The Conveyancing Process Explained
- Seller and purchaser sign a sale agreement
- Seller appoints a transferring attorney
- Transferring attorney awaits purchaser’s bond grant or cash to be paid into the attorney’s trust account
- Transferring attorney requests rates and taxes figures from local municipality
- Transferring attorney requests original title deeds, mortgage bond & cancellation figures from seller’s bondholders
- Bond attorney advises transfer attorney of amount available for guarantees
- Transfer attorney receives title deed and cancellation figures from cancellation attorney
- Transferring attorney requests guarantees from bond attorneys and draws up transfer documents
- Seller signs transfer documents. Buyer signs bond and transfer documents. Bond and transfer costs to be paid on signature by purchaser
- Bond attorneys provide guarantees to the transferring attorneys
- Transferring attorney sends guarantees to cancellation attorneys who obtain consent from the seller’s bondholder to cancel the seller’s existing bond
- Transferring attorney pays rates, levies and transfer duty to SARS
- Once all documents are in order, certificates and transfer duty receipts obtained, arrangements are made with the attorneys involved to have all documents lodged simultaneously in the Deeds Office
- Documents are examined in the Deeds Office (± 12 working days)
- Property is registered in buyer’s name. Seller’s bond is cancelled. Guarantees presented for payment.