Conveyancing
The property department of Manley Inc. efficiently attends to local transfers and correspondent work as well as the registration of mortgage bonds and related conveyancing work.
Manley inc.
The process of transferring a property
The process can take any time between one month and three months from the date of sale until the property is registered in the new owner’s name. However, certain external aspects can delay the process such as waiting for a stipulated condition in the contract to be fulfilled or obtaining a rates clearance certificate etc.
Step 1
Once a seller has accepted an OFFER TO PURCHASE, the buyer must produce proof that the purchase price is available and/or that his/her bond application has been successful.
Step 2
The seller must then appoint a transfer attorney, who is called “the conveyancer”.
Step 3
The conveyancer will apply for:
- Cancellation figures on the seller’s bond – 1 to 30 days, depending on the bank;
- Rates, lights, water and refuse removal CLEARANCE FIGURES from the local authority, as well as levy figures (if applicable) from the body corporate or homeowners’ authority (10 to 21 days).
Step 4
At this stage, the buyer is obliged to pay the transfer duty (or VAT), as well as the conveyancer’s fees and expenses.
Step 5
Once the conveyancer has these documents and payment, they will prepare the transfer papers.
Step 6
The conveyancer requires guarantees from the buyer’s bank and/or bond attorney (who is appointed by the bonding bank) to secure the purchase price.
Step 7
The buyer and seller then sign the transfer papers at the conveyancer’s office.
Both parties must supply:
- Their original identity documents for FICA purposes.
- Their income tax numbers.
Step 8
On receipt of guarantees, the conveyancer forwards the papers to the cancellation attorney at the bank that holds the seller’s bond (if any).
Step 9
The seller or the cancellation attorney sends the property’s original title deed to the conveyancer.
Step 10
The conveyancer pays the transfer fees (or VAT) electronically to the SARS and awaits a receipt (1 – 35 days).
Step 11
The conveyancer pays the final rates and utility amounts to the local authority and body corporate or homeowners’ authority in order to get the clearance certificates.
Step 12
The conveyancer draws up new deed of transfer papers.
Step 13
The transfer attorney collects all outstanding documents, including the electrical compliance certificate that the seller is obliged to provide.
Step 14
The documents are processed by the Deeds Office (10 – 15 days), provided that there are no errors and the paperwork does not have to be re-submitted.
Step 15
The transfer, new bond and cancellation of the existing bond are registered simultaneously.
Step 16
The bond attorney advises the bank once registration has happened, and the guarantees are paid over to the conveyancer.
Step 17
On receipt of these funds, the conveyancer finalizes their accounts and pays the proceeds to the seller and the commission to the agent.
