Conveyancing : Leaders Property : Transition Of Ownership

Our dedicated and experienced legal experts of our Conveyancing department will ensure a smooth transition of ownership for you and will tend to all the pertinent issues on your behalf. On top of that we guarantee you the lowest possible registration fees to lighten the piling costs associated with owning your dream home.

To help you understand the transfer procedure we have highlighted the main points below:

1) Deed of Sale is usually sent to the Seller’s Conveyancer (Attorney) to attend to the transaction

2) The conveyancer will first ensure that all suspensive conditions of the sale have been complied with (eg. sale subject to sale of purchaser’s house, or bond approval etc.)

3) If the property is bonded, the conveyancer will notify the bondholder (ie, the bank) of the sale and request the title deed to the property as well as issue instructions for the bond to be cancelled.

4) Once in receipt of the title deeds, the conveyancer will have the transfer documents drafted and contact both parties (seller and purchaser) to attend to his offices for signature. Should the purchaser have been granted a mortgage bond, these documents (if attended to by the same conveyancer) will also be drafted for signature. If the bond is being attended to by another firm, the two conveyancers will liaise with one another with regards to finances of the property and simultaneous lodging and registration at the Deeds Office.

5) The conveyancing firm will request rates figures of the property from the relevant municipality, which are to be paid in pro rata shares by both seller and purchaser. The firm will also request a valuation certificate which details the value of the property. This is needed in order to obtain a transfer duty receipt from SARS.

6) Transfer duty, conveyancer’s fees and disbursements as well as the fee for municipal valuation is payable by the purchaser.

7) Rates and transfer duty is paid and the receipts and clearances are issued.

8) The conveyancer will then liaise with any other party that is linked with the transfer, such as the bond cancellation attorney (for the seller’s existing bond to be cancelled) and the bond registration attorney (for the purchaser’s new bond over the property). In some cases one conveyancer will attend to all the transactions which simplifies the process as it is under “one roof”.

9) The documents will then be lodged at the relevant Deeds Registry, where it will be allocated to two examiners who will inspect the documents to ensure that all is correct and then approve it for registration. From lodgement to registration takes about 10 working days.

During any stage of this process please feel free to phone us and we will be happy to inform you how far along the process your transfer is and how far it has to go or simply use your supplied reference number and logon to the timeline below to view your own transfer progress.

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