The Seller. If the Seller has no specified preference, the agent may introduce a conveyancing attorney.
The transaction commences with a written agreement or offer to purchase. This is a very important document and has to comply with all the relevant prescriptions in order to be legal. The offer can be provided by an agent or if there is no agent our firm can provide the seller and purchaser with an offer to purchase.
Identity Documents, Antenuptial Agreement (if necessary), Divorce Documents (if necessary), Full details ie. Addresses, Property, Parties. Income Tax Number or Vat Numbers of the parties.
There are normally three (3) attorneys involved:
The attorney who is responsible for the drafting of transfer documents to transfer ownership from the seller to the buyer.
The attorney who is responsible for the cancellation of the Seller’s existing bond at a bank or financial institution. (If applicable).
The attorney who is responsible for the registration of a new bond in favour of a bank or financial institution for the buyer. (If applicable).
The availability of staff at local authorities and Deeds Office, computer systems, and the complexity of the transaction itself (ie subdivisions, consolidations, etc)
Transfer Documents, Bond Cancellation, and Bond Documents.
From the date of receipt of the instruction to date of registration the whole process can take about 8 weeks.
All the parties will be informed on date of registration. The Conveyancing attorney will draft a final statement of account in order to show how the relevant funds were applied.
Our firm can attend to the change of ownership on behalf of the seller and purchaser at a cost of R500.00, alternatively the parties must personally attend thereto.
GENERAL PROBLEMS THAT CAN OCCUR:
Figures of the Bank / Financial Institution with reference to the Seller’s existing bond:
After cancellation figures are requested and received of the existing bond, the current amount outstanding can change due to interim payments and interest thereon by the Seller. These payments are sometimes not taken into account with the final statement drafted by the Conveyancing Attorney. The Seller is advised to still make payments during the course of the registration process until date of registration and payments will be refunded after registration if the seller might be in credit.
These credits will be refunded by the Conveyancing Attorney or the Financial Institution after date of registration. Therefore, the seller must take into account, that on the date of the final registration and statement, the bond balance or rates and taxes balances can be more than accounted for, and the credits will be refunded later.
Rates & taxes must be paid 4 – 6 months in advance due to the unknown registration date, and to avoid outstanding debts at the institutions.
Please make contact with us for any transfer related enquiries and remember our policy, you do not pay for the first consultation if you do not make use of our services.
The following are examples of agreements that can be used for the purchase of properties which has been attached for your ease of reference. These examples do not provide for specific circumstances and we strongly advise expert advice before signing agreements. If you use the examples without expert advice you do so at your own risk and peril.
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