On the value of property that exceeds R600 000, but not R1 000 000.00: 3%.
The other costs involved are the conveyance fees, deeds office fee and VAT. The conveyance fees you stand to pay depend on who the conveyance attorney is and how much the property costs. The conveyance attorneys’ rates are generally between 0.7% and 1.2% of the price of the house. The fee levied by the Deeds Office to register the deed to the property in your name, depends on the value of the property, and starts at R 55 per registration and VAT, 14% will apply.
At the same time SARS banned manual transfer duty submissions when the new system went live on April 1 and they have introduced the new SARS Conveyancing service.