The Property Transfer Process In South Africa Explained.

Conveyancing is the transfer of immovable property from one owner to another, commonly known as a property transfer. A conveyancer has expertise in the legal transfer of ownership of immovable property. Conveyancers expertly prepare deeds (a document used in conveyancing to transfer property from its legal owner to another party) and documentation required to effect property transfers.

South African common law dictates that the property seller is entitled to nominate and choose their transferring attorney. This is because the seller authorises the transferring attorney to transfer the property to the purchaser by way of a power of attorney. Parties can also agree to appoint the purchaser’s transferring attorney.

What Are The Legal Steps Required In Registering A Property Transfer?

The necessary legal documentation must be gathered to ensure a smooth property transfer. A property transfer can take four to six weeks to complete the legal processes involved in the transfer of title. Transferring property from one owner to another requires several legal steps, be sure to deal with specialist property transfer attorneys that can efficiently and quickly deal with your property transfer and avoid unnecessary delays:

  • An offer to purchase is completed and signed by both the seller and the buyer.
  • The seller presents the conveyancer with the offer to purchase, who proceeds to gather all necessary documentation to complete the registration. At this stage, various actions are processed simultaneously by different attorneys.
    • The transfer of the property from seller to purchaser.
    • (transferring or conveyancing attorney)
    • The cancellation of the seller’s existing bond.
    • (bond cancellation attorney)
    • The registration of the purchaser’s new bond.
    • (bond attorney)
  • The purchaser applies for a bond, if applicable. Steps toward bank approval administered.
  • Once the conveyancing lawyer receives the sale deed, they must collect the required documentation to register the property transfer.
  • After bank approval of the loan to the purchaser and all the required documents collected, the conveyancing lawyer prepares the property transfer and the bond documents for signature by all parties.
  • The conveyancing lawyer prepares a statement of transfer and bond registration costs to be paid. Different conveyancing lawyers involved with the property liaise to ensure that the transfer, bond cancellation and bond registration documents are lodged simultaneously at the Deeds Office.
  • The conveyancer lodges the documents prepared for registration in the Deeds Office. The examiner at the Deeds Office checks the deed ensuring compliance with relevant legislation and regulations.
  • The deeds office informs the conveyancer of satisfaction, and the transaction is ready for registration. The Registrar of Deeds and the conveyancer are present when registering the property in the purchaser’s name. Registering the bond takes place simultaneously.
  • The conveyancer lodges the documents prepared for registration in the Deeds Office. The examiner at the Deeds Office checks the deed ensuring compliance with relevant legislation and regulations.
  • The deeds office informs the conveyancer of satisfaction, and the transaction is ready for registration. The Registrar of Deeds and the conveyancer are present when registering the property in the purchaser’s name. Registering the bond takes place simultaneously.
  • The purchase price of the property is paid to the seller.
  • Completion of registration renders the purchaser the registered owner of the property.
  • All financial exchanges conclude within 24 hours of registration;
    • The payment by the purchaser’s financial institution.
    • The cancellation figure with the existing bondholder.
    • The purchase price balance is paid to the seller, thus settling accounts with all parties.

Book A Consult With Specialist Property Transfer Attorneys In South Africa Today.

PM Attorneys assist sellers and purchasers of property with the property transfer process in South Africa. Our property transfer attorneys and legal practitioners specialise in attending to all aspects involved in the transfer of ownership of immovable property. This includes transferring private/residential properties such as houses or sectional title units or commercial properties such as shopping centres.

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