namibiarealestate.com - The online guide to properties in Namibia and SA: Hidden costs in buying a property

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URGENT!

Hidden costs

The hidden costs involved in buying property:
The purchase price is not the only figure to look at when making a decision to buy a property.
There are several other figures connected to the purchase price that any purchaser should have in his/her disposal before signing the Deed of Sale/Offer to Purchase. Normally these costs referred to as a hidden costs. These costs are legal and fixed for any purchase price.

These are:

Transfer costs
Transfer Duty
Stamp Duty
Lawyer (conveyancer's) fees
VAT on conveyancer's fees
Stamps
Bond costs are paid to the conveyancer's office

If the purchaser has to register a bond on the property (a loan from the bank or other financial institution), then the following hidden costs will be charged by the lawyer representing concerned financial institution:

Stamp Duty
Lawyer's fees
VAT on Lawyer's fees
Stamps

These fees are paid to the bank/financial institution's lawyers.
Therefore when purchasing a house every buyer should consider the following figures:

Purchase price
Transfer costs
Bond (loan) costs

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