Property News and Advice
Property Advice: Costs of buying
There are a number of costs involved in buying and selling a property, in addition to the payment of the actual purchase price. Most of the costs are for the purchaserís account. The purchaser is responsible for the payment of:
* transfer costs - which include transfer duty, at the rate laid 
   down by the government. Transfer duty is payable to the
   Receiver of    Revenue, and is administered by the conveyancing
   attorney.
* attorneys' fees - for attending to the transfer and registration of
    mortgage bonds which are calculated according to a tariff.
* other costs - including deeds office  tax, postage and petties, 
    and municipal rates.
Generally, there are three ways of paying for a property:
* paying the full price in cash
* paying part of the price in cash and the rest with a loan
    (usually called a "bond")
* paying the full price with a loan (known as "100% bond")
    If you take a loan, you will have to repay it over a period of 20 
   years (though this is variable). Our property advice is that
   you should not spend more than 30% of your monthly
   income on the loan repayment.
Property Advice: Ways to pay
There are a number of costs involved in buying and selling a property, in addition to the payment of the actual purchase price. Most of the costs are for the purchaserís account, but the seller does bear a few costs. The seller is liable for the payment of:
* agentís commission - which is usually payable in terms of a
   mandate where an estate agent is responsible for
   concluding a ale of property.
* cost of Beetle and Electrical Certificates - which should be
   obtained before the property is transferred.
* bond cancellation - The seller must pay up  the balance of
   the existing bond on the property, if any, and/or pay a
   cancellation fee in respect of the cancellation of the bond.
Property Advice: Costs of selling
What is a Servitude?
A servitude is a registered limited real right that a person has over the immovable property of another. It allows the holder of the servitude to do something with the other personís property, which may infringe upon the rights of the owner of the property. An example is the right of way to travel over a section of the other personís property in order to reach your own property.

Servitudes are either praedial or personal.

Praedial servitude - is when a person has a real right of use due to the fact that he is the owner of a certain property. Should he sell the property the servitude will have to bee honoured by the new owners.

Personal servitude - is a real right in favour of a specific individual. This means thatwhen that individual moves on, the servitude fails away. It does not pass on to the new owner if the property is sold.

You do not need to get permission from the person that has a right to exercise, a servitude over your property if you want to sell it, however the new owner will have to comply with the servitude.

Servitudes are very common mainly with farms and smallholdings.

The value of a property can be negatively affected by a servitude. The title deeds of the property will indicate if a servitude is registered over a specific property.






What is a Servitude? Explained!