FIRST-TIME BUYERS
Legal fees the buyer is responsible for “ A surprisingly large percentage of first-time buyers are not aware that they are responsible for paying the legal fees involved in the property transfer process ,” explains Smith . These fall under the conveyancing attorney ’ s service fees , which include FICA verification , transfer fees , deeds office fees , deeds office search , rates application fees , a Homeowners Clearance Certificate , bank guarantee fees if required and other sundries .
If the property purchase is being financed through a home loan , as is usually the case , the bank will appoint its own conveyancing attorney to register the buyer ’ s mortgage bond . The buyer is also required to cover this attorney ’ s fees .
“ These fees are calculated on a sliding scale based on the value of the purchase price and the bond , and don ’ t leave the buyer much room to negotiate . This is why it ’ s so important to read the fine print when signing an OTP so that you can budget accordingly .”