When do I pay transfer on a house?

[Dolby]

I'd prefer to delay this and have the money in my account, up until they need it to progress.

However - they're asking for payment already and everyone tells me only to pay once I've seen the rates clearance certificate.

Should I wait?

 

[stricken]

yup. transfer payment when all paperwork is in order and in front of you.

 

[ice_cubes]

keep it in yo account & earns lekka interest in de mean time....u can even pay after the house has been transfered....
but i would advise u to pay before, so that u can negotiate a discount (i like pushing my luck & its always saved me a few grand everytime)

 

[Dolby]

Just found this :


On signing the transfer papers, you will be requested to pay the balance of the purchase price, as discussed under "Guarantees".

You will be asked to pay by cash or cheque to cover transfer duty, provisional assessment rates or levies (in advance and calculated from the anticipated date of transfer). This pro-rata amount for rates or levies will be reconciled by the attorney on the date of transfer. There will also be attorney fees (plus VAT), deed office fees, postages and petties. Note that generally speaking the attorney cannot proceed with lodgement of documents until these amounts have been paid.

According to the last line, I do need to pay :/

 

[Lupus]

I was going to reply, you need to pay the moment the transfer lawyer contacts you and says you have to transfer the same. Have the lower prices kicked in yet for their fees? As it was incredibly expensive 6 months ago

 

[xrapidx]

I'd imagine you pay before transfer... else they would have to pay on your behalf? Also - what happens if transfer goes through and then you don't have money to pay?

I paid transfer duties upfront - legal fee's afterwards.

 

[zamedic]

I recently had to conclude a property transfer as part of a divorce agreement. I paid all the monies to my attorney and they paid me interest on it while it was sitting there waiting to be used... Was also a fairly good rate.

 

[Celine]

yes you need to pay the transfer as soon as your attorney calls for this money. this is paid to SARS and you must pay these costs before any other transaction can continue.

 

[Dolby]

Thanks - I'll pay them now.

What cheaper fees, Lupus?

 

[Celine]

dolby - each year the MoF announces in the budget speech what the calculation on the transfer fees are going to be, much the same as taxes, e.g. the first R0 - R500 000 will be no transfer costs etc. go to the SARS website and look at the table.