transfer duty payable?
is payable to the Receiver of Revenue, but is usually collected by the conveyancer.
Transfer duty is actually only required to be paid within a period of six
months from the date of the transaction to avoid penalties. In practice, the
conveyancer calls on the Purchaser to pay the duty soon after receiving
instructions from the agent.
date should occupation be given and what is occupational rental? Occupation
should be agreed on a date mutually suited to both parties. It will often
occur, however, that one of the parties is in occupation of the property while
it is registered in the other's name, thus requiring the occupier (who may be
either a buyer or seller) to pay a rental to the owner. Entitlement to such
rent is not automatic and should be specified in the Agreement of Sale. The
rental amount is usually agreed at a level commensurate with rentals available
in the market.
What if a
tenant has a lease that overlaps the transfer date?
taking occupation of the property, the tenant acquires a real right thereto for
the duration of the lease and will be protected by the "huurgaat voor
koop" principle. The new landlord takes over the role of his predecessor,
who in turn is relieved of obligations towards the tenant.
Purchaser ever liable for commission?
speaking, commission is payable by the party who conferred upon the Estate Agent
the mandate to act on his/her behalf. In reality, however, it seldom happens
that South African buyers pay commission (unless the Purchaser defaults on the
Even if the
buyer has appointed a agent to procure a home on their behalf, the seller and
buyer agent will split the commission – being paid by the seller
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