The most important service provided by a property sales agent is the ensured transfer of property from the seller to the buyer. Delays in this process can be frustrating, stressful and often costly.
It is essential that you employ a professionally qualified agent to manage the sale of your property. They will monitor the transfer process through to completion making sure that delays are minimised.
A substantial part of the agency commission covers costs of the service, which can be the difference between smooth and efficient registration of a sale and a sale which can collapse and be cancelled right up to the final date of registration.
The parties involved in the transfer process include the seller, the buyer, the transferring or conveyancing attorney’s, the bond attorney and the bond originator.
The seller is required to furnish all FICA documentation as well as the tax number, marital documents, bond details and banking details.
When requested to do so, the seller is required to sign and complete all relevant documentation related to the sale. They are also required to meet any special conditions that have been noted on the “offer to purchase” such as 'replacing the garage door motor' as an example.
The seller needs to ensure that they advise their bank that the bond over the property is to be cancelled as most banks require a minimum of 3 months notice. Failing to do so could result in penalties.
The buyer is required to furnish all FICA documentation and the tax number. They will then also need to complete the documentation necessary for the bond application, which will include supplying proof of income and affordability.
Once the property has been transferred, the buyer needs to register with the municipality to receive rates accounts for their newly-purchased property. This can either be done at any of the Municipality Customer Centres or online. In Johannesburg you can do this following this link.
The transferring or conveyancing attorney's function is to coordinate the transfer of property rights and to ensure that the process is done according to legal requirements.
When instructed to, the attorney will draft all the necessary documents to ensure that the rights of all parties are protected and will then arrange for signatures from all the parties concerned.
The bond attorney, who could also be the transferring attorney, will attend to all documentation relating to the bond grant and will ensure that the buyer complies with all legislation and requirements and that the documents are signed and lodged with the Deeds Office.
Most buyers prefer to use the service of their personal bank, however, it is advisable to employ the services of a qualified bond originator as this will prove to be the easiest, least expensive and most productive way of applying for a home loan.
They provide a free bond application service through all the major banks and while buyer’s incur no costs for the service it can often improve the buyers chances of obtaining a loan or improving applicable lending interest rates.
In addition to these parties, there are a number of other external parties who are required to furnish documentation required for the transfer process:
Van Deventers & Van Deventers Incorporated can assist with most aspects of the property transfer process. Contact Us.
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