Costs incurred in the purchase of a freehold property
The buyer usually pays a deposit and borrows the balance from a bank, in the form of a mortgage loan.
The bank pays the money to the seller once the transfer has occurred.
The mortgage is a contract which guarantees that the buyer will pay the bank back over a period of time.
The property is the collateral for the loan.
Cost of transferring the property from the seller to the buyer.
These costs include…
- Transfer duty
- Conveyancing fees
- Post and petties
- Fees charged for FICA (Financial Intelligence Centre Act) compliance by the conveyancer
- Deeds office fees
- Rates clearance certificate fees
- Bond registration fees
- Occupational rental (if applicable)
- Electricity and water deposits
- Internet and/or fibre connection
- Furniture and removal costs
Monthly expenses
- Bond repayments
- Rates and taxes
- Electricity and water accounts
- Pool maintenance (if applicable)
- General maintenance
