CONVEYANCING PROCEDURE IN A NUTSHELL
1. A Conveyancer is an Attorney who has passed the National Conveyancing Examination and by law is the only person who can register fixed property transfers. This is necessary to ensure the protection of the various interests the parties have in the transaction and to maintain the high standard of land registration.
2. The Seller usually appoints a Conveyancer to attend to the transfer of fixed property, although this, like other aspects of a Sale Agreement, can be varied by negotiation between the parties.
3. Steps Towards Registration Of Transfer:
3.1 Agreement of Sale drawn and signed and sent to appointed Conveyancer.
3.2 Purchaser applies for bond loan (if applicable) and Bank appoints its Conveyancer to simultaneously, with transfer, register the bond.
3.3 Transfer Attorney requests Title Deed and cancellation figures from Seller’s bond bank to cancel existing bonds. The bank appoints a conveyancer to cancel its bonds.
3.4 Transfer, Bond and Cancellation Attorneys liaise over guarantees to secure purchase price and payment of existing loans.
3.5 Call for FICA and then draft transfer documents.
3.6 Documents signed by Seller and Purchaser.
3.7 The following Certificates must be in place before transfer documents can be lodged at the Deeds Office:
▪ Municipal Rates and/or Body Corporate Levy Certificates;
▪ Transfer Duty Receipt from SARS;
▪ Electrical Compliance Certificate;
▪ Home Owners Association Certificate if applicable.
In each matter applications have to be made for settlement figures and payments have to then be made before Certificates can be issued.
3.9 All players lodge simultaneously (essential) at Deeds Office.
3.10 Matters come up on “Preparation” within 7 to 12 days of lodgement.
3.11 Registration usually takes place between one or two days after preparation.
3.12 Final accounts are drawn and payments made to various parties.