Estimated transfer and bond costs
When these documents are ready, the parties will be contacted by the Conveyancing attorneys with a view to arranging an appointment for the signature of the documents. On signature of the documents, the Conveyancing attorneys will ask the purchaser to settle the transfer costs. The account which the Conveyancer will present will comprise four elements being the following:
(i) The Conveyancer’s own fees plus VAT thereon.
(ii) The cost of the valuation certificate (See paragraph 4.2).
(iii) The transfer duty.
(iv) Deeds Office Fee.
It is important that the purchaser settle these costs at least one month before scheduled date of transfer, as the Conveyancer is required to pay the transfer duty to the Receiver of Revenue before one may approach the Deeds Office. The Conveyancer will simultaneously recover from the purchaser his pro rata share of rates and taxes in order that a Rates clearance can also be obtained. As soon as these costs have been paid, the Conveyancer will forward his cheque plus supporting documentation to the Receiver of Revenue for the issue of a transfer duty receipt. A cheque will simultaneously be sent to the Municipal Authority for purposes of the issue of a Rates Clearance Certificate.
In the interim the Conveyancing attorney will receive notification from Attorneys instructed by the financial institution who will be granting the purchaser a bond advising of their identity and of the nature and extent of their instructions. The Conveyancing attorney will immediately send to these “bond attorneys”, a draft copy of the new title deed of the property. This document is termed the “flysheet”. This document enables the bond attorneys to determine the description of the property which is to be bonded and furthermore to determine the full details of the purchaser. The bond attorneys will then prepare their own documentation and arrange for the purchaser to call at their offices to sign their papers and pay their costs.
Please contact us for a free quotation on your transfer and bond registration cost.