TRANSFER DUTY VS TRANSFER COSTS

Transfer Duty: If you purchase a property for whatever purchase price and the fair value of the property is more than R 1 million, you will pay transfer duty on the transaction to SARS.

The amount of transfer duty payable is calculated on a sliding scale.

Transfer Costs: On the other hand, Transfer Costs are payable to the conveyancing attorney attending to the transfer of the property from the Seller to the Purchaser.

The Purchaser will be liable for both transfer duty (if the property is valued at more than R 1 million, as well as transfer costs.