Selling your home for less than your valuation? Beware
Aug 24th, 2007 by Johan
Are you selling your Simon’s Town home for less than your new municipal valuations?
SARS can use it to charge you transfer duties on the new valuation and not on what you are selling your property. See this article:
SARS could determine the “fair value” by taking various factors in account, among them the municipal valuation and a sworn valuation commissioned for the purpose.
The law firm warned that where the municipal valuation exceeded the purchase price, the purchaser should be aware that transfer duties could be higher than expected.
At the very least, a marked difference between the purchase price and the municipal valuation could become a contentious issue, requiring the conveyancer’s intervention. continue reading when you click here.
It’s great to have you back. Thanks.
