Costs of selling a property
Some costs to consider when selling your property
By HouseFurb, August 02, 2018
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Apart from paying estate agent commission and balance on bond when selling a property, there are other costs to consider that many of the sellers need to account after conclusion of a sale:
- Bond Cancellation Fees - It doesn't matter how much is left on the bond, a bond cancellation attorney will be used to cancel the bond and they will charge a cancellation fee between R3000-R4000 which sellers don't normally prepare for
- Rates and Taxes Clearance Certificate - Conveyancers/Attorneys will require a rates and taxes clearance certificate from the council. To get this certificate, the seller needs to pay the money upfront. The council may require a future-dated payment of 4-6 months for them to issue the certificate to the seller. If the property transfer takes a shorter period, the council will pay back the additional money to the seller.
The council would normally pay the refund after a year from the date of transfer.
- Levies - In cases where a property is in an estate or is a sectional title (in a complex), the body corporate may request the seller to pay for their levies in advance to ensure that costs are covered until the property transfer takes place
- Property Inspection - A property inspection is not mandatory when selling, but some sellers prefer to have it done by a professional so that they know of any serious issues before they place the property in the market.
- Electrical Compliance Certificate - This certificate serves to confirm that a qualified electrician checked any electrical faults on the property. This certificate is valid for 2 years and needs to be renewed after that period. Furthermore, should the seller make any electrical changes on the property, they will need an Electrical Compliance Certificate
- Electrical Fence System Compliance Certificate - In cases where the property owner has installed an electrical fence on the property, an Electrical Fence System Compliance Certificate is needed. Please note that this is separate document from an Electrical Compliance Certificate.
- Certificate of Conformity - Some owners supplement their electricity with gas lines or solar electricity. These may bring some safety hazards to your property and sorroundings, that is why a Certificate of Conformity/Compliance is needed to confirm that a qualified professional technician installed such technology.
- Beetle-free Certificate - This applies only to Coastal Region areas link KwaZulu Natal, Eastern Cape, and Western Cape. This certificate is required by the bank before issuing a bond for properties where woodborer beetles are likely to occur.
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