B UC HANAN S B OOK WHEN IT COMES TO HOME OWNERSHIP, LET OUR FAMILY LOOK OUT FOR YOURS JULY 2018

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1 WHEN IT COMES TO HOME OWNERSHIP, LET OUR FAMILY LOOK OUT FOR YOURS Join our family for excellent service in property matters. r info@stbb.co.za Visit our website for online reporting on your conveyancing transactions. All that is required is a username and password which is sent via SMS directly to your cell phone for 24 hour access to updates on your transactions. B UC HANAN S B OOK JULY 2018

2 OUR S E R VIC E S TBB SMITH TABATA BUCHANAN B OYE S is a firm of business minded lawyers which was established in At present, the firm consists of approximately 90 profess ionals practising from 12 o ices throughout South Africa. By understanding our clients needs and objectives, we strive to deliver coste ective legal solutions to their business and personal matters. A vital aspect of the professional service we provide, is a commitment to developing close working relationships with our clients. This commitment enables us to consistently succeed on their behalf. info@stbb.co.za B UC HANAN S B OOK

3 24 HOUR P R OP E R TY HOT LINE S E R VIC E CAPE TOWN OFFICE 8th Floor, 5 S t Georges Mall, C ape Town Tel: Fax: Darren B rander J ames Phillipson Annetjie van R ooyen Luthfeya C assim B ev I'OnsR aeburn Peter Arnot Nicole Mentoor Lauren S ullivan Charne Symington Liezl Van Zyl Thabisile Dlamini PR O Michelle B ester PRO Nicole Picksley CLAREMONT OFFICE 2nd Floor, B uchanan C hambers, C nr. Warwick S treet and Pearce Road, Claremont Tel: Fax: Martine Newman Martin S heard B elinda Lewis Allan White Refqah Fataar HoYee Maryke Hennig Lisa Mace Lamees Daniels Nicole Stevens Samantha Harvey Steven Borwick PRO Heidi Muller PR O Lauren S mith PRO Junel Hickman FISH HOEK OFFICE 26 1st Avenue, Fish Hoek Tel: Fax: Roshana Solomon Cris Riego De Dios PRO Robynn Prytz SOMERSET MALL OFFICE Dynarc Triangle, 13 Urtel Crescent, Somerset Mall, Somerset West Tel: Fax: Annetjie van Rooyen Madelein Williams Hein Nauschutz Hein Dyssel Elana Moore Maryna Botha PRO Lani v/d Merwe PRO Jacqueline Linde STELLENBOSCH OFFICE Unit F1, Block A, Stellenpark Business Park c/o R44 and School Road Stellenbosch Tel Annetjie van Rooyen Riette Bornman Annemarie van Vuuren Ghislaine Barends Daniel Els PRO Elna Du Toit

4 24 HOUR P R OP E R TY HOT LINE S E R VIC E BLOUBERG OFFICE 24 Blaauwberg Road, Tableview Tel: Fax: B ernice Mostert Melanie Coetzee Chloe Dippenaar PR O Karin R ust TYGER VALLEY OFFICE 5 High S treet, Rosenpark, Tyger Valley Tel: Fax: J onathan S teytler Hanlie Ferreira Hennie Mouton Van Wyk J ooste PRO Natalie Biermann PR O Karina B urger FOURWAYS OFFICE c/o William Nicol & White Hills Boulevard Fourways Tel: Fax: Anastasia HajiPavlou Leani Ferreira PRO Vanessa Christelis PRO Thobeka Moyo PRO Kerryn Naude EAST LONDON OFFICE 16 Donald Road, Vincent East London Tel: Fax: Nikhail Munsamy Sarah Petersen BEDFORDVIEW OFFICE 103 Boeing Road East, Bedfordview Tel: Fax: Yvette Baia Gretchen Enslin PRO Jodi Shneier CENTURION OFFICE Ground Floor, Block D, Lakefield Office Park, 272 West Avenue, C enturion Tel: Fax: Marlize Swart PRO Dina Dalcos PRO Paula Gerolemou ILLOVO OFFICE Boundary Place, Ground Floor, 18 c/o Rivonia and Boundary Roads, Illovo Tel: Fax: /9 Anastasia HajiPavlou KarlHeinz Göhring Kim Zolty PRO Vanessa Christelis All information provided as per 01 July

