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When it comes to transfer duty in South Africa, it’s important for to understand what one can expect to pay when purchasing property in South Africa as well as what the difference is between transfer duty and transfer costs.
Buying a property can be a very exciting milestone. However, this is a legally binding contract and should be treated with thought and caution.
Many potential homeowners aren’t aware of what exactly happens once their bond has been approved. Generally speaking, it can take approximately three months after the bond approval for it to be registered.
With the current economic status of South Africa, potential homeowners may be considering the “rent to buy” option which may be the only option for some, especially those who need time to build a good credit history or to save for a deposit.
In certain circumstances, potential sellers and/or purchasers may make use of the installment sale agreement method to buy or sell immovable property in South Africa.
In order to know whether you will be paying VAT or transfer duty in South Africa when purchasing a property, you first need to know how the property is currently registered.
Many new developments are offering a long-term lease as a form of title ownership. Leasing residential property on a long-term basis is an option for individuals who are looking for other ways to occupy property without owning it.
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