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.

 

 

Dual Ownership of Property - Transferring Shared Ownership

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There are many benefits of entering into a dual ownership of property, especially when individual finances don’t allow for single ownership of a home or property.

However, there are complications when it comes to one or more parties involved in the co-ownership of property deciding to cancel the original arrangement.

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Posted by Cor van Deventer on Thursday, October 31, 2019 Views: 29

 

Legal Implications of Selling after you Transfer Property to a Minor Child

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If you are looking to transfer property to a minor child, it’s important to be informed about the challenges you might face should you want to sell the property after it has been transferred.

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Posted by Kelly Turner on Thursday, October 24, 2019 Views: 33