- 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 where a bond is registered, the bond account number and details of the bond holder to request cancellation figures.
- The transferring attorney will apply for levy clearance figures from the Body Corporate and consent form the Home Owners Association (if applicable).
- The transferring attorney will also apply to the municipality for rates figures.
- The transferring attorney will follow up on fulfilment of suspensive conditions eg: sale of purchaser’s property and bond approval.
- In order to comply with FICA requirements the transferring attorney will collect FICA documents from the Seller and Purchaser.
- Upon receipt of the necessary information the transferring attorney will draft and prepare the necessary transfer documentation for signature by the buyer and seller.
- The transferring attorney will arrange to meet with the buyer and seller to sign the transfer documents.
- The Purchaser will pay the transfer costs.
- In order to obtain a Rates Clearance Certificate the seller is required to make payment of rates for a period of 3 months in advance.
- In order to obtain a Levy Clearance Certificate the seller is required to make payment
- The seller will usually obtain the Electrical Compliance certificate but there should always be a clause in the sale contract that indicates who should obtain it and who bears the cost of this certificate.
- Other certificates may be required to be obtained such as a gas or electrical fence compliance certificate (as applicable).
- The transferring attorney will apply to SARS for the Transfer Duty receipt (if applicable).
- The transferring attorney will obtain the rates and levy clearance certificates.
- The transferring attorney will also ensure satisfactory guarantees are in place for the purchase price.
- Documents for transfer of the property, the bond documents for registration of the new bond and the documents for cancellation of the seller’s bond are linked and lodged at the Deeds Office simultaneously by all the attorneys involved.
- It takes a number of days to check all the documentation before it is ready for registration.
- The deeds are then prepared for registration and execution.
- The Registrar executes the deed and updates the register and microfilms a copy of the deeds.
- The transferring attorney will advise all parties of the registration, present guarantees for payment and prepare the final accounts for the buyer and the seller, subsequently the seller will be paid the purchase price.
- The estate agent will receive his/her commission.
- Upon receipt of the documents from the Deeds Office the transferring attorney will send the title deeds to the bondholder/s for safekeeping.
- If there is no bond, arrangements will be made with the purchaser to collect the necessary documents or have such sent via registered post.