Who pays for transfer duty?

Author

MyProperty

The party responsible for paying the transfer duty is typically the buyer of the property. It is the buyer's responsibility to cover this tax as part of the property purchase process.

The amount of transfer duty payable is calculated based on the purchase price of the property and is determined according to a sliding scale provided by the South African Revenue Service (SARS). The higher the purchase price, the higher the transfer duty rate applied.

It's important for buyers to budget for transfer duty costs when considering purchasing a property, as this is an additional expense on top of the purchase price and other associated costs like legal fees and conveyancing charges. The transferring attorney or conveyancer handling the property transfer process will assist in calculating and collecting the transfer duty on behalf of the buyer and then submit it to SARS.

Buyer Property News

Market & Opinion

What women want in property and why it matters

25 Jul 2024

Discover the growing influence of women in the real estate market as primary decision-makers and investors. Learn how to enhance property appeal by highlighting safety features, community amenities, and functional upgrades. Understand the importance of transparent communication and targeted marketing to resonate with women buyers. By addressing these preferences, sellers can effectively engage with this dynamic and influential group in the housing market.

Legal

Understanding condition reports and the voetstoots clause in property transactions

18 Jul 2024

Understanding the condition report and the voetstoots clause is crucial for both buyers and sellers in the South African property market. This guide explains the legal implications, the types of defects, and essential steps for buyers and sellers to ensure a fair and transparent transaction.

Market & Opinion

Important red flags in property deals to look out for

17 Jul 2024

Learn how to spot important red flags in property deals to avoid scams. Verify agents, confirm property ownership, and be cautious of fake listings. Stay vigilant and protect your investment.

Market & Opinion

Is estate living right for you?

15 Jul 2024

Estate living is rapidly becoming one of the most popular real estate trends in South Africa. With increasing crime rates and a growing emphasis on lifestyle, the demand for secure and quality living environments is on the rise.