Conveyancing is the process of registering and transferring legal ownsership of immovable property from one person or organisation to the next, ensuring that ownership cannot be challenged. Conveyancing also covers the registration of mortgages.
In law, conveyancing is the transfering of the legal title of property from one person to another, or the granting of a mortgage or other encumbrances. A conveyancing transaction has two phases: the exchange of contracts and the completion thereof.
Contracts for the sale of land has to be done in writing and two copies of the contract of sale has to be signed. Each party will obtain their own copy, binding the contract of sale.
Once an agreement of the sale has been made, a conveyancer will be appointed and guided by instructions of the estate agent. These include the names of both the buyer and the seller, a copy of the agreement of sale, the identity or passport numbers and marital status of the buyer and seller.
In South Africa, conveyancing can only be carried out if the conveyancer had obtained a license after passing the National Conveyancing Examination.
The system of conveyancing ensures that the buyer obtains ownership of the title to the land together with the rights to run the land, and is, therefore, notified of any restrictions before the purchase is made.
It is the responsibility of the buyer of any property to ensure that he or she obtains a good and marketable title to the land. The buyer needs to ensure that the seller is the owner of the property, has the right to sell the property, and that there are no other factors that might impede a mortgage or re-sale.
Many jurisdictions have adopted a system of land registration to facilitate conveyancing and encourage reliance on public records to ensure that purchases of the land are able to make an informed purchase.
At Van Deventer & Van Deventer Incorporated , we specialise in conveyancing and property law, so we will be able to ease the process of transferring ownership of any immoveable property. In addition, we are able to advise and enforce the rights and obligations associated with property ownership.
Our team of conveyancers and conveyancing paralegals have extensive knowledge of the property market in South Africa, and we pride ourselves on our cost-effective, efficient way of handling property-related transactions.
Feel free to contact us at any stage to discuss your property conveyancing concerns and needs.
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The Alienation of Land Act provides that for immovable property sale transactions of R250 000 and below, a cooling off period of 5 business days applies. In this period the purchaser may notify the seller and revoke the offer with no consequences.
Read More ...Posted by Cor van Deventer on Wednesday, August 25, 2021 Views: 180