Property Transfers

1. AGREEMENT OF SALE

Seller and Buyer enters into an agreement of sale for the property.  This is the agreement between the parties that the seller is willing to sell and the buyer is purchasing the property.  Normally the instruction is received by the transfer attorney once all the finances are in order, i.e. buyer’s bond is approved or the cash for payment of the property is available.  The Agreement of sale should include the relevant information for the transfer attorneys to proceed with the instruction

2. PARTIES TO SIGN TRANSFER DOCUMENTS

Parties are called upon to sign the relevant transfer documents to effect transfer of the property.  Information called upon by the attorney includes FICA documents, income tax numbers and bond account numbers. 

3. CANCELLATION- AND BOND ATTORNEYS

The seller’s bond account number is used to request the outstanding balance on his/her/its bond and to appoint cancellation attorneys who will attend to the cancellation of the seller’s bond.  The buyer’s bank appoints bond attorneys to attend to the registration of the bond o.b.o. the buyer.

4. REQUESTING OF FINANCES

Once cancellation figures on the seller’s bond are received and the buyer’s bond attorneys are appointed, guarantees for the bond amount are requested from the bond attorneys.  Any deposits, costs and expenses are also collected from the buyer.  It can take anywhere from 1 – 4 weeks to obtain guarantees from the bond attorneys.

5. ATTENDING TO CLEARANCES

Once the finances are in order, i.e. guarantees are received from the bond attorneys and/or payment of the purchase price/deposit is made, the clearances are attended to at the local municipality, managing agents (in case of sectional title units) and SARS.  These clearances normally take 1-2 weeks.

6. LODGEMENT OF TRANSFER DOCUMENTS

All applicable parties, i.e. cancellation attorneys, transfer attorney and bond attorneys are to link and lodge simultaneously in the deeds office.  The cancellation attorneys and bond attorneys can only lodge once they have the go-ahead/proceed from the respective bank.

7. REGISTRATION

Once a matter is lodged, the Deeds Office can take from 5-7 working days to complete the registration.
On date of registration, the property is registered in the name of the buyer.  The buyer’s bond is registered and the seller’s bond is cancelled.

8. FINAL LETTERS

All the respective parties are advised of registration as well as their duty to attend the municipal account for the new property.  If the buyer bought the property in cash, the original title deed will be delivered within 3-5 months after date of registration.