Lodgement Documents are lodged by attorneys in the Deeds Office. Lodgement clerks are responsible for linking the transfer, bond and bond cancellation. After the batch is linked and handed in for lodgement, the data clerk at the Deeds Office scans the deeds into the DOTS (Deeds Office Tracking System) so that they can be tracked …
Q: To whom do I pay the deposit? A: Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money will be held pending the registration of transfer. Parties must stipulate in the offer to purchase where the deposit must …
Frequently asked Questions and Answers When Buying or Selling a Property Read More »
Step 1 The transferring attorney receives the instruction from the client/estate agent to attend to the transfer. The transferring attorney will conduct a Deeds Office search on the property to verify that all the property and related information is correct. The conveyancer will request the original Title Deed from the seller or in the case …
As you know, many different institutions rely on conveyancers to collect their money. For instance, we collect for Receiver of Revenue, The Deeds Office, software vendors, ourselves and others from purchasers. This year, there have been the following recent changes to the costs: 1 March 2017 – Transfer duty; 1 April 2017 – The Deeds …
Freehold land ownership has the following characteristics: The owner of the “property” owns the ground, the underground and the space above it. All improvements (buildings) permanently acceding to the ground belong to the owner of the property. The property means the ground plus any improvements thereon. One cannot own improvements on the property belonging to another. …
Sectional Title vs. Freehold: What Is the Difference? Read More »
When a disgruntled purchaser telephoned one of our conveyancers to complain that the “Property Condition Report was contradictory and therefore, a completely useless document”; we were not surprised. He was referring to the seller who had stated in writing that he was not aware of any damp, despite the fact that there was a large …
The Ineffective Property Condition Report is not legal and should be replaced Read More »
Purchasers of second hand houses have been surprised to learn that the Consumer Protection Act does not offer them any protection against estate agents and sellers of these houses. Ever since the Consumer Protection Act (“CPA”) came into force on 29 April 2009 confusion has reigned about whether or not this legislation applies to the …
Estate Agents and Sellers excluded by the Consumer Protection Act? Read More »
There are a whole host of documents and certificates that are required to prepare for your property transfer. Not knowing what they are, how and where you can get them from may delay your transfer significantly! Conveyancers will generally obtain the regular certificates as part of their service. Rates Clearance Certificate (“RCC”). The seller is …
What paperwork is required for my Property Transfer? Read More »
There are 2 different categories of trust accounts, both of which are very closely controlled by an Act of Parliament, The Attorneys Act, The Rules of The Law Society, The Attorney’s Fidelity Guarantee Fund, as well as frequent regular audits in terms of the International Standards on Accounting and the Joint Attorneys and Accountants Committee, …
Who gets the interest if money is paid into a trust account? Read More »
It is compulsory under The Financial Intelligence Centre Act(FICA) and is aimed at eliminating Money Laundering and financial fraud. FICA compels “accountable institutions”, such as banks and attorneys to physically identify and verify their customers. Accountable institutions are also required by law to report “suspicious and unusual” transactions as well is any cash deposits in …