5 2018 JANUARY FEBRUARY MARCH MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN APRIL MAY JUNE MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN JULY AUGUST SEPTEMBER MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN OCTOBER NOVEMBER DECEMBER MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN JANUARY FEBRUARY MARCH MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN APRIL MAY JUNE MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN JULY AUGUST SEPTEMBER MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN OCTOBER NOVEMBER DECEMBER MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN MON TUE WED THU FRI SAT SUN

6 BOND REPAYMENT FACTORS The table below gives the monthly repayment per R1,000 of a loan with an interest rate between 5,00% and 19,75% per annum, over a period of 5, 10, 15, 20, 25 or 30 years. For example: If the loan is R100,000 at an interest rate of 12,00% p.a. to be repaid over 20 years, the monthly repayment is calculated as follows: R100,000 1,000 x 11,01 = R1,101 per month Interest Rate % YEARS ,00 5,25 5,50 5,75 6,00 6,25 6,50 6,75 7,00 7,25 7,50 7,75 8,00 8,25 8,50 8,75 9,00 9,25 9,50 9,75 10,00 10,25 10,50 10,75 11,00 11,25 11,50 11,75 12,00 12,25 18,87 18,99 19,10 19,22 19,33 19,45 19,57 19,68 19,80 19,92 20,04 20,16 20,28 20,40 20,52 20,64 20,76 20,88 21,00 21,12 21,25 21,37 21,49 21,62 21,74 21,87 21,99 22,12 22,24 22,37 10,61 10,73 10,85 10,98 11,10 11,23 11,35 11,48 11,61 11,74 11,87 12,00 12,13 12,27 12,40 12,53 12,67 12,80 12,94 13,08 13,30 13,35 13,49 13,63 13,77 13,92 14,06 14,20 14,35 14,49 7,91 8,04 8,17 8,30 8,44 8,57 8,71 8,85 8,99 9,13 9,27 9,41 9,56 9,70 9,85 9,99 10,14 10,29 10,44 10,59 10,75 10,90 11,05 11,21 11,37 11,52 11,68 11,84 12,00 12,16 6,60 6,74 6,88 7,02 7,16 7,31 7,46 7,60 7,75 7,90 8,06 8,21 8, 8,52 8,68 8,84 9,00 9,16 9,32 9,49 9,65 9,82 9,98 10,15 10,32 10,49 10,66 10,84 11,01 11,19 5,85 5,99 6,14 6,29 6,44 6,60 6,75 6,91 7,07 7,23 7,39 7,55 7,72 7,88 8,05 8,22 8,39 8,56 8,74 8,91 9,09 9,26 9,44 9,62 9,80 9,98 10,16 10,35 10,53 10,72 5,37 5,52 5,68 5,84 6,00 6,16 6,32 6,49 6,65 6,82 6,99 7,16 7,34 7,51 7,69 7,87 8,05 8,23 8,41 8,59 8, 8,96 9,15 9,33 9,52 9,71 9,90 10,09 10,29 10,48 4

