Selling your home for less than your valuation? Beware
August 24, 2007 – 9:34 am | by JohanNew Here? You’re Invited To Simon’s Town News Updates Subscribe here.
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.
SimonsTownRealty: Sell, Buy A Simon’s Town Property? Phone Today 021-7864028 or 082 870 2004
How Do You Care For Your Second Home When You Are From Out Of Town? Ask The Local Eye To Take Care.
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Tags: Before You Sell, Legal, Valuation
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August 30, 2007 at 6:56 pm
[...] I reading the article on how SARS can use your flawed municipal valuation I realized that as a home ...