When you sell your property

Why are attorney's charges so high?

Most attorneys charge according to the tariff recommended by the Law Society — these fees are not unreasonably high. Where transfer duty is payable, that is usually the largest component of the total, and it is paid to the Receiver of Revenue, not the attorney.

Who pays the attorney's charges?

Usually the Purchaser. The parties are free to agree that the costs (often capped) be included in the purchase price.

What does the Seller usually pay?

• Bond cancellation — approximately R4 000 per bond, for the Seller's account.
• Rates and taxes on the property until date of registration of transfer.
• The agent's commission.

The "cooling-off period"

Where the selling price is not more than R250 000 and the purchaser is a natural person (not a CC or company), the purchaser has 5 days from making the offer to withdraw.

Who chooses the attorney?

It is the Seller's right to choose the conveyancer. The estate agent may recommend an attorney but may not encourage or influence any party to use, or refrain from using, a particular conveyancer — doing so breaches the Estate Agents' Code of Conduct.

Sole mandates and commission

A sole mandate gives one agency the exclusive authority to sell your property, must be in writing, and must state an expiry date and the consequences of selling without the sole agent before that date. There is no fixed standard commission — it is negotiable; most agents charge around 7% plus VAT.

Must I use an estate agent?

No law requires it, though most people find an agent's expertise and negotiating skills valuable. Whatever you decide, because this is such an important transaction we recommend you have any Offer to Purchase checked by your conveyancing attorney before you sign.

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