If you are planning to buy or sell property in South Africa, you will likely come across the term ‘conveyancing fees’ and it’s best to be prepared for this early.
Whether you’re a first-time buyer, seasoned property investor, or a homeowner looking to sell,understanding conveyancing fees and their impact on your transaction is crucial..
What are conveyancing fees and who pays them?
Conveyancing fees refer to legal charges incurred when transferring property ownership. These fees cover the services provided by a conveyancing attorney, who manages the legal paperwork and processes involved in the sale or purchase.
Generally, the buyer is responsible for paying conveyancing fees, though sellers may also incur attorney fees for administration services. Both parties should understand these costs to ensure a smooth transaction.
What’s included in conveyancing fees?
Conveyancing fees usually include the following:
- Conveyancing attorney’s fees: Charges for the legal services provided,such as registering the property with the Deeds Office and handling levies.
- Transfer duty: A tax payable to the government when transferring ownership.
- Drafting and reviewing of documents: Preparation and review of the legal documents needed for property transfer.
- Property searches: Attorneys conduct property searches to verify the legal status of the property and ensure there are no outstanding debts.
How much are conveyancing fees?
The costs of conveyancing fees can vary depending on various factors, including the property’s value, transfer duties and any additional services required.
For example, if you need bond financing, your conveyancing fees may increase. . Property buyers should be aware that these expenses will need to be covered.Having legal insurance can help manage these costs when they arise.
With Workerslife Comprehensive Legal Insurance, you can enjoy peace of mind while buying or selling your property. Avoid unexpected expenses that could impact your budget, and make this important life decision knowing that you are financially covered for the legal costs involved.
Get in touch for professional legal support, affordable legal advice, and protection in legal disputes.