If you are thinking of selling a Randburg property here are some of the property costs you will need to cover and budget for when you sell a Randburg property. Working within a team structure called Cornerstone Homes, is absolutely certain we can get you more out when you sell your Randburg property, quite a bit more than you think.  Call Sandy on 083 550 1220 for more info.  No Strings, No Catches either.  Just working smart.  But, let’s get to the matter at hand.  What are the property costs to consider when you sell a Randburg property?

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 Homes works, normally on a 6% commission which we find fair and reasonable, especially if you consider what the banks see across the board. BUT BECAUSE WE ARE A SMALL BOUTIQUE AGENCY WE DO NOT CHARGE VAT (A 15% SAVING) WHICH PAYS FOR YOUR MOVE!  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.   

Property Costs Include Your 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 that is commission, (NO VAT), 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.

Property Costs Include Your 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 the bank will require a 3 month notice to avoid you paying unnecessary cancellation costs.  It’s essential, once your mandate is signed that you contact your bank and give notice of your intention to sell your bonded property.  

Property Costs and Your COC(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.

Property Costs And Your 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 Costs and Your Rates and Taxes Costs

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.

Property Costs: Levies in a Sectional Title Unit Costs

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? GET MORE OUT!

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.   Nicole and Sandy from Cornerstone Homes would love to help you get started with a Randburg property valuation and we would also like to help you net more when you sell your Randburg property with Cornerstone Homes.  Call Sandy a call at (083) 550 1220 and let’s see if we can assist you.

 

Written by: Sandy Graham from Cornerstone Homes. Call Sandy on (083) 550 1220 for more information.