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.