Saturday, September 1, 2012

Conveyancing Costs

How much will it cost me to transfer a property into my name?
The transfer costs depend on the value of the property. If you click on this link to our website, we have a handy calculator that will give you a good idea of the costs, including some "hidden" costs that other firms may not warn you about in advance, but which will be required to be paid, such as rates or levies, or Vat.
 You can print out these calculations, email them or sms them to yourself or others, free of charge.

Mortgage bond help

How do I go about getting a bank loan to finance my property purchase?
If you are buying through your Real Estate Agent, they will generally be able to assist you in getting bank finance. Here is a link to our guide on getting a mortgage loan, an affordability calculator and repayment calculator, and with links to the banks and mortgage originators we deal with who will also gladly help you. You can print out these calculations, email them or sms them to yourself or others, free of charge.

Deposit Payments

Who should I pay the deposit on the Purchase price to?

The payment of the deposit is usually set out in the sale agreement and would stipulate that payment either gets made to the Conveyancers (attorneys) attending to the change of ownership of the property or to the real estate company who brokered your deal.

Both have Trust accounts and you should verify the trust banking details of the company before paying your money to them. Never pay your money to the seller or to an individual agent.

Conveyancing Process

How long will it take to register the change of ownership of the property and what are the steps involved?

Here is a link to our Skydrive which sets out the steps involved which you can also print out. The whole process usually takes 6- 8 weeks and depends on how quickly the buyer is able to pay any deposit and costs, or get a bank loan, or if money is coming from the property they are selling, whether they have already sold it and how far that process is.

Interest Rates

What is the present interest rate banks are charging to lend money for a property purchase?
The present prime rate has recently been reduced to 8,5% per annum, which is the lowest in South Africa for over 35 years. The interest is calculated on the balance owing each day and is added to the bond once a month. If you want to calculate how much the repayments will be to cover the interest and pay off your loan over the usual 20 year period, click here for the calculator on our website.

Monday, August 27, 2012

Dying without a Will

What happens to my property if I die without a valid Will?

No, the Government does not take everything. If you don't have a valid Will, but are married, your wife or husband and children will get to share everything in defined proportions according to the Intestate Succession Act. This could be difficult especially if the children are minors and there is a mortgage bond over the property. It could mean the property will have to get sold to let each get their share. If you have no spouse or children, the property goes to your parents, and if they have died, to your brothers and sisters.

All of the provisions of the Intestate Succession Act need to be checked carefully.. this is just a rough guide.. and we can advise you on the provisions applying in your case.

If you would like a copy of our free Will, or would like to replace your outdated one with a new Will, you can download one here off this link to our Skydrive, or give us a shout if you need more help or read more on our website here.