If you have sold your property, you may be wondering whether you still need to pay rates, your bond and taxes. Here are some key points to consider:
- Rates: as the owner of the property on the date of valuation, you are liable for paying municipal rates up to the date of registration of the transfer of the property to the buyer. After registration, the new owner will be responsible for paying the rates.
- Bond: you will need to continue paying your bond until the registration of the transfer of the property to the buyer.
- Taxes: as the seller, you may be liable to pay capital gains tax on any profit made from the sale of the property. This will depend on a number of factors such as the selling price, the original purchase price, and any expenses incurred during the ownership of the property. It’s important to consult with a tax professional for guidance on your specific situation.
In summary, until the transfer of the property has been registered in the deeds office, you will need to continue paying rates and your bond. You may also be liable for capital gains tax on the sale of the property. Once the transfer is registered, the buyer will take over responsibility for paying rates and the bond.”
