Asked by the Customer on 19-08-2019 21:28:49
Question posted in the Property Law category relating to North West
Dear Sir/Madam
I have payed my deposit over to the convaying attorneys, which will be held in a interest bearing account until the purchace is complete. This duration is 3.5 months. The attorneys will only pay 3 months of interest and charging me an admin fee of approximalty R1500, calcualted as 15% of the interest. My question is, is this acceptable/normal? I have spoken with a lawyer and they say they charge a fixed amount of R500 as the admin fee regardless of duration ect. In additon to this, the laywer never mentioned they will be taking 15% of the interest.
Kind regards
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