuer’s fee (or an assessment fee), for the person who evaluates the property to make sure that it is worth at least what bond is to be provided.
So if you are buying a house and looking for a home loan, then you will need to take all these costs into account.
To save up to 50% on attorney fees and to get interest rates as low as prime -2%, click here to get the best deal on home loans.
Satxcasas.com Home buying process/ $8000 Tax cash back/ No down no closing cost Program
|
|
ESTATE VINTAGE LOT OF 5 GENUINE COLORS REAL FUR PELTS- RABBIT, SQUIRREL, ETC. $19.99 |
|
|
How To Buy Foreclosed Real Estate Theodore J. Dallow $4.99 |
|
|
Real Estate Debt Can Make You Rich: What You Owe T $1.99 |
|
|
BUYING REAL ESTATE FORECLOSURES 3/E $1.99 |
|
|
Qualifier Plus IIIx Real Estate/Business Calculator, Mod 3415, Professional Mod. $55.00 |
|
|
2 CARAT ROUND REAL DIAMOND ENGAGEMENT RING 18K YELLOW GOLD ESTATE $5,285.00 |
|
|
Common Sense Guide to Successful Real Estate Negotiation: How Buyers, 0060914645 $4.97 |
|
|
New York Real Estate Practices by William Allen 0915799529 $9.43 |
|
|
California Real Estate Finance by B. E. Tsagris, John P. Wiedemer 0131114026 $4.97 |
|
|
Real Estate Development Manual by 0791305503 $19.94 |
|
|
Real estate appraisal in a nutshell;: A restatement and simplificatio 0802018610 $37.02 |
|
|
AUCTIONEER Street Sign novelty auction gavel gag antique real estate house $6.99 |
|
|
Real Estate Finance by J. Keith Baker and John P. Wiedemer (2012, Paperback,… $40.00 |
|
|
Vault Guide to Real Estate Careers (Vault Career Guide to Real Estate) $25.19 |
|
|
How to Buy and Manage Rental Properties: The Milin Method of Real Estate… $4.00 |
|
|
Tips & Traps for Getting Started as a Real Estate Agent (Tips and Traps), Robert $10.99 |
|
|
How to Invest in Real Estate With Your IRA and 401K & Pay Little or No Taxes, Hu $10.99 |
|
|
THE COMPLETE GUIDE TO INVESTING IN REAL ESTATE – JAMAINE BURRELL (PAPERBACK) NEW $18.97 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $89.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $189.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $289.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,289.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $99.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $199.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $299.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,299.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $109.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $209.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $309.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,309.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $129.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $229.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $329.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,329.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $69.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $169.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $269.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,269.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $79.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $179.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $279.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,279.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $89.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $189.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $289.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,289.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $99.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $199.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $299.99 |
|
|
Blank Flat Postcard Mailers, Brochures Invitations or Cards! House Real Estate $1,299.99 |
|
|
USA Real Estate Agent Business Website For Sale. List Homes Apartments Property $19.95 |
|
|
Sunny Day Real Estate – Diary CD $7.88 |
|
|
NEW Real Estate and Globalisation – Barkham, Richard $88.65 |
|
|
Some Assembly Required A Networking Guide for Real Estate, Thom Singer, Book $26.48 |
|
|
SD, Madison, South Dakota, RPPC, Egan Ave, Lake Park Livery, Holdege Real Estate $39.99 |
|
|
