Conveyancing Process
Van Wyk Attorneys are here to make your Property Transfer as smooth and expeditious as possible. For many first time buyer’s the Conveyancing process can seem very daunting and complicated. Below we have simplified the process for you, in order for you to understand what is happening at each stage of the Conveyancing process.
1
The Buyer and Seller sign the Sale Agreement
The Buyer’s Bond is approved by the Bank or a Financial institution
2
A Conveyancing Attorney is appointed to attend to the Transfer and Bond Registration.
The Conveyancing Attorneys Request the following:
The Conveyancing Attorneys Request the following:
The Cancellation Figures and Title Deed
Rates clearance figures from the Local Municipality
Levies and HOA Levies from the Managing Agents
Fica Documents from both parties
Rates clearance figures from the Local Municipality
Levies and HOA Levies from the Managing Agents
Fica Documents from both parties
3
The conditions of sale must be met in order for the Sale
Agreement to proceed.
4
Once all the conditions of sale have been met, the transfer documents are drafted by the Conveyancing Attorneys
The Buyer and Sellers sign the transfer documents
The Buyer signs the Bond documents
The Buyer and Sellers sign the transfer documents
The Buyer signs the Bond documents
Seller to pay all outstanding rates, taxes and levies on the property.
Transfer Duty will be submitted and paid to SARS.
The Conveyancing Attorney to collect all required certificates, transfer duty receipt, clearance certificate and levy certificate.
Transfer Duty will be submitted and paid to SARS.
The Conveyancing Attorney to collect all required certificates, transfer duty receipt, clearance certificate and levy certificate.
5
The seller is to provide all compliance certificates as stipulated in the Sales Agreement:
Electrical Certificate
Plumbing Certificate
Beetle Certificate
Gas Certificate
Electrical Fence Certificate
6
The Buyer’s Bank to provide the guarantees for the Purchase Price.
Guarantees to be provided to the Bond Cancellation Attorneys.
FICA compliance is to be confirmed.
7
When all the documents are signed, costs paid Certificates obtained,
the transfer documents are prepared for lodgement in the Deeds office
The Deeds Registry takes approximately 7-10 working days to
examine the documents.
the transfer documents are prepared for lodgement in the Deeds office
The Deeds Registry takes approximately 7-10 working days to
examine the documents.
After 7-10 working days the Deeds Registry will advise the attorneys that the matter is
“UP FOR PREPARATION” thereafter it will be scanned into execution for REGISTRATION.
8
The Conveyancer will appear at the Deeds Registry to Register the Deeds
Formal Ownership will pass from the Seller to the Buyer
The Buyers “new” Bond will be registered
The Sellers “Existing” Bond will be cancelled
The Guarantees are paid out
Formal Ownership will pass from the Seller to the Buyer
The Buyers “new” Bond will be registered
The Sellers “Existing” Bond will be cancelled
The Guarantees are paid out
The Seller will receive his net proceeds
The Estate Agent is paid there commission
The New Owner will take occupation
The local municipality, HOA and Managing Agents will be advised of the Registration
The Estate Agent is paid there commission
The New Owner will take occupation
The local municipality, HOA and Managing Agents will be advised of the Registration
9
Delivery of the Title Deeds takes approximately 2-3 months
The Original Deeds will be delivered to either the Bank (if bonded) or the
New Owner (if unbonded) for safe keeping