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INFORMATION REGARDING THE TRANSFER OF OWNERSHIP OF IMMOVABLE PROPERTY IN TERMS OF A DEED OF SALE
A Conveyancer is an attorney who has specialized in the field of Property Law. Only a qualified Conveyancer may register dealings with immovable property in the relevant Deeds Office.
Conveyancing comprises the transfer of ownership of immovable property, the mortgaging of immovable property with Bonds and any other transactions with regards to immovable property (such as in the case of donation, inheritance, divorce, expropriation, subdivision or development).
Transfer costs comprise of the fees payable to the Conveyancer for the registration of the transfer, as well as the Deeds Office charge and other disbursements (such as Transfer Duty payable to SARS) incidental to the transaction. These costs are payable by the Purchaser prior to registration taking place and levied by the Conveyancer in accordance with the Law Society’s Guidelines, based on the amount of the purchase price. Costs for the account of the Seller would include the cost of cancellation of any existing bond/s on the property, as well as advance rates, taxes and levies due to the relevant Municipality and Body Corporate (in the case of Sectional Title property) or other authority.
(For an estimate in respect of these costs, please visit our website or contact our conveyancing department)
Once an Offer to Purchase has been accepted in writing by the Seller, and any suspensive conditions have been met, the Transfer process begins.
THE TRANSFER AND DOCUMENTATION:
The Seller has the prerogative to appoint the Conveyancer (Transfer Attorney) of his choice to attend to the transfer process.
Upon receipt of the signed agreement, the Conveyancer will:
- peruse the agreement and determine whether any suspensive conditions have been met,
- establish whether any registered conditions contained in the Seller’s title deed to the property have to be dealt with (such as the consent of a Home Owners’ Association or other authority),
- obtain the details of any Bond registered by the Seller over the property, in order to request the relevant Bank to issue the necessary instruction to cancel such Bond to the relevant Cancellation Attorney. (As the relevant Bank will most probably charge the Seller penalty interest on the amount due under the Bond, the Seller is well advised to notify said Bank of his intent to sell the property even prior to instructing the Conveyancer, in order to minimize said penalty),
- obtain the guarantee necessary to settle the Seller’s Bond, from the Conveyancer (Bond Attorney) instructed by the Bank to attend to the registration of the Purchaser’s Bond,
- obtain the required Rates/Levy Clearance Certificate from the relevant Municipality or Body Corporate to ensure that all rates, taxes and levies in respect of the property are up to date at the time of registration of the transfer,
- obtain the necessary Transfer Duty Receipt (or Exemption as the case may be) from SARS, and
- draft all the necessary documents required for signature by the Seller and Purchaser.
- Valid Identity Documents (or other acceptable proof of Identity)
- Income Tax Numbers for purposes of applying for the Transfer Duty Receipt (or Exemption Certificate) from SARS
- Proof of address
- Proof of banking details from the Seller for the purposes of the proceeds of the sale as well as any refunds from the Municipality or Bank in respect of the Seller’s Bond
- Marriage Certificate and Ante-Nuptial Contract (if applicable)
LODGEMENT WITH THE DEEDS OFFICE:
As soon as all the necessary documents have been obtained, the Transfer Attorney arranges simultaneous lodgement of the deed of transfer, consent to cancellation and Purchaser’s Bond, with the respective Cancellation and Bond Attorneys. These documents are then scrutinized by the Deeds Controllers of the relevant Deeds Office. If all documentation is found to be in order, the Conveyancer will proceed with registration in the Deeds Office.
REGISTRATION IN THE DEEDS OFFICE:
On registration of the transaction in the Deeds Office, the existing bond held over the property is cancelled and the property is registered in the name of the new owner, together with the Purchaser’s new Bond.
The Transfer Attorney finalizes all necessary payments on behalf of the Seller, deposits the balance of the purchase price to the Seller’s nominated account and presents the Seller with a final Statement of Account detailing all payments.
The Purchaser will also be presented with a final Statement of Account, together with the original Electrical, Beetle, Plumbing, Gas and Electric Fence Certificates for the property.
DELIVERY OF TITLE DEEDS:
The Deeds Office captures the data of the registration onto the electronic Deeds Office Data Base and scans all documents onto microfilm for preservation. Once this has been effected, the Title and Bond Deeds as well as the Cancelled Bond are delivered to the respective Attorneys. The newly registered Title Deed is then forwarded to either the Purchaser’s Bank or in the case of a cash deal where no Bond was required, to the Purchaser himself, for safe keeping.