so you're thinking of buying a property
right
did you know that there's going to be
costs involved and so so much costs so
this video will help you in knowing what
fees you need to pay what questions you
need to ask and also where you can ask
for discount when you buy a property the
first thing you need to do is find the
property the second thing you need to do
is sign an offer to purchase the way
this normally works is it's a piece of
paper that you sign that says I'm
offering the buyer the following amount
they would then sign it and send it back
to you you would then have a certain
amount of days anything between 7 and 28
days normally where you would need to go
and find a bond that is if you are going
to have a bond and not paying cash you
would then need to go find a bond if you
use a good mortgage originator you would
actually get that service for free and
they would go to all the banks and get
the best price for you if you have found
a bond then they would send it on to the
bond attorneys the bond attorneys will
ask a fee you would also pay a fee that
would be added on to your bond which is
called a bond initiation fee that is
normally around about between four and
five and a half thousand Rand the bond
fee is calculated depending on the
amount that you're borrowing there are
also other fees like postage and Petties
that you would also need to pay they
would communicate them to the transfer
attorney the transfer attorney is the
people that would actually transfer it
from the original owner the seller to
you the buyer
you'd obviously need to pay them as well
remember whether it's the bond or the
transfer attorneys you can always ask
for discount if they say no well you
tried the transfer fees is also broken
up into different sections
you also get posters and pities there
and you also need to pay things like
transfer duty if your property is above
nine hundred and fifty thousand you
would need to pay a special fee for the
government because they love your money
other fees include the transfer attorney
fee and any other fees that you would
need to actually have this in order so
if you wanted to sell your property on
the other hand you don't pay the bond or
the transfer costs that is only on the
buyer but there are some other fees that
you need to be aware of that you would
need to pay as well
these include you would need to get a
COC certificate that is an electricity
certificate to say that your house is in
order this is not expensive maybe 500
maybe a thousand grand sometimes 2,000
around depending on the property you
would also need to pay a bond closing
attorney fee this is normally not
out-of-pocket expenses the transfer
attorney will deduct that money already
so you probably won't see it you would
just see that you received a little bit
less money than what you normally do
recently I paid about five thousand rand
for this but it does scale up so it is
worth asking that question before you go
down that road you would also need to
make sure that your levees and
electricity and rates and taxes accounts
are up to date
you remember you are in control of your
property and you need to make sure that
the buyer knows everything there is to
know previously there was a foot stood
close that said you buy it as is today
that doesn't exist anymore and it is on
the seller to let the person know
everything that is wrong with the
property whether it's the pool pump not
working whether it's the air conditioner
or whether you've got a leaky roof it is
very important that the buyer knows
about all of these things so the take
home you need to know that there are
costs involved when buying and selling a
property for buying a property you would
need to pay the bond costs the transfer
costs the transfer duties you will also
need to pay two to three months of
levies in advance if you are buying a
sectional type of property if you are
selling a property your rates and taxes
needs to be up to date as well as your
levies you need to make sure that you
have a CFC certificate to make sure that
your property is correct up to date and
sorted so go and happy investing