15
TRANSFER DUTY AND SARS
THE PROCESS
The transfer attorney submits a request for transfer duty to SARS once they have all the fica documents and income tax numbers for all the parties.
If the seller and buyer are related by family or business, SARS requires two independent valuation certificates of the property to be uploaded also.
Only once SARS has approved the information submitted and issued a transfer duty confirmation document can the transfer documents be signed.
The signed transfer duty confirmation must be kept on the attorneys file for five years.
If the Seller is registered for VAT and the property being transferred is not a going concern, then the Seller pays VAT to SARS rather than the Buyer paying transfer duty.
ROLE PLAYERS
THE
SELLER
THE
BUYER
THE
ESTATE AGENT
TRANSFER
ATTORNEY
SARS
POTENTIAL DELAYS
Should SARS’ information for the Seller be different to that being submitted, the Seller may need to update their information at SARS personally.