Super J Posted May 4, 2012 Share Hi Crew! I really need some advise,I feel I am being ripped off big time! My father passed away last year and left the house to my brother and I,we each have 50% ownership of a R1 200 000 house! My brother says the house is too big for him so my Fiancee and I are paying him for his share,R600 000 and puting it on my name! Now,origenally I got a quote from the Attorneys of R12 000 as it was a article 45 or 1/2 share transpher,so I added that amount to the R600 000 home loan to cover the transfer/attorney fees,logical! Yesterday the same attorneys sent me a account of R40 000,for a 1/2 share transfer!!!! WTF??? Can this be correct? Any advise would be greatly appreciated!! Link to comment Share on other sites More sharing options...
geecee Posted May 4, 2012 Share not sure how it applies when buying half a house. but when buying a 'full' house if the transfer is under 600k there are no transfer fees. sounds high to me. transfer and lawyer fees on 900k house is around 40k i cant see that a 1/2 share transfer would be so much. but im no expert, just going thru the whole exercise as im in the market for my first house Link to comment Share on other sites More sharing options...
Duimpies Posted May 4, 2012 Share Hi I am in the process of buying house, give my attornies a call, maybe they can give you more info Bellingham Muller John W Hendriks:Director Tel: (021) 919-7599 Link to comment Share on other sites More sharing options...
Skaap Posted May 4, 2012 Share yes , just make the selling price less than R600k and then pay layer fees of +- R12 000 Link to comment Share on other sites More sharing options...
geecee Posted May 4, 2012 Share R 599 999.99 Link to comment Share on other sites More sharing options...
Cyclewizz Posted May 4, 2012 Share R40k sounds very WRONG !!! R12k sound about right. (that's for the transfer) R5k will also be needed if the same attorneys are registering the bond for you. Ask for a discount as well, most attorneys will give you a discount. Link to comment Share on other sites More sharing options...
IanC Posted May 4, 2012 Share The best would be to ask them for a detailed cost breakdown. By law there is set rates that they are allowed to charge for transfer and bond registration. What might be included in the amount is Bond initiation fees as well as an amount for the Council clearance certificate. The clearance certificate is normally an estimation of 6 months council bill that need to be paid before transfer can take place. Link to comment Share on other sites More sharing options...
Garfield2010 Posted May 4, 2012 Share Ja also mention the words FICA and FAIS in front of the attorney to ensure he provides transparency. Also ask for discount. I know it sounds stupid but it works trust me. "Labour" costs (excluding bond and transfer fees) for a transaction like this is not supposed to be more than say R10k?? Or am I wrong fellow hubbers? Link to comment Share on other sites More sharing options...
Pants Boy Posted May 4, 2012 Share Transfer duty is probably for the full amount / value of the house ... bloody sharks geecee 1 Link to comment Share on other sites More sharing options...
Super J Posted May 4, 2012 Share How can they charge to tranfer the "whole" house to my name,I already have half on my name for a year?!! Link to comment Share on other sites More sharing options...
GhostRider2 Posted May 4, 2012 Share Have they given you a breakdown of what makes up the R40k? That would help. Link to comment Share on other sites More sharing options...
Clinton1 Posted May 4, 2012 Share Ja also mention the words FICA and FAIS in front of the attorney to ensure he provides transparency. Also ask for discount. I know it sounds stupid but it works trust me. Not sure how mentioning either of those will help? FICA is the financial intelligence centre act and was implemented to assist in preventing money laundering. FAIS is the financial advisory and intermediary services act and it is very unlikely that the attorney would be bound by this either. He was unlikely to have provided advice to the client and merely facilitated the process. OP, you may be interested in reading this: http://www.fanews.co.za/article.asp?Investments~8,Property~1018,Transfer_bond_costs~6735 Link to comment Share on other sites More sharing options...
koukie Posted May 4, 2012 Share No offence to attorneys, but currently they and builders are the people I like least in this world. Somebody once said to me attorneys are money sucking thieves... and I can almost start to believe that. I just bought a house, and with the transfer they needed to do a deed search, they charge R600 for the search it cost about R10 to do, I know because I do it almost every day. Link to comment Share on other sites More sharing options...
Giant Posted May 4, 2012 Share Shepstone and whylie have a conveyancing and bond cost calculator on their web sitewww.wylie.co.zapunch in the numbers ans see what it spits out, if you have been charged more, ask them to justify or match Link to comment Share on other sites More sharing options...
Giant Posted May 4, 2012 Share what do lawyers and sperm have in common They have about a 1 in 50,000 chance of being human Link to comment Share on other sites More sharing options...
koukie Posted May 4, 2012 Share On another ocasion they charged me R1200 for a letter they wrote to someone that owe me money. a letter!!!!! R1200 its crazy. Link to comment Share on other sites More sharing options...
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