The Transfer Process In general, a transfer takes approximately 7 – 8 weeks to complete, and this is conditional on all suspensive conditions being fulfilled. For example, if the purchaser is still in the process of obtaining a bond, the time taken to secure the bond will be added to this time frame. On some occasions, it may take less time; however, this is the exception, not the rule. Do not let...
N. Registration Process
Who is Involved in the bond registration process? - The Seller - An Estate Agent - The Buyer - Transferring Attorney (appointed by the seller to transfer the property to the buyer) - Bond Attorney (appointed by the bank providing the bond) - Cancellation Attorney (appointed by the bank to cancel the seller’s bond) Note: One attorney may handle multiple roles in the process. Steps...
DAY 1: Lodgment Counter Documents lodged by all Attorneys. Documents (individually) captured on the system. DAY 2-3: Data and Sorters Documents are linked, and then batches are captured on the system. Printouts of both property and persons involved are made available for examiners. DAY 4: Examiners (Deed Controllers) Deeds are examined by the First Examiner (Junior). Deeds are endorsed,...
A rates clearance certificate is a certificate issued by the relevant local municipality on application by a conveyancer for the transfer of a property. The purpose of this document is to prove that all the outstanding debt on the property has been paid by the seller. It is the duty of the transferring attorney to apply to the local authority or council for a rates clearance certificate. For the...
When property transfer documents are lodged in the Deeds Office, a Transfer Duty Receipt or Transfer Duty Exemption Certificate must be included; otherwise, the transfer cannot be registered. Required Information on a Transfer Duty Receipt: - Full names and ID/registration numbers of the parties involved. - Date of the transaction. - Purchase price (not required in words and figures). -...
Title deeds contain a number of important facts and information relating to the property, including the legal description, the size/extent of the property, conditions that the property is subject to, the last recorded purchase price, and details of both the seller and purchaser. One of the most pivotal stages in the transfer process is when the Deeds Registry endorses the new title deed and rights are...
When a property is sold and the seller has an outstanding bond, the bank must be notified of the seller's intention to cancel the bond. If the seller hasn’t notified the bank prior to the sale, the conveyancing attorney will handle this notification. Banks require a 90-day notice for early settlement. The bank instructs the cancellation attorney to manage the cancellation, providing the attorney with...