Email lawyer@capetownlawyer.co.za for legal assistance.
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Email lawyer@capetownlawyer.co.za for legal assistance.
Forward to your friends, who can subscribe for free.
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After sending yesterday's newsletter on safeguarding your interests during property transfers; several readers reached out with concerns about the conveyancing fees they were being charged. They felt the fees seemed unusually high. The properties involved were valued at under R1 million. Affordability is a key concern, and it’s essential to ensure you’re not being overcharged. It's often those who can least afford to be overcharged, who don't know how to test reasonability of fees; and this lack of expertise is compounded by them being too scared to negotiate the fees (or not even aware that they can negotiate).
It is quite easy to check the reasonability of transfer fees; simply:
After pressing calculate you'll see what the standard property transfer fees would be for that purchase price.
Whilst most of the cost items are outside the conveyancer's control, a significant element of the total fees are the Transfer attorney fees, and this can be negotiated! The Law Society sets the level of standard Transfer Attorney Fees; but those who have not been exposed to proeprty sales before may not know that you can negotiate those fees downward. Lawyers aren't allowed to advertise lower fees, so they wont come up with the suggestion to lower fees, but conveyancing attorneys may reduce the fees as part of the negotiations with the client. The key point is that you, the client, have to initiate and drive the negotiation for lower fees, the conveyancers cannot and wont suggest it.
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