SHORT OVERVIEW OF THE TRANSFER PROCESS WHEN BUYING OR SELLING A PROPERTY
A property can be sold by way of an agent or by way of a private sale (without the application of commission). The process stay the same in both instances, the only difference is the payment of commission upon registration.
- The seller has the right to choose who the transfer attorney is, should the seller not have his own attorney, the agent will usually appoint an attorney to effect the transfer of the property into the name of the purchaser.
- In this instance the agent will make contact with the attorney (conveyancer) and supply the offer to purchase, wherein the transfer attorney will be able to ascertain which conditions have to be met, in order for the transfer to proceed;
- Should the sale be a cash sale, the Transfer attorney will proceed immediately with the transfer;
- Should the sale be subject to the suspensive condition that a bond be approved, then the attorney will only be able to proceed when the bond has been approved;
- The bank appoints their own attorneys, in order to assist with the registration of a bond over the property, these attorneys are called the bond attorneys;
- The bond attorneys liaise directly with the transfer attorney, as reflected on the offer to purchase;
- Should the property being sold have an existing bond, the bond has to be cancelled; this is the third set of attorneys who will be working on the transfer. They are called the cancellation attorneys. The Transfer attorney will instruct the cancellation attorneys to apply for cancellation figures at the bank, where the bond is held.;
- Cancellation figures are applied for to ascertain what the outstanding balance is, which is owed by the Seller;
- The Transfer attorneys apply for guarantees from the bond attorneys, who deliver guarantees, these guarantees must be sent to the cancellation attorneys, in order for them to cancel the bond over the property on date of registration of the property into the name of the purchaser;
- By this time, the transfer attorneys have requested FICA documents (identification of all parties, proof of residential address, marriage certificate, as well as Prenuptial agreement (if the marriage in out of community of property), as well as confirmation of Income tax numbers, for transfer duty purposes). Further the transfer attorney apply for clearance figures from the municipality ( Levy clearance figures are also applied for in respect of Sectional Title Units);
- A transfer duty application is lodged at SARS, in instances of properties above R750,000.00, transfer duty is payable to SARS, where after SARS will issue a TDR (Transfer Duty Declaration), which must be lodged with the transfer documents.
- The seller and Purchaser come to sign the transfer documents;
- Payment of municipal or Body Corporate figures are made;
- The transfer attorney will liaise with the bond and cancellation attorney, in order for them to lodge all transfer, bond cancellation, as well as bond transfer documents at the Deeds Office , after lodgement it takes approximately 10-14 days for registration;
- Final accounts are drafted and all relevant parties are paid.
Engelbrecht Attorneys Conveyancer Services
- We negotiate our property conveyancing fees to accommodate our clients.
- We assist both private individuals, as well as estate agents in the transfer of properties.
Benefits of utilizing the services of Engelbrecht Attorneys:
- We supply an Offer to Purchase for our clients, not making use of the services of an estate agent;
- We negotiate the terms and conditions of the Offer to Purchase on behalf of the parties;
- We supply a quotation to the Purchaser for the transfer of the property and supply an estimation of the costs involved in bond registrations;
- Should the Purchaser need assistance in obtaining a bond, we assist in this department as well.
We always strive to be better conveyancers. Avoid the legal minefield and get a quote from a Pretoria conveyancer you can trust.
We supply a free quotation – email your name, as well as the Purchase price to firstname.lastname@example.org