7 Interest Rate % BOND REPAYMENT FACTORS The table below gives the monthly repayment per R1,000 of a loan with an interest rate between 5,00% and 19,75% per annum, over a period of 5, 10, 15, 20, 25 or 30 years. For example: If the loan is R100,000 at an interest rate of 12,00% p.a. to be repaid over 20 years, the monthly repayment is calculated as follows: R100,000 1,000 x 11,01 = R1,101 per month YEARS ,50 12,75 13,00 13,25 13,50 13,75 14,00 14,25 14,50 14,75 15,00 15,25 15,50 15,75 16,00 16,25 16,50 16,75 17,00 17,25 17,50 17,75 18,00 18,50 18,75 19,00 19,25 19,50 19,75 22,50 22,63 22,75 22,88 23,01 23,14 23,27 23,40 23,53 23,66 23,79 23,92 24,05 24,19 24,32 24,45 24,58 24,72 24,85 24,99 25,12 25,26 25,39 25,67 25,80 25,94 26,08 26,22 26,35 14,64 14, 14,93 15,08 15,23 15,38 15,53 15,68 15,83 15,98 16,13 16,29 16,44 16,60 16,75 16,91 17,06 17,22 17,38 17,54 17,70 17,86 18,02 18,34 18,50 18,67 18,83 19,0 0 19,16 12,33 12,49 12,65 12,82 12,98 13,15 13,32 13,49 13,66 13,83 14,0 0 14,17 14,34 14,51 14,69 14,86 15,04 15,31 15,39 15,57 15,75 15,92 16,10 16,47 16,65 16,83 17,01 17,19 17,38 11, 11,54 11,72 11,89 12,07 12,25 12,44 12,62 12,80 12,98 13,17 13,35 13,54 13,73 13,91 14,10 14,29 14,48 14,67 14,86 15,03 15,24 15,43 15,62 16,01 16,21 16,40 16,60 16,79 10,90 11,09 11,28 11,47 11,66 11,85 12,04 12,23 12,42 12,61 12,81 13,0 0 13,20 13,39 13,59 13,79 13,98 14,18 14,38 14,58 14, 14,97 15,17 15,57 15, 15,98 16,16 16,38 16,58 10,67 10,87 11,06 11,26 11,45 11,65 11,85 12,05 12,25 12,44 12,64 12,84 13,05 13,25 13,45 13,65 13,85 14,05 14,26 14,46 14,66 14,87 15,07 15,48 15,68 15,89 16,09 16,30 16,50 5

8 IMPORTANT ADDITIONAL CHARGES In addition to the Conveyancing s and Transfer Duty referred to herein, a Buyer : R1100 plus at 15% = R Rates, taxes, sectional title or home owners association clearance fees have to be paid to the local authority and/or body corporate and/or association to obtain requisite clearance/s. DEEDS OFFICE FEES 1, 098 1, 522 1, 846 2, 197 2, 568 3, 057 3, 671 4, , 098 1, 522 1, 846 2, 197 2, 568 3, 057 3, 671 4, 2 6, 113 6

9 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

10 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

11 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

12 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

13 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

14 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

15 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

16 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

17 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

18 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

19 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

20 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

21 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

22 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

23 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

24 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

25 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

26 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

27 TABLE OF TRANSFER COSTS The table below gives the transfer fee, and transfer duty for Individuals, Companies and other Legal Entities Purchase Price or Value of Property Transfer Duty Total

28 26 Capital Sum TABLE OF BOND COSTS The table below provides the fee payable on the Capital Sum to register a mortgage bond Total

29 Capital Sum TABLE OF BOND COSTS The table below provides the fee payable on the Capital Sum to register a mortgage bond Total

30 TABLE OF BOND COSTS 28 Capital Sum The table below provides the fee payable on the Capital Sum to register a mortgage bond Total

31 Capital Sum TABLE OF BOND COSTS The table below provides the fee payable on the Capital Sum to register a mortgage bond Total

32 Capital Sum TABLE OF BOND COSTS The table below provides the fee payable on the Capital Sum to register a mortgage bond Total Should the capital exceed R20 million, obtain the cost quotation from your conveyancer or use the cost calculator at 30

33 PLEASE NOTE s and charges listed in this booklet are per individual transfer, bond registration or bond cancellation (as at 1 July 2018). If a transaction involves more than one property or bond cancellation, fees and charges must be adapted accordingly. Disclaimer : All estimated calculations are provided for general information purposes only and do not constitute professional advice. For more accurate calculations, please contact your closest STBB branch and ask for the conveyancing department. 31

