What is conveyancing
When you have bought a property the process of transferring ownership of the property to one party to the other is called conveyancing.
What are conveyancing fees
Conveyancing fees have increased for property transfers and bond registrations.
The fee increase is according to a sliding scale calculated on the value of the property which benefits the low value property market and therefore the lower income bracket. The conveyancing fee has decreased for the low value property market as the fee charged shall not be more than N$5000 where the property value is less than N$500,000 and not be more than N$6800 where the property value is less than N$600,000, plus the parties can negotiate with the conveyancer and agree on a lower fee than the aforementioned.
Where the property value is N$600,000 or more, a conveyancing fee charged shall be N$11,160 plus N$1540 for every N$100,000 or part thereof and where the property value is N$1,000,000 or more, a conveyancing fee charged shall be N$18,860 plus N$1540 for every N$200,000 or part thereof and where the property value is N$5,000,000 or more, a conveyancing fee charged shall be N$49,660 plus N$1925 for every N$500,000 or part thereof.
Having regard to the above-mentioned transfer costs increases it is clear that the property market would be influenced as the total transfer costs for a property have increased.
The conveyancers must also prepare a declaration for transfer duty or VAT in addition to home loan registration documentation for the buyer, as required.
A conveyancing attorney is one of the most important people in the home-buying process and is responsible for ensuring that ownership is transferred from the seller to the buyer, and that the buyer does not pay until the property is registered in their name.