Transfer duty is a tax payable by the buyer of a property.
Transfer duty is only required for properties valued at more than R1 000 000. It is calculated as a percentage of the value of the property. The higher the value of the property, the higher the percentage that needs to be paid as transfer duty.
Transfer duty should not be confused with transfer fees. The latter is fees owed to the attorney who is conducting the transfer of the property ownership to the buyer.
Transfer duty is added to transfer fees, but only on properties worth more than R1 000 000.
Use ooba Home Loans’ Transfer Cost calculator to determine what you owe on transfer fees and transfer duty.