Property Transfer and Conveyancing

conveyancing law, conveyancing process, transfer of property, conveyancing paralegal

Conveyancing - The transfer of property in South Africa

Conveyancing is the legal process where ownership in immovable South African property is transferred from one person (Legal or Natural) to another. Immovable property is any land (whether improved or not) such as a dwelling, a vacant property, a house, a farm, or even a sectional title unit.

Conveyancing also covers many other aspects such as registration of bonds and real rights in respect of the immovable property. A conveyancing transaction involves a number of steps which normally begins with the acceptance by the seller of a buyers Offer to Purchase.

The resultant agreement of sale forms the basis for the transfer of property.

Without a valid agreement of sale, and compliance with its terms and conditions, there can be no transfer of property. The Agreement of Sale must contain all the conditions of sale and be signed by the parties to the sale.

The registration of transfer of ownership or the registration of the mortgage bond in the Deeds Office, is called a Deed of Transfer. After the transfer process, the home will legally move ownership from the seller to the buyer.

Once the above steps are completed the conveyancer continues with to the reconciliation of finances and the ultimate payment of the purchase price to the Seller.

What qualifies a Conveyancing Attorney?

A conveyancer is an attorney with a post-graduate qualification who by law is the only person who can register property transactions in the Deeds Offices. This is necessary to ensure the protection of the interest of the parties to the transaction and to maintain the high standard of land registrations in South Africa.

Types of attorneys involved in the property transfer process

As the seller will choose a Transferring Attorney or your Estate Agent may recommend one, and the Buyer will pay for the Transferring Attorney’s fees. If you have a remaining home loan, a Cancellation Attorney will be allocated to cancel this.

The Conveyancing Attorney will then request the required documents from both the Buyer and Seller. These will include, banking details, identity documents and other FICA information.

The Conveyancing Attorney will prepare the transfer documents and both parties will then be asked to sign the Deed of Sale at the Deeds Office. Once the documents have been lodged at the Deeds Office, both the Buyer and Seller will be notified, and the Seller is paid out the following day.

After this process, the home has legally moved ownership from the Seller to the Buyer.

Transfer Costs

The costs relating to the transfer of fixed property fall into the following categories:

  •     Transfer Fees
  •     Bond fees
  •     Transfer duty or VAT
  •     Rates and Levies
  •     Deeds Office Levy
  •     Stamp duty on mortgage bond

    
Transfer Costs Calculator

Van Deventer & Van Deventer Incorporated - Conveyancing Attorneys Johannesburg and Cape Town

Van Deventer & Van Deventer Incorporated are qualified conveyancing attorneys with many years experience in the transfer of manner of property. Contact us for all your property conveyancing needs.

 

 

Obtaining a Rates Clearance Certificate from a local authority

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A rates clearance certificate is a certificate which is issued by the relevant local municipality on application by a conveyancer for the transfer of a property.

The purpose of this document is to prove that all the outstanding debt on the property has been paid by the seller.

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Posted by Cor van Deventer on Wednesday, November 28, 2018 Views: 1666

 

Simultaneous Registrations - Registration of Deeds in South Africa

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The timely registration of deeds such as bonds and transfers, in particular their simultaneous registration, is extremely important for financial reasons.

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Posted by Cor van Deventer on Tuesday, November 27, 2018 Views: 493