The Conveyancing Process
The Conveyancing Process Explained
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The process begins with the seller and purchaser entering into a formal sales agreement. Following this, the seller designates a transferring attorney to manage the transfer process. The transferring attorney patiently awaits the purchaser’s financial arrangements, either the bond grant or cash, to be deposited into their trust account.
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Next, the transferring attorney initiates communication with the local municipality to gather essential information about rates and taxes. Simultaneously, they contact the seller’s bondholders to secure original title deeds and mortgage bond details. During this phase, the bond attorney also collaborates with the transferring attorney to determine the amount available for guarantees.
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Upon receiving the necessary documents from the cancellation attorney, the transferring attorney moves forward to request guarantees from the bond attorneys and drafts the essential transfer documents. The seller and buyer then respectively sign these documents, with the purchaser also signing the bond papers. All associated costs are paid upon signing by the purchaser.
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In parallel, the bond attorneys furnish the required guarantees to the transferring attorneys. These guarantees are then forwarded to the cancellation attorneys, who seek the consent of the seller’s bondholder to cancel the existing bond.
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The transferring attorney takes the responsibility of handling payments for rates, levies, and transfer duty to the South African Revenue Service (SARS). When all documents are meticulously organized and the necessary certificates and transfer duty receipts are in hand, the attorneys collaborate to ensure the simultaneous lodgment of all documents at the Deeds Office.
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The Deeds Office meticulously examines the documents, a process that typically takes approximately 12 working days. Upon successful examination, the property is formally registered in the buyer’s name, the seller’s bond is cancelled, and the guarantees are presented for payment, thereby completing the transaction.