Siegie Heiriss - New property transfers, mortgage bond fees - at-a-glance.

In my conveyancer's diary of 8 June 2009, I mentioned that the Association of Law Societies had published a new recommended fee guideline for conveyancing matters.

This guideline, which will probably be followed by most conveyancers, will apply to new instructions received by the conveyancer as from 1 July 2009.

I have attempted to summarize the fees for transfers and mortgage bonds in a table, which I attach.

Bear in mind:

1. The heading "General Notes" to the guidelines, sets out what the fee is supposed to include. It does now include the attendances for "obtaining, preparation and signature of documents to ensure compliance with the provisions of the Financial Intelligence Centre Act and the signature of ancillary documents required by a mortgagee in terms of the National Credit Act". [A mortgagee is usually the bank].

2. The fees were last revised in 2002, so an increase was long overdue. Some firms had increased their fees in line with inflation but others had not done so. This may level the playing fields a bit.

3. It is still only a guideline and not a fixed tariff. The fees are negotiable and can be adjusted upwards or downwards by the conveyancer.

Click here to download the new property transfer and mortgage bond fees, courtesy of Realestateweb's guest expert, Pinetown property law expert Siegie Heiriss of S K Heiriss Inc Attorney, Conveyancer & Notary.

Meanwhile, ghostdigest.co.za has compared the old and new recommended structures. Click here to see Deeds Office fee changes. And, click here for more from ghostdigest.co.za on the Conveyancing Fees Guideline

Article from: www.realestateweb.co.za