Conveyancing
The conveyancing process
We will assist our clients during the process of transferring immovable property by ensuring the transaction is dealt with expeditiously and professionally.
The process of transferring immovable property is briefly explained below.
STEP 1: Receive Instruction
Once the seller and purchaser entered into a valid and binding agreement for the sale of immovable property, the signed agreement is forwarded to a conveyancer to start with the transfer process.
On receipt of the agreement, the conveyancer will contact the parties and request certain documentation and information in order to draft the transfer documents as well as documents pertaining to the compliance with the provisions of the Financial Intelligence Centre Act, 38 of 2001 (FICA).
STEP 2: Request figures from the local municipal council, body corporate and bank
Once all suspensive conditions contained in the sale agreement has been fulfilled, the conveyancer will request clearance figures from the local municipality and body corporate and/or homeowners association (if applicable).
If the property is currently mortgaged with a bank or other financial institution, the conveyancer will request the cancellation figures from said institution. These figures represent the amount due and payable by the seller from the proceeds of the sale before the financial institution will agree to the cancellation of the mortgage bond.
STEP 3: Preparation of documents to be signed by seller and purchaser
Once all the requested documentation mentioned in Step 1 and the figures mentioned in Step 2 has been received, the conveyancer can prepare the documentation for signature by the seller and purchaser. Arrangement will be made with both the seller and purchaser to sign the documentation.
STEP 4: Making payment to the respective institutions
As soon as the conveyancer received funds from the seller and the purchaser, payment to the municipal council, body corporate, Homeowner's Association as well as the Receiver of Revenue for transfer duty is made.
Only after these payments has been made will the respective institutions issue the rates clearance certificate, body corporate levy clearance certificate and transfer duty receipt. These documents must accompany the transfer documents when being lodged in the Deeds Office.
STEP 5: Lodgement at the Deeds Office
When all the relevant documents have been signed, all certificates have been received and all the finances are in order, the conveyancer attending to the transfer will arrange for simultaneous lodgement in the Deeds Office with the bond cancellation attorneys and bond attorneys.
STEP 6: Registration of transfer
Within 6 - 12 days, depending on which Deeds Office the documents were lodged, the deeds should come up for registration at the deeds Office. If all parties to the transaction are ready, the transfer is registered.
STEP 7: Post-registration process
After registration, the finances are finalised and a final statement of account is rendered to the seller and the purchaser. The conveyancer will notify the municipal council, the body corporate and/or the Homeowner's Association of the registration of transfer into the name of the purchaser.
The seller and the purchaser must ensure that the current rates & taxes, water & electricity accounts are closed and new accounts in the name of the purchaser is opened.
