The legal cost as it is commonly referred to, when buying a property refers to the transfer cost or cost payable, to the conveyancer to effect transfer of the property into the name of the purchaser .This cost includes IE. the conveyancing fee, postages and petties , deeds registry admin fees , transfer duty payable to SARS if applicable. and sundry cost. Further if the property is to be bonded to raise finance to pay for the property the purchaser has to pay bond registration cost as well to the Bond registration attorney appointed by the financial institution granting the finance,deeds office cost and other administration charges. Not forgetting that an amount up to seven thousand rand are charged to your bond account as initiation charges for cost of raising the bond.
As this cost is payable upfront and not in installments, the wise buyer will plan his purchase over a long period of time, by enlisting a savings plan for payment of this cost. It is not wise to try and obtain extra finance on top of your bond or a personal loan for this cost. The interest over years, is certainly enormous.Be a wise investor.
Ready,steady ,go, " START SAVING " WRITTEN FOR YOU BY DORIAN VINCE HARTZENBERG