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Conveyancing

PROPERTY TRANSFERS

QUESTIONS & ANSWERS WITH REFERENCE TO THE TRANSFER OF OWNERSHIP FROM SELLER TO PURCHASER

 

  1. WHO APPOINTS THE CONVEYANCER ?


    The Seller. If the Seller has no specified preference, the agent may introduce a conveyancing attorney.


  2. HOW DOES THE TRANSACTION COMMENCE?


    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.


  3. WHAT INFORMATION IS NEEDED FROM THE RELEVANT PARTIES?


    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.


  4. ATTORNEYS INVOLVED IN THE PROCESS?


    There are normally three (3) attorneys involved:


    • CONVEYANCING ATTORNEY:

      The attorney who is responsible for the drafting of transfer documents to transfer ownership from the seller to the buyer.


    • CANCELLATION ATTORNEY:

      The attorney who is responsible for the cancellation of the Seller’s existing bond at a bank or financial institution. (If applicable).


    • BOND ATTORNEY:

      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).


  5. WHAT HAPPENS WHEN WE RECEIVE INSTRUCTIONS TO ATTEND TO THE TRANSFER?

    1. A pro-forma statement is sent to the buyer for all the relevant transfer fees.

    2. Cancellation figures with reference to the seller’s existing bond is requested from the bank or financial institution by the Conveyancing Attorney.

    3. Clearance figures are requested with reference to the rates & taxes on the relevant property.

      1. In the event of full title properties figures, are requested from the relevant Local Authority, and;

      2. In the case of a Sectional Title, figures are requested from the relevant Body Corporate and Local Authority.

    4. After receipt of the cancellation figures of the Seller’s existing bond, guarantees are requested by the Conveyancing Attorney from the Bond Attorneys of the buyer’s new bond.

      1. After signature of the Purchaser’s bond documents, the relevant guarantees are delivered and given to the Cancellation Attorneys on which they will grant permission for the cancellation of the existing bond.

  6. WHAT ARE THE FEES PAYABLE IN THE TRANSACTION AND WHO IS RESPONSIBLE THEREFOR?

    1. The buyer is responsible for the transfer fees as well as the bond fees and transfer duty. All these fees are calculated according to a fixed tariff prescribed by the Receiver of Revenue and the Law Society of the Northern Provinces.

    2. The Seller is responsible for all rates and taxes and cancellation fees payable until date of registration of the transaction.

  7. WHAT CAN DELAY THE REGISTRATION PROCESS IN THE DEEDS OFFICE?


    The availability of staff at local authorities and Deeds Office, computer systems, and the complexity of the transaction itself (ie subdivisions, consolidations, etc)


  8. HOW LONG DOES THE PROJECTS TAKE?

    1. After cancellation figures, costs and guarantees are received, and all registration documents are signed, the following documents are lodged in the deeds office for registration:


      Transfer Documents, Bond Cancellation, and Bond Documents.


    2. From the date of lodgement, these documents are examined by competent examiners at the Deeds Office. The whole process in the Deeds Office takes between 8 and 10 working days.


      From the date of receipt of the instruction to date of registration the whole process can take about 8 weeks.


  9. REGISTRATION


    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.


  10. ENQUIRIES


    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.


  11. SAMPLE AGREEMENTS


    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.


 

SUMMARY

In addition to rendering the complete spectrum of Attorney and Conveyancing services generally associated with an Attorneys Practice, we also dispose over specific competencies in commercial and mercantile matters, civil and criminal litigation in all forums, alternative dispute resolution and construction- and mining law.

We are always on standby to receive your query - 24 Hour Emergency Line - 072 727 2231