Conveyancing Process

Receipt of instruction

Step 1

Deed of Sale is drafted and signed by seller and purchaser. The seller appoints and instruct a conveyancing attorney.

Receipt of instruction

Suspensive condition

Step 2

Fulfilment of a bond gaunt at a financial institution. Fulfilment of a subject to sale.

Suspensive condition

Obtaining information

Step 3

Collect all relevant documentation and FICA from both the seller and the purchaser to enable us to draft the transfer documentation.

Obtaining information

Requesting the necessary figures

Step 4

Attorneys apply for bond cancellation figures from the seller’s bond cancelation attorneys should the property be bonded. Attorneys apply for Clearance figures from the local authority. Transfer duty application is submitted to SARS to obtain an assessment from SARS.

Requesting the necessary figures

Signing of documentation

Step 5

Attorneys prepare Bond & Transfer documentation. Purchases & Seller must sign transfer documents. Purchaser must sign bond documents if applicable.

Signing of documentation

Payment of costs

Step 6

Transfer duty and Transfer costs are payable by the purchaser. Bond registration fees are payable to the bond registration attorneys if a bond is applicable. Purchase price confirmation to be in place by means of a suitable bank guarantee from a financial institution or in case of a cash transaction the purchase price must be paid into the conveyancer’s trust account or as stipulated in the offer to purchase. The following is payable by the seller: Clearance figure as received from local authority; In the case of a sectional title Levies clearance figure as received by the body corporate; Bond cancellation costs should the property be bonded.

Payment of costs

Lodgment at the Deeds Office

Step 7

Once transfer attorneys, bond attorneys and cancellation attorneys are all ready, documents are lodged simultaneously at the deed’s office. The examination process at the deed’s office takes an average of between 10 to 15 working days, before the deeds will come up for registration, thereafter the transfer and bond attorneys have 5 days to arrange that the transaction is duly registered in the deed’s office.

Lodgment at the Deeds Office

Registration

Step 8

On day of registration, the attorney informs the client that registration has been affected. Proceeds are paid out as soon as the bond reflects against the trust account.