WHAT DO EXCHANGE & RECTIFICATION TRANSFERS ENTAIL IN SOUTH AFRICAN LAW?
What is meant by Exchange Transfers?
A transfer arising from Exchange is the legal property transfer of land ownership whereby two or more parties exchange their ownership over different pieces of land. The transaction is called an Exchange of Property, as per the definition of Section 118 of the Transfer of Property Act, 1882. PM Attorneys act as the Qualified Intermediary (QI), defining the exchange rules and implementing the transfer.
What is meant by Rectification Transfer?
Rectification transfers rectify registration errors, such as property inadvertently omitted from a transfer deed. It serves as a remedy for parties when their written agreement does not reflect their intention. For a rectification transfer to succeed, a party must prove that the written document does not reflect the party’s intent.