Conveyancing
Ubisi R Attorneys Inc
Property Transfers and Conveyancing: A Comprehensive Guide
The Buyer & Seller sign the Sale Agreement. The Buyer’s Bond is approved by the bank. To enable the Conveyancer to prepare the transfer documents, he will require the Purchaser’s & Seller’s details together with copies of their Identity documents, marriage certificates, ANC’s, divorce orders, etc. After receiving these documents & the original Title Deed, the Conveyancer will prepare the transfer documents & his proforma account. The Parties will then be called upon to sign the documents and the Purchaser will be called upon to pay the Conveyancer’s costs.
Figures & Conditions
- The relevant Conveyancing Attorneys are instructed to carry out the transfer and bond registration.
- The Title Deeds and Cancellation Figures.
- The Rates Clearance Figures and Valuation Certificates.
- Levy Figures.
- Guarantee Figures.
- Sale Conditions: The deal only proceeds when the suspensive conditions in the Sale Agreement are met (such as the sale of an existing property).
Signatures & Payments
- Once all conditions have been met, the transfer and bond documents are drafted by the relevant Attorneys.
- The Buyer & Seller sign the respective transfer documents.
- The Buyer signs the bond documents*.
- All relevant Transfer cost are paid by the Buyer.
- The Seller pays their rates, including advance rates if required*.
- The Transfer attorney applies for a transfer duty receipt from SARS, a Rates Clearance Certificate and a Levy Certificate* and makes the necessary payments
Compliance Certificates
- The Seller is now required to provide these compliance certificates:
- Electrical
- Plumbing
- Beetle
- Gas
- Electric Fence
Guarantees
- The Attorneys provide Guarantees from the Buyer’s Bank for the purchase price, or the balance of the purchase price if a deposit is being paid up front.
- The Seller’s existing bond on the property is prepared to be cancelled.
- The Attorneys ensure FICA Compliance as a protective measure against fraud.
Lodgement
- When all documents are signed, costs are paid certificates obtained, the documents are prepared for lodgement in the Deeds Office.
- The documents are examined in the Deeds Office (+10 working days).
- After 7-10 working days, the Attorneys will be advised that the matter is “Up for Registration” and have 5 working days to finalise anything outstanding.
Registration and Proceeds
- The Conveyancers appear at the Deeds Office to register Deeds.
- Ownership passes from the Seller to the Buyer.
- The Buyer’s new Bond is registered*.
- The Seller’s existing Bond is cancelled*.
- The Guarantees are paid.
- The Seller is paid out the net proceeds.
- The Estate Agent is paid their commission.
- The new owner takes occupation of their new property.
The Final Step
- The Buyer and Seller have long-since forgotten the process and have settled into their new lifestyles.
- After approximately 3 months, the original Title Deed and Bond Documents are delivered back to the Attorneys by the Deeds Office and a Levy Certificate* and makes the necessary payments.
- The original Title Deed is delivered to the Bank (if the property is bonded) or to the Owner. A copy of these documents is normally sent to the Buyer & Seller by the Attorneys. If applicable
Expenses for the Seller
- Agent’s Commission.
- Bond Cancellation Costs.
- Advanced Municipal Rates and/or Levies.
- Electrical Certificate; Gas Certificate (if applicable).
- Electric Fence Certificate (if applicable).
- Beetle Certificate (if applicable).
- Plumbing Certificate (City of Cape Town).
Lodgement
- When all documents are signed, costs are paid certificates obtained, the documents are prepared for lodgement in the Deeds Office.
- The documents are examined in the Deeds Office (+10 working days).
- After 7-10 working days, the Attorneys will be advised that the matter is “Up for Registration” and have 5 working days to finalise anything outstanding.
Registration and Proceeds
- The Conveyancers appear at the Deeds Office to register Deeds.
- Ownership passes from the Seller to the Buyer.
- The Buyer’s new Bond is registered*.
- The Seller’s existing Bond is cancelled*.
- The Guarantees are paid.
- The Seller is paid out the net proceeds.
- The Estate Agent is paid their commission.
- The new owner takes occupation of their new property.