MI, Hartford, Michigan, RPPC, Main Street, Grocery,Real Estate Storefronts,No 15 $44.99 |
|
|
MI, Royal Oak, Michigan, BF Chamberlain Real Estate, 60s Cars,O’Neill No 19569-C $7.99 |
|
|
SD, Castlewood, South Dakota, RPPC, WN Skinner Law & Real Estate, Storefronts $44.99 |
|
|
CA, Antioch, California, Real Estate Office $7.99 |
|
|
Basic Real Estate and Property Law for Paralegals by Jeffrey A. Helewitz… $89.72 |
|
|
60043 Led Real Estate Motel House Rental Sign 24″x12″ $39.99 |
|
|
How to Make Money With Real Estate Options: Low-Cost, Low-Risk, High-Profit Stra $53.96 |
|
|
REAL ESTATE WEBSITE WITH GOOGLE ADSENSE $9.99 |
|
|
One of a kind spoon with real ruby marked 90 estate sale rare collectable gift $9.00 |
|
|
ESTATE – PAIR ROYAL DOULTON REAL OLD WILLOW PATTERN CUPS & SAUCERS DESIGN IN $28.00 |
|
|
Ron Legrand Paper Power for Real Estate Entrepreneurs Investing $49.99 |
|
|
Alan Cowgill Real Estate Private Lending 1, 2 & 3 Complete System $90.00 |
|
|
Alan Cowgill Real Estate Private Lending Complete Bootcamp $60.00 |
|
|
Than Merrill Fortunebuilders Real Estate Wholesaling Flipping Quick Big Profits $125.00 |
|
|
Than Merrill Fortunebuilders Real Estate Rehabbing Rehabbers Reference Manual $125.00 |
|
|
Rent To Own House.info REAL ESTATE/HOME/HOUSES/FORECLOSURE/BANK OWNED WEB DOMAIN $250.00 |
|
|
Instant Tax Relief for Real Estate Agents, Good Books $28.98 |
|
|
Carleton H. Sheets No Down Payment REAL ESTATE Course MINT CONDITION $29.99 |
|
|
REAL ESTATE-DAYS-JAPAN CD E75 $31.99 |
|
|
Diary, Sunny Day Real Estate, $19.37 |
|
|
Flipping Properties: Generate Instant Cash Profits in Real Estate by Robert… $0.99 |
|
|
TAX LIEN & DEED REAL ESTATE SOFTWARE CD LIENS DEEDS $0.99 |
|
|
BUYING REAL ESTATE WITH NO MONEY DOWN COMPLETE SOFTWARE COURSE CD $0.99 |
|
|
Home Classified Ads Website Business For Sale. Post Real Estate Ads. Free Domain $19.95 |
|
|
JJ SIGNED “REAL ESTATE SOLD” SIGN PIN $15.00 |
|
|
HOUSE FOR SALE -REAL ESTATE- HUGE HOUSE!! 3510 SQUARE FOOT DETROIT MI. NICE!! $5,500.00 |
|
|
Vintage Advertising Thermometer Real Estate Abeles-Stevens Newark, NJ ph 2-5700 $9.99 |
|
|
investing Property.info REAL ESTATE/HOME/LAND/INVESTMENT/REI/HOUSE DOMAIN NAME $250.00 |
|
|
CA Real Estate Exam Prep w/ CD ISBN10: 0-324-64497-3, ISBN13: 978-0-324-64497-5 $10.00 |
|
|
Residential real estate TX ,RENCH ROAD 1053 AND HUNT RD ,POWER! $1,500.00 |
|
|
Peachtree Complete Accounting 2010 $19.99 Accuracy. Control. ResultsProduct InformationPeachtree by Sage Complete Accounting 2010 combines robust core accounting with features like job costing time and billing in-depth inventory capabilities and analysis tools. Its multi-user option1 helps improve productivity while providing control over who accesses data. Peachtree Complete Accounting 2010 provides 125+ customizable business reports… |
|
|
The Complete Guide to Your Real Estate Closing: Answers to All Your Questions – From Opening Escrow, to Negotiating Fees, to Signing the Closing Papers $10.40 A PAPERBACK ORIGINAL The first simple guide to understanding the real estate closing process Closing and escrow are among the most importantand least understoodcomponents of a real estate transaction. The Complete Guide to Your Real Estate Closing takes the mystery out of the confusing, expensive process by giving real estate professionals, investors, and consumers a step-by-step explanati… |
|
|
Your Real Estate Closing Explained Simply: What Smart Buyers & Sellers Need to Know $12.47 Congratulations! You have entered into a contract to buy your first home, investment property, or that special vacation getaway place. The closing date is set, but now what do you do? This new book is a complete and thorough explanation of the real estate closing process and escrow. (Escrow is a neutral third party that follows the instructions from buyer and seller of the property. It makes sure … |
|
|
Home Closing Checklist $2.12 A concise, quick-reference guide to save money and headaches when closing on a home Fraught with arcane rituals, hidden traps and pitfalls, and confusing legal mumbo jumbo, the closing can be the most harrowing part of the home buying equation. Modeled after Robert Irwin’s popular Home Buyer’s Checklist, this book is packed with checklists, pointers, questions, and tactics that help a home buyer c… |