34 FREQUENTLY ASKED QUESTIONS Q: AS A FOREIGN BUYER AM I ALLOWED TO TAKE OUT MONEY WHICH I BROUGHT INTO SA TO INVEST IN PROPERTY? DOES THIS INCLUDE THE PROFIT I MAKE ON MY ATLANTIC SEABOARD APARTMENT IF I SELL IT? All funds introduced from outside South Africa to acquire fixed property within South Africa may be repatriated together with any profit on resale of the property, provided, certain documents are submitted to the Reserve Bank proving the origin and use of the funds introduced. Similarly, funds introduced to acquire shares in a company/members interest in a close corporation may be repatriated together with any profit on resale. Funds introduced into South Africa in the form of a foreign loan to fund acquisitions of corporate entities which own property in South Africa, may be repatriated in terms of the original loan approval by the Reserve Bank. The profit on resale may also be repatriated, provided the requirements are met. 32

35 FREQUENTLY ASKED QUESTIONS Q: WHAT SHOULD THE AGENT DO IF THE PURCHASER / SELLER SUSPECTS THAT THE ELECTRICAL INSTALLATION IN RESPECT OF THE PROPERTY IS NOT COMPLIANT OR EITHER OF THEM IS NOT HAPPY WITH THE STEPS TAKEN TO MAKE THE INSTALLATION COMPLIANT? The agent should first contact the electrical contractor that signed the electrical certificate of compliance. The electrical contractor is obliged to evaluate the installation in accordance with the Occupational Health and Safety Act, remedy defects and ensure the electrical installation complies in all aspects. If the parties are still not satisfied, the agent needs to contact the provincial Electrical Inspection Authority. The Authority will audit the installation and, if it proves necessary, instruct the electrical contractor to amend the defects. Once this has been done the Authority will reinspect and require the contractor to issue a new electrical certificate of compliance. If the quality of the workmanship is questionable, the agent should communicate with the Electrical Contracting Board of South Africa. No changes to the installation should be made prior to transfer once the certificate of compliance has been issued, as this may invalidate the certificate. 33

36 FREQUENTLY ASKED QUESTIONS Q: VOETSTOOTS CLAUSES & DEFECTS: Agreements of sale usually include a clause in which it is confirmed that the property is sold as it stands, and that the seller will not be liable for any defects in the property that may become apparent after the sale was concluded. This is the socalled 'voetstoots clause' and protects a seller should defects show up after the sale. It does not, however, protect a seller who fraudulently fails to disclose to the purchaser defects of which he was aware. Therefore, should a defect in property become apparent, an honest seller who sold voetstoots and who disclosed all the defects he was aware of before the agreement, will not be held liable, whether or not the defects became apparent before or after registration of transfer of the property. It will, however make a difference if the agreement of sale had not yet been concluded; in such an instance, a purchaser who is unhappy with the state of the property can refuse to enter into the agreement or can negotiate a decrease in the purchase price. Note importantly that the aforementioned applies to a typical sale agreement, where the seller is not acting in the ordinary course of his business. If the seller is a "supplier" for purposes of the Consumer Protection Act (ie, he sells properties in the ordinary course of his business, such as a developer), then he is prohibited from selling a property with material defects, unless the purchaser was made aware of the condition of the property and the defects and agreed to buy the property in that condition. 34

37 FREQUENTLY ASKED QUESTIONS Q: WHAT IS A "RATES CLEARANCE CERTIFICATE" AND HOW DOES THIS AFFECT THE TRANSFER PROCESS? Legislation requires that, when registering a transfer, a clearance certificate must be lodged together with other transfer documents to prove that rates for the preceding 24 months and other Local Authority charges have been paid to the relevant Local Authority. The Local Authorities require that, in addition to arrear rates, 120 days advance rates must be paid before the certificate will be issued. Payment of these municipal charges are for the seller's account. All payments received will be credited to the seller's account. Any credit remaining after the transfer date will be refunded in due course by the Municipality to the seller, pro rata to the date of registration of transfer. The cost of the certificate itself is, however, for the account of the purchaser. 35

38 NOTES BUCHANAN'S BOOK