If you are thinking of selling a Randburg property here are some of the costs you will need to cover and budget for when you sell a Randburg property. Working within a team structure called Cornerstone Realty, and powered by eXp South Africa, we are almost certain we can assist you on any and all fronts for a property-related sale, in Randburg, South Africa or anywhere across the globe. If you have any questions call Sandy on (083) 550 1220. The main cost considerations when you sell your property within South Africa include the following:
Commission or Professional Fee
This is normally expressed as a “%” and outlined and confirmed on the mandate of your choice. This is confirmed again on the Offer to Purchase or OTP which is also known as The Sale Agreement. Cornerstone Properties works, normally on a 5% commission which we find fair and reasonable, especially if you consider what the banks see across the board. We would be delighted to assist you if the time is right. Call Sandy on (083) 550 1220 for more information. We work primarily in the Randburg property market but we have access to a wide range of qualified property practitioners in SA or across the globe.
Bond Settlement Amount
This is the amount that is outstanding on your current bond with your bond provider. Please ensure that the outstanding amount due to the bank can be settled taking into account the expenses that you will incur when selling the property ie commission, levies, rates, ECC. If you are not able to settle the outstanding bond amount and the other costs we can assist with this too but it does result in an AOD or Acknowledgement of Debt with the bank where your bond is currently held.
Bond Cancellation Fees
Are fees levied by the bank (penalties for cancellation of the bond). It can take between 45 days or 3-4 months to finalise a property transfer or property sale/transaction. Nowadays because it has taken a little longer to sell a property than say in 2022 you need to ensure that the bank has the notice they need to help you avoid any unnecessary costs or penalties. It is also essential, once you have signed the mandate of your choice that you contact your bank and give notice of your intention to sell your bonded property.
ECC(s)
- Electrical Compliance Certificate +/- R900.00 if there is any work to be done to get your property to the required standard in order to effect a property transfer. Please remember that cutting corners can and will result in further costs to you. Cornerstone Properties only recommends qualified electricians that we know are up for the job and who do a superb job at the right price.
- If you need help with financing these requirements, just let us know we have solutions to help you on this front.
- Please also remember that we can and will recommend electricians if requested to assist with an ECC for an electric fence, a swimming pool and also a Gas COC.
- Need a contractor to help you? Call Sandy on (083) 550 1220. Remember we always start with a quote and we go from there and our contractors are all qualified, certified, reliable and affordable.
Legal Fees
Work on approximately R 4,500.00 per bond registered – The bank will instruct attorneys to do this on your behalf. R4,500 is the high road and it may be less, but budget on R4,500 as a worst-case scenario.
Property Rates and Taxes
Property Rates and Taxes could and should be provided, for at least 3 – 6 months depending on the type of transaction (Cash or Bonded). As a seller, you are required to keep up with these payments until your property is registered to your new buyer. If you find yourself in a position where you have fallen behind on these payments we can and will assist at the conclusion of the property transfer and these fees/costs can be paid or settled with the proceeds of the sale. A Rates Clearance Certificate will be required and is payable by the seller of a property at approximately R 1,500.00. This will allow the new buyer to start on a ZERO balance with COJ.
Levies in a Sectional Title Unit
These fees must be paid up in full and up to date – make provision for 1 to 2 months at least to cover the costs you are liable for as a Seller. Also, the Body Corporate may levy a further clearance certificate fee of R 1,200.00. Again, if you have fallen behind we can arrange for further assistance at the sale with the proceeds of the sale.
FICA
Yes, the FICA costs and at a worst-case scenario budget on R900.00 +vat.
Need assistance to sell a Randburg property?
Call Sandy on (083) 550 1220 for more information. As seasoned property practitioners who are accredited with the PPRA, we are able to offer you assistance across the board when you sell your Randburg property. Alternatively, visit my website or feel free to drop me an email at sandy.graham@expsouthafrica.co.za. We would love to assist you in the sale of your Randburg property. I work in a team structure called Cornerstone Realty powered by eXp South Africa and we would love to assist you with the sale of your Randburg property. If the property you plan to sell is not within the Randburg area, we would be more than happy to get a brilliant property practitioner to assist you with the sale of your property. Give Sandy a call at (083) 550 1220 and let’s see if we can assist you.
Written by: Sandy Graham from Cornerstone Realty, powered by eXp South Africa. Call me on (083) 550 1220 for more information.