FICA

Provide the Conveyancer with copies of personal/close corporation/company/trust documents, whichever is applicable: Income Tax Number, ID Document/s, Existing Bond Details, Rates and Levy accounts, Proof of current residential address (Not older than 3 months).

Electrical Compliance Certificate (ECC)

Arrange and obtain the Electrical Compliance Certificate, Gas Certificate and Electric Fence Certificate if applicable. Each transfer requires an Electrical Compliance Certificate over the property in transfer. Each certificate is valid for 2 years if no alternations were made to the property from date of issue. Should the purchaser bond the property, the Bond Attorneys will require this certificate soonest as the bank will not give a consent to proceed to lodge without an ECC. We advise that the ECC is arranged shortly after the purchaser has obtained a bond as this can cause a delay in the transfer process.

Rates and Taxes

When a property is sold, it is necessary to obtain a Rates Clearance Certificate from the council valid for between 4 and 5 months in advance. The transferring attorney will apply for rates clearance figures from the council on your behalf and will inform you of the amount due. Should there be any amount in arrears it will be calculated into the clearance figures. Payment must be made to the transferring attorney as soon as possible after receiving the figures. Should there be proceeds available in your sale, this amount may be bridged from your proceeds at minimal interest. If the property registers before the rates clearance certificate lapses, the council will refund you. It is important to know that the council can only finalize your account after the purchaser has opened an account and paid the deposit to the council. If the purchaser does not pay his deposit, the council can’t close your account and refund any credit which may be due to you.

Water and Electricity

Arrange final readings for Water and Electricity at the appropriate authority after transfer.

Service Providers

Make arrangements regarding the Telephone, Alarm/Security Company, Garden service and change of address.

Transfer Duty

The transferring attorney needs to apply for a Transfer Duty Receipt from SARS. Please make sure your tax returns and details with SARS are up to date, as any incomplete/outstanding returns or incorrect details will cause a delay in receiving the Transfer Duty Receipt.



THE SELLER’S RESPONSIBILITY

It is important to pay your costs as soon as possible after being requested by the transferring and bond attorney (if applicable).

Agent’s Commission

At the start of the marketing campaign it is important to discuss the estate agent fee as some agent’s fees may vary according to certain circumstances. An agent’s commission is based on a percentage of the selling price of the property and therefore, when a property is sold at less than the asking price, the agent’s commission is automatically reduced.

Bond Cancellation Fee

Cancellation Fee for the Bond Cancellation Attorneys who will act on behalf of the existing Mortgage Bond holder to cancel the existing Bond over the Property (this is only if there is a bond over the property). We strongly advise the seller to inform the bank in writing of intent to cancel the bond the moment that the seller has signed a mandate with the agent to sell the property. This is to avoid a cancellation penalty interest owed to the bank. The penalty period is calculated over 90 days. Should you not inform the bank, your cancellation period will start on the day that your bank sends the instruction to the cancellation attorneys. It is very important for you to maintain your monthly bond repayments until registration.  You will be requested to complete a refund sheet to allow the bank to refund you for any credit after registration.

Access Bonds and Flexy Bonds  

The access facility you have on your bond will be frozen the moment cancellation figures are requested. If you want to access your funds or use the funds as a deposit on your new property, please transfer the funds prior to the attorney requesting cancellation figures, or when you give notice of intent to cancel your bond.

Rates Clearance Figures, Certificate and Refund

Rate Clearance Figures (four to five months in advance) due to the Municipality; as well as the fee to obtain such figures. Each Deeds Office require a Rates Clearance Certificate to confirm that all amounts owing to the Local Municipality have been paid in full before they transfer the property into the name of the new owner.

Levies and Home Owners Association Clearance Figures

Levy Clearance Figures (up to 2 months in advance) if the property you are selling is a sectional title unit, the transferring attorney will apply for levy clearance figures from the body corporate. You need to furnish the transferring attorney with the details of the body corporate. Once the figures are received the transferring attorney will inform you of the amount. If you have any problems with your account, you need to attend to it before registration.

Deeds Office Fee

This is to confirm that the Seller is the registered owner of the Property.

FICA Fee  

This is to verify all parties to a transaction in terms of section 29 of the Financial Intelligence Centre Act (“FICA”). For an individual, these documents include ID, proof of residence, proof of marital status, and proof of income tax number.

PAYING OFF COSTS
SALES AGENTS SELLER'S GUIDE PURCHASER'S GUIDE TRANSFER PROCESS DOCUMENTS csi property managment logo

+27 (011) 805 6316

  www.csi-euf.co.za

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