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Property Transfer Process :
Published on: 5/26/2006 | Written by Steve Paul

A basic understanding of the transfer will be enable you to deal with the two questions most commonly asked of you:

The Purchaser will want to know how long it will take for the property to be registered in his name, and when the balance of the purchase price will be payable.

The Seller will want to know how soon he will receive his money.

While the transfer process follows a series of successive stages, the period involved varies considerably. Generally, the following guidelines apply:

  • A cash transaction may take approximately 6 weeks.

  • Within normal circumstances (including bond approval), approximately 2 months.

  • If conditional upon the sale of the purchaser's property (within 30 days), approximately 3 month's.

Stage 1:          The Agreement of Sale is concluded between the purchaser and the seller, having been brought together by the estate agent.

Stage 2:          The Purchaser makes his Initial Payment (Deposit) and receives a copy of the Agreement of Sale for his records, as does the Seller. Simultaneously, the Transferring Attorney is furnished with a copy of the Agreement of Sale, to enable him to draw up his documents, and the original is filed by the Estate Agency.

Stage 3:          After the Purchaser has completed the Bank/Building Society Application Form, we apply for a Mortgage Bond on his behalf.

Stage 4:          Once the Mortgage bond has been granted we instruct the Entomologists to inspect the property for infestation by Modifiable Beetle and Electrical Wiring Certificate.

Stage 5:          The documents required to enable transfer to be passed (Power of Attorney conferred upon the conveyancing attorney; Transfer Duty Declaration) are drawn up by the transferring attorney and signed by the Purchaser/Seller

Stage 6:          A Rates Clearance Certificate (a document stating that all rates and taxes for the year have been paid) is obtained from the municipality by the transferring attorney (conveyancer).

Stage 7:          Transfer Duty is paid to the Receiver of Revenue (together with proof of rates clearance). And a Transfer Duty Receipt is issued.

Stage 8:          The conveyancer lodges all documentation together with the transfer duty receipt at the Deeds Registry. Simultaneously all Bond Documentation (if a bond is involved) will be lodged at the Deeds Registry by the Bank/Building Society's conveyancer (having been duly signed by the purchaser).

Stage 9:          All Bond and Transfer Documents are inspected by the Deeds Registry and, if incorrectly prepared, come up for Registration. At this stage the purchaser must have a balance of the purchase price available, and the financial institutions attorneys have the bond amount available. If the purchaser is not able to make the funds available the seller's conveyancer will Delay Registration, which may be postponed for no more 3 4 days before the deeds are Rejected and will need to be Re-lodged. The purchaser may then be put to terms and given 7 Days written Notice to rectify his default.

Stage 10:        After registration the Title Deeds become available.



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