The property transfer process

2018-07-05 06:01

BUYING or selling a property maybe a simple process for some, but for others it may be the single most important decision of their life, making it a stressful transaction. Understanding the transfer process does make things easier.

Here are five steps that simply describe the transfer process

Step 1 — Once the seller has signed the sale agreement the purchaser needs to obtain a home loan (provided it is not a cash sale).

Step 2 — The seller chooses the appointment of the transferring attorney (conveyancer), who will obtain FICA (ID and proof of residence) of both parties and then apply for the seller’s bond cancellation figures. Thereafter, the bank sends the original title deed to the bond cancellation attorneys.

Step 3 — The purchaser and seller sign the transfer documents with the transferring attorney. The transferring attorney requests figures from the municipality to ensure that all the seller’s rates and taxes are paid up to date to obtain a clearance certificate.

Step 4 — The purchaser must pay transfer duty (tax levied on property transfers).

Step 5 — The transferring attorney lodges all the required documents, together with the new bond and the old bond cancellation, with the Deeds Office. It takes eight to 10 working days for these to be examined and registered.

Consultation by Appointment

Joshna Panday Attorneys

Tel: +27 (81) 216 8052

website www.jpacn.co.za

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