Deposit The deposit is an upfront payment, usually between 10% and 20% of the purchase price, but varies from purchaser to purchaser. The transferring attorney is obliged to open a separate trust account for each transaction at the highest possible interest rate. Transfer Fees – payable by the Purchaser This is a general term that encompasses the transferring attorney costs and...
M. Property Finance
It is no secret that a professional bond originator can secure you a better deal than dealing directly with lenders. Bond originators or mortgage brokers act as intermediaries who source mortgage bonds on behalf of individuals or businesses. These services are absolutely free to clients. Traditionally, banks and other lending institutions have distributed their own products. However, as the market...
Transfer Duty Transfer Duty will be the most common tax payable on property transactions. It is payable on the purchase price of the property and must be paid within 6 months after the date of sale of the property. Failure to pay the Transfer Duty within the 6 months period leads to penalties being levied on Transfer Duty Value Added Tax (VAT) Transfer Duty Transfer Duty will be the...
Favourable exchange rates make buying property in South Africa very appealing for foreigners, also referred to as non-residents. It’s important to know what is possible within the legal framework of the country. Foreigners (whether they are natural persons or legal entities normally domiciled or registered outside South Africa) can invest in property in this country, within limits. Non-residents’...
August 2008 will stick in the memories of many people for a long time. Lehman Brothers, one of America’s major banks, crashed and triggered an international financial recession of proportions not seen since the Great Depression of 1929. Its effects remain with us five years later, and there are still no real signs of recovery in sight. Locally, business confidence, quarterly growth, and other economic...
The loan to value table sets out what percentage loan each bank is willing to offer a client based on their income qualification and the value of the property. The attached table is an example, please get an updated copy from your bond originator. Annexure 60 – LTV...
The bond repayment table assists you in calculating what the bond repayment will be based upon the loan amount and the current bank interest rate factor. Information is also available on the Ooba...
The bond repayment table assists you in calculating what loan amount the purchaser qualifies for based on their salary and the current bank interest rate factor. Also available on the Ooba...
The bond repayment table assists you in calculating what loan amount the purchaser qualifies for based on their salary and the current bank interest rate...