SELLING YOUR PROPERTY? - GET OUR FREE PROPERTY VALUATION NOW!
If you are planning to sell it is vital to first assess the correct market value of your property carefully by means of property valuation. We can assist you by supplying you free of charge our Property Valuation Report that will help you to establish the fair value of your property. The report contains core information about the valuation of the property including the following:
Property details
- Title deed number
- Erf/unit details
- Street address details
- Erf/unit size
- Latitude/longitude coordinates
- Aerial/satellite image showing the property and the 15 most recent comparable sales
Owner details
Valuation details
- Last sales date and last sales price
- Safety score – the statistical probability that the property would sell for more than 90% of the estimated value. In simple terms, the probability that the estimated value is not an over-prediction
- Accuracy score – the statistical probability that the property would sell for within 20% of the estimated value. In simple terms, the probability that the estimated value is correct
- Expected high and expected low - the statistically generated upper and lower bound within which the property is expected to transact
- Estimated value – a statistically generated estimate of the value of the property based on information obtained from the Surveyor General, the Deeds Office, banks, estate agents and other sources
- A table showing the details of the 15 most recent comparable sales
- Graphs showing suburb price and volume trends
Municipal valuation details
- Assessed rates value and date of rates valuation
- Zoning/usage of property
If you would like a detailed free property valuation please email us on info@conveys.co.za
We are also able to give you a quick free quote for transfer costs on your property should you complete the form on this page or call us on 0861DEEDS.
BIG TRANSFER DUTY SAVINGS - DECREASE AS FROM 23 FEBRUARY 2011!
Government has increased the amount on which transfer duty does not have to be paid from R500 000 to R600 000 and has now included close corporations, companies, trusts and other legal persons in this transfer duty exemption. This applies to properties purchased under contracts of sale concluded on or after 23 February 2011.
This means that the first R600 000 payable on a property attracts no transfer duty for any purchaser. In addition less transfer duty will be paid no matter the price of the property as the overall rate of transfer duty has decreased as can be seen in the following tables.
The new transfer duty rates:
Property Value |
Rates of Transfer Duty |
R0 - R600 000 |
0% |
R600 001 - R1 000 000 |
3% on the value above R600 000 |
R1 000 001 - R1 500 000 |
R12 000 plus 5% on the value over R1 000 000 |
R1 500 001 and above |
R37 000 plus 8% on the value over R1 500 000 |
The old transfer duty rates:
Property Value |
Rates of tax |
R0 - R500 000 |
0% |
R500 001 - R1 000 000 |
5% on the value above R500 000 |
R1 000 001 and above |
R25 000 plus 8% on the value over R1 000 000 |
These changes apply to legal persons as well, which previously were taxed by transfer duty at a flat rate of 8% of the whole purchase price but are now taxed the same as individuals. This is a major saving and a boost for business. On a property worth R1 500 000 transfer duty that used to be R120 000 is now only R37 500 for a company! For an individual on a property worth R1 500 000 transfer duty that used to be R65 000 is now only R37 500.
This is good news and means a very substantial savings of transfer duty for those purchasing property on an individual basis or for those who want to transfer properties to close corporations, companies, trusts and other legal persons for estate planning and business purposes.
Also note as set out on this page that the Transfer Duty exemption for transfers of property from companies, close corporations and trusts applies only until the end of 2011!
We are also able to give you a quick free quote for transfer costs on your property including calculating the reduced Transfer Duty payable should you complete the form on this page or call us on 0861DEEDS.
SELLERS - BEWARE SOLE MANDATES!
Sole mandates can be dangerous and therefore the implications of sole mandates must be understood clearly. Sole mandates give the agent the sole and exclusive right to sell the seller's property. The duration of this right of sole mandate is contained in the sole mandate document and can be three months or more. The agent will then be entitled to commission if he isthe effective cause of the sale at the rate of commission in the sole mandate. Sellers must be careful because most sole mandates contain a clause that even if the sale is concluded after the expiry of the mandate the seller will be liable for commission. Sellers should not allow a second agent to sell the property to a purchaser introduced by the first agent, after the expiry of a mandate, even if it drops its commission substantially as the Seller could be liable for double commission! An agent with a sole mandate could also do nothing much to market the property and then towards the end of the mandate period persuade the seller to accept a lower price. Beware of signing a sole mandate! It can be done but clarify the clauses and ask for changes in your favour before signing the sole mandate.
We are also able to give you a quick free quote for transfer costs on your property should you complete the form on this page or call us on 0861DEEDS.
NO CAPITAL GAINS TAX ON FIRST R1.5 MILLION PROFIT ON SALE OF PRIMARY RESIDENCE
There are many advantages to investing in a home. Saving on Capital Gains Tax is one of them. Usually when you sell an asset including property you have to pay tax on the capital gain i.e. the increase in value of the asset. In terms of the Income Tax Act, however, there is an exemption on the on the first R1.5 million profit on the sale of your primary residence or home. To get the Capital Gains Tax exemption the house must be individually owned, not by a trust, close corporation or company. Also the owner, or spouse of the owner, must reside in the house and use it as an ordinary residence. If part of the house is used for business, then there will be Capital Gains Tax paid on the portion used for business. After deduction of the first R1,5 million profit, the balance will be subject to Capital Gains Tax and where the property is larger than 2 hectares, the first 2 hectares will be exempt and the balance will be subject to Capital Gains Tax |
