home loan /bond advise please!

[GhostRider2]

http://cache.blippitt.com/wp-content/uploads/2010/11/Funny-Lawyers-Poster.jpg

[Falco]

The costs are correct.

 

If transferring from an estate, it is a reduced rate. If transferring from another natural person, normal fees apply.

 

And btw: the 600k issue is often misunderstood, as seen by some posts above. There is no transfer DUTY (sars fee) payable if the price is below 600k, but you still have to pay normal transfer COSTS (attorney fee) on the full 600

 

Sorry, but you will just have to suck it up and pay.

[geecee]

falko would the OP be paying transfer on the full cost of the property or only on 600k.

 

on 900k the transfer + lawyer fees are about 40k arent they. or are there more lawyer fees on top of that?

 

or did i miss something?

[Octavian]

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?

 

Lawyers are somehow not bound by FAIS, depsite the fact that we use them extensively for tax advise in structuring deals. Which in itself is a financial service. Somehow they managed to get out of it!

[Clinton1]

Lawyers are somehow not bound by FAIS, depsite the fact that we use them extensively for tax advise in structuring deals. Which in itself is a financial service. Somehow they managed to get out of it!

 

Possibly boils down to the distinction between advice and providing factual information.

 

What is advice?

 

Advice is defined as any recommendation, guidance or proposal of a financial nature furnished to any client in respect of the purchase of any financial product, the conclusion of any other transaction aimed at incurring any right or benefit or liability in respect of any financial product and the variation, replacement or termination of any financial product.

 

Recommending that a client purchase insurance through the freight agent and putting forward and discussing a quotation for insurance with a client is considered as providing advice.

 

Advice does not include factual advice given on the procedure for entering into a financial product transaction, or in the description of the financial product, or in answering routine administrative questions, or the giving of objective information about a particular product or the display or distribution of promotional material.

 

Providing information that is commonly available on insurance, the standard rate of insurance and the specific provisions of the policy is therefore not considered as providing advice.

[Octavian]

Possibly boils down to the distinction between advice and providing factual information.

 

 

No, they advise on very grey tax interpretations....

[Garfield2010]

Whats the difference between a tick and a laywer?

 

A tick falls of once you die.

[DJR]

A tick falls of once you die.

[reteid]

my suggestion is to speak to the lawyers to give you a breakdown of how they arrive at that figure.ask for discount on their fees as i doubt they would give discount on their disbursements.

[Falco]

falko would the OP be paying transfer on the full cost of the property or only on 600k.

 

on 900k the transfer + lawyer fees are about 40k arent they. or are there more lawyer fees on top of that?

 

or did i miss something?

 

Transfer, bond and initiation fees on 600k would be about 28k, give or take a few. Transfer duty on 1.2m would be 22k, divided by 2.