JC Smit Attorney
We specialise in conveyancing (the transfer of the ownership of property from the seller to the purchaser and the payment of the purchase price by the purchaser to the seller).
The parties enter into a deed of sale (offer to purchase) in terms whereof the seller sells the property to the purchaser.
Conveyancer receives instructions to attend to the transfer.
Conveyancer requests the original title deed, original mortgage bond and the cancellation figures from the existing bond holder. The cancellation figures is the amount which the existing bond holder requires to be paid before it will cancel the bond over the property.
Conveyancer requests a statement from the local authority, setting out the rates and taxes payable for a period of three months in advance. No transfer can be effected unless the Registrar of Deeds is satisfied that the rates and taxes and other charges relating to the property has been paid up to date of transfer.
Conveyancer obtains the relevant information from the purchaser regarding which institution has granted a bond and the amount of the bond if the full purchase price is not paid in cash.
Conveyancer obtain payment of the deposit in terms of the agreement of sale (offer to purchase).
After the purchasers bond has been granted the conveyancer requests guarantees from the attorneys who are attending to the registration of the bond and draw the transfer documents. The guarantees are letters from the financial institution concerned guaranteeing that the payment of certain monies will be paid on registration of the property in the name of the purchaser. One of the guarantees is utilized to guarantee payment to the existing bond holder in respect of the cancellation figures referred to above.
Conveyancer calls upon the seller and purchaser to sign the documents drafted to give effect to the transfer of the property. The purchaser is required to pay the transfer duty, transfer fees and other costs on signature of the documents.
Transfer duty is then paid by the conveyancer to the Receiver of Revenue in order to obtain a transfer duty receipt as proof of such payment. Transfer duty is a tax to the state which is paid if immovable property is transferred.
Payment is made by the conveyancer to the local authority of the rates and taxes as per the statement, in order to obtain a clearance certificate as proof that such rates and taxes have been paid. The clearance certificate is lodged with the Registrar of Deeds as proof of payment of all outstanding amounts.
Conveyancer receives guarantees from the bond registration attorneys. The guarantees are then delivered to the bond cancellation attorneys attending to cancellation of the existing bond over the property.
On receipt of the transfer duty receipt and clearance certificate arrangements are made with the attorneys attending to the registration of the purchasers bond and the attorneys attending to the cancellation of the existing bond over the property for the simultaneous lodgement of the deeds in the deeds office.
After examination of the documents by the deeds office (which currently takes approximately seven to ten working days) the transfer will be registered.
Upon registration of transfer in the deeds office the purchaser then becomes the registered owner of the property. The purchase price or balance of the purchase price is paid to the seller after the guarantees have been presented to the various financial institutions and after the guarantees have been paid. The sellers receive payment of the balance. Payment normally takes place between one and three working days after registration date.