CONVEYANCING PROCESS

What to Expect

Rei 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. Should you have any questions, please do not hesitate to contact us and we will gladly talk you through it.

STEP 1

  • The Buyer and Seller sign the Sale Agreement

  • The Buyer’s Bond is approved by the Bank or a Financial institution

STEP 2

A Conveyancing Attorney is appointed to attend to the Transfer and Bond Registration.
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

STEP 3

  • The conditions of sale must be met in order for the Sale Agreement to proceed.

STEP 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

  • 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.

STEP 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

STEP 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.

STEP 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.

  • 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.

STEP 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

  • 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

STEP 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