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Attorneys • Notaries • Conveyancers
Transfer Process
The below summary does not attempt to be exhaustive but attempts to advise on what to expect in a normal transfer where no deposit is paid and an Estate Agent is involved:
- Seller appoints Estate Agent
- Estate Agent sells property to purchaser
- Seller appoints Transferring Attorney in Deed of Sale
- Estate Agent instructs transferring attorney by forwarding Deed of Sale
- Purchaser applies for loan to finance the purchase (or part thereof) from financial institution
Transferring attorney applies for cancellation figures to cancel the existing bond over the property -
Financial institution instructs bond attorney
Current bond holder instructs cancellation attorney - Cancellation attorney sends cancelation figures to transferring attorney
- Transferring attorney sends guarantee requirements to bond attorney
-
Bond attorney attends to signature of loan documentation with purchaser
Transferring attorney attends to signature of documents relating to transfer with seller and purchaser -
Bond attorney forwards bank guarantees
to transferring attorney
Transferring attorney request clearance figures from local authority and/or managing agent (where applicable) – he pays same on receipt thereof and receives clearance certificates from each entity
Transferring attorney pays transfer duty to SARS - Transferring attorney sends guarantees to cancellation attorneys
- All parties lodge their documents in the Deeds Office
- Deeds Office examine documents (the time frame differs in different Registries but a two week period is deemed to be fair)
- If everything is in order the Deeds Office allows registration of the transfer
- Bond attorneys advises financial institution of registration
- Guarantees are paid out after which transferring attorney proceeds to do final accounts and pays the seller
- Deeds Office releases Title Deed after recording and scanning it. Title deed is retained by financial institution as security for the loan (if the purchaser paid cash for the property the transferring attorney will send the Title Deed to him)
