How Much Does it Cost To Change Ownership Of A House In South Africa?
How much will I pay on transfer duty?
| VALUE OF PROPERTY (R) | RATE |
|---|---|
| 1 375 001 – 1 925 000 | R11 250 + 6% of the value above R1 375 000 |
| 1 925 001 – 2 475 000 | R44 250 + 8% of the value above R1 925 000 |
| 2 475 001 – 11 000 000 | R88 250 + 11% of the value above R2 475 000 |
| 11 000 001 and above | R1 026 000 + 13% of the value above R11 000 000 |
How Do You Change Ownership Of A House In South Africa?
go to any deeds office (deeds registries may not give out information acting on a letter or a telephone call)
go to the information desk where an official will help you to complete a prescribed form and explain the procedure.
request a search on the property, and.
pay the required fee at the cashier’s office.
How Much Does It Cost To ChangeA Title Deed In South Africa?
The R4,500 fee which the municipality says you have to pay is probably transferred duty.This could involve a lawyer, called a conveyancing attorney, who transfers the title deed of the house from your mother’s name into your name.
How Long Does It Take Transfer aa House In South Africa?
On average, the process takes around three months from the date of sale until the property is registered in the new owner’s name.
However, certain external aspects can delay the process such as waiting for a stipulated condition in the contract to be fulfilled or obtaining a rates clearance certificate.
How Do I Transfer Property From One Person To Another In South Africa?
Receive Offer to Purchase. This is a document signifying the buyer’s intention to purchase the seller’s property.
Securing the Purchase Price.
Obtain Relevant Documents.
Sign Transfer Documents.
Obtain Clearance Certificates.
Lodge in Deeds Office.
Registration and Finances.
Dividing Your Property
In the case of divorce, you first need to understand your matrimonial regime. Were you married in community of property? If so, the transfer could well be a simple process. You would be eligible for an abbreviated form of transfer, allowing you to bypass much of the administrative steps involved in a typical transfer.
You also would not be paying transfer costs. If you were married out of community of property, you will be following the typical transfer process – and paying all the same fees. The only exception here would be if the property transfer is due to a divorce order.
Deceased Estate
Where the registered owner of immoveable property has died his/her property will need to be transferred to another person, normally a family member. The property will often need to be transferred to an heir or beneficiary nominated in the Will of the deceased, but sometimes it may be in terms of the Intestate Succession Act.
When a person dies the Master of the High Court appoints an executor to administer the deceased estate. The Executor is the only person who is lawfully authorised and empowered to deal with the assets of the deceased. The purpose is to ensure an orderly winding up of the financial affairs of the deceased, and the protection of the financial interests of the heirs.
Until an Executor is appointed, no-one can act on behalf of the deceased estate.
The process of transferring property ownership involves several stakeholders, all of which have a crucial role to play to ensure the transfer is concluded successfully. Having a qualified and reputable estate agent can make your life that much simpler, as they will have the necessary knowledge and contacts to conclude your sale efficiently and correctly.
