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Various parties are involved in the Transfer process starting with the Estate Agent, Seller, Purchaser and then the Transferring Attorneys, Bond Attorneys and possibly Bond Cancellation Attorneys.
These simple steps explain the typical process:
The Seller and Purchaser will both sign an Offer to Purchase also called a Sale Agreement or Deed of Sale with the Estate Agent. The Parties need to make sure they are aware of any defects, occupation dates, occupational rental and any special conditions.
The Seller instructs his/her Transferring Attorney and the Attorney will collect any deposits and communicate with all Parties involved.
The Purchaser will apply for a Bond through a financial institution, deliver guarantees to secure the Purchase Price or pay the full Purchase Price into the Transferring Attorneys Trust Bank Account.
Once the Purchaser’s Bond is approved the Purchaser’s bank will advise the Purchaser which Attorneys will be attending to the Bond registration. The Transferring Attorneys will contact the Bond Attorneys to send them documents needed to draft all Bond documents.
The Seller will give notice to his/her Bank, if there is an existing Bond registered over the Property to Cancel the existing Bond. The Transferring Attorneys also sends a cancellation request to the Sellers Bank. The Existing Bond Holder/Bank will then appoint Bond Cancellation Attorneys who will furnish the Transferring Attorneys with Bond cancellation figures and a copy of the existing Title Deed. The Transferring Attorneys will also apply for Rates Clearance Figures from the relative Municipality/Local Authority and if the property is a Sectional Title, levy clearance figures are obtained from the Body Corporate. The cost for obtaining these figures varies and will be communicated to the Seller as the Seller is responsible for payment of the figures unless the Parties agree otherwise.
The Bond, Bond Cancellation and Transfer Attorneys will prepare their documents to be signed. The Seller will sign Transfer documents and Bond Cancellation documents. The Purchaser will sign Transfer documents and Bond documents. Both the Seller and Purchaser will also furnish the Attorneys with FICA documents. The Bond Attorneys will send the signed documents to the Bank and send guarantees to the Transferring Attorneys who will send the necessary guarantees to the Bond Cancellation Attorneys to ensure the Seller’s current outstanding amount will be paid on date of registration.
The Purchaser will pay Transfer costs, Transfer Duty for SARS (if applicable) and Bond registration Cost to the Bond Attorneys. The Transferring Attorney will furnish the Purchaser with a statement of account reflecting all cost involved.
The Seller will pay all Rates, Levies, Bond Cancellation Attorneys cost, Rates Application/s and Agents Commission. The Agents Commission is paid on date of registration.
Once the Rates and Levy (if applicable) figures have been paid, the Municipality/Local Authority and/or Body Corporate will issue the Rates Clearance Certificate and Levy Clearance Certificate which is needed for lodgement.
Once the Transferring, Bond and Bond Cancellation Attorneys are all ready to lodge the Transferring Attorney will arrange for lodgement with the Bond and Bond Cancellation Attorneys and all transactions will be lodged simultaneously at the relevant Deeds Office.
If the Purchaser takes occupation of the Property Occupational Rental is usually payable to the Seller. It is very important that this is agreed upon when signing the Offer to Purchase/Deed of Sale or Sale Agreement. The Occupational rental is usually payable to the Transferring Attorneys and the Transferring Attorneys will in turn pay the Seller on the date of registration or earlier date if agreed upon.
Registration in the Deeds Office takes 6-15 working days after Lodgement depending on the Deeds Office. Once the transactions are registered, all guarantees will be paid and the Transferring Attorney will prepare final statements for all Parties.
Kindly note that the information contained herein is a brief explanation of the concepts discussed. This should in no way be construed as a comprehensive or complete explanation of the legal principles pertaining to these issues and every matter should be assessed on the merits. Notwithstanding that all possible precautions have been taken relating to the correctness of the content hereof, the author accepts no responsibility for any damage resulting from the acceptance or use or distribution of the information contained herein.
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