The Transfer Process

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The Transfer Process

 

 

TRANSFER PROCESS

 

  1. Receipt of the deed of sale;

 

  1. Acknowledge receipt;

 

  1. Deeds search to see if deed of sale has correct property description;

 

  1. If an attachment is registered against the property, we obtain details of the attachment;

 

  1. Request Fica and other documents from the Seller and Purchaser;

 

  1. Request the purchaser to make payment of the deposit;

 

  1. Follow up on fulfilment of suspensive conditions;

 

  1. Obtain bond account number from the Seller and request Title deed and figures to cancel bond;

 

  1. Submit cancellation instructions to the current bondholder and request release of original deed of transfer.

 

  1. Apply to municipality for rates figures to obtain figures for payment and to obtain final rates clearance certificate,. It takes 1 day to get the figures. If its disputed it takes 5 Working days.

 

  1. If its sectional title, apply for levy figures from Body Corporate and consent from Home owners Association;

 

  1. If there is a balance of the purchase price after the deposit is fulfilled, request a guarantee.

 

  1. Apply for transfer duty application which is issued immediately;

 

  1. Prepare transfer documents and get them signed by seller and purchaser;

 

  1. Obtain payment of the transfer costs;

 

  1. Submit transfer duty applications to SARS and make payment in order to obtain the transfer duty receipt. If it goes on audit it takes 10 days. If it does not go on audit, once payment is made it takes one day to get receipt.

 

  1. Seller to provide a plumbing, electrical, beetle, gas and electrical fence certificate;

 

  1. If a bond is being registered, we deliver guarantee requirements to Sellers bank for cancelation of the existing bond;

 

  1. Upon receipt of transfer duty receipts, rates and/or levy clearance certificates and original Title Deed, arrange with linked bond cancellation and bond attorneys for simultaneous lodgement.

 

  1. The deed is lodged at the Deeds office and given a barcode;

 

  1. The documents pass through 3 levels of examination, averaging eight to ten working days provided there are no unforeseen delays.

 

  1. Om about the seventh or tenth working day, the deeds appear in the prep room. The conveyancer has five working days to finalise any outstanding’s and hand in for registration the next day;

 

  1. Once handed in, the deeds appear in the execution Room and the Conveyancer registers. Ownership passes from the Seller to the Purchaser. The Purchasers new bond, if applicable is registered and the Sellers new bond, if applicable is cancelled.

 

  1. Final accounts are sent to the Seller and purchaser and payments are made including the the agents commission.

 

  1. Once registered, the deeds are numbered and microfilmed and it can take up to three months for the deeds office to deliver original Title deed ad mortgage bond. Once delivered, if there is a bond over the property, the conveyancer will send the original title deed to the Bank and if not bonded to the Purchaser.

 

2018-01-23T16:10:59+00:00 January 23rd, 2018|Categories: Blog|