Cost of Selling Propery

[Elfreako]

Hi everyone,

I want to sell my investment property and cancel the bond. I am trying to workout roughly the cost. So far it looks like:
- 90 days interest penalty (Quick sell)
- Agents commission (5% in this case)
- Electrical compliance certificate (+-R2500)
- Attorney bond cancellation fees (R????)

Has anyone sold and canceled a bond recently?
Does the above look correct?
Have I missed anything?
Any idea on the cost of the attorney bond cancellation fees?

Cheers in advance!

 

[bchip]

This might help as a guideline

http://myshares.co.za/wp/2015/08/04/property-points-location-location-lo-costs/

 

[Archer]

Plumbing, beetle, electric fence and gas compliance certificates? At least one of these is CT only iirc

 

[JStrike]

There is also VAT on top of the 5% agents commission

 

[kanzen]

I'm in the process of transferring my house currently. Both plumbing and electrical inspections cost R450 each with an additional R1500+- for electrical work to be done. I agreed with the estate agent to have a fixed amount including VAT to round it off. Don't forget rates clearance figures too.

 

[Primo]

I'm in the process of transferring my house currently. Both plumbing and electrical inspections cost R450 each with an additional R1500+- for electrical work to be done. I agreed with the estate agent to have a fixed amount including VAT to round it off. Don't forget rates clearance figures too.

Does the purchaser not pay for rates clearance?

 

[kanzen]

Does the purchaser not pay for rates clearance?

The seller is responsible, just to make sure the purchaser is not liable for any debts owed to the municipality once the property is in their name.

Edit: It's usually 90 - 120 days.

 

[SauRoNZA]

Advise the bank NOW that you plan to potentially cancel the bond.

I seem to recall it's valid for a year.

No need to wait until it's sold.

 

[kanzen]

Advise the bank NOW that you plan to potentially cancel the bond.

I seem to recall it's valid for a year.

No need to wait until it's sold.

You're right, it is valid for a year. I only gave FNB notice once my place was officially sold because I had forgotten about the notice to cancel...kicking myself for that.