The Transfer Process
In accordance with our business philosophy “with our accumulated knowledge and experience and our core focus on personalized client services, we create happy new property owners” we offer the following Agent Services:
Conveyancing Process, When Buying A New Property.
Find Your New Home
Once you have found your new home and your offer to purchase “OTP” has been accepted by the Seller, subject to any suspensive conditions (like obtaining a bond),
the transfer process starts:
Preliminary Process
Once the OTP has been concluded, the conveyancing attorney is appointed.
If subject to a bond, the Purchaser has to apply for a bond or Home Loan. The agent can recommend a bond originator to assist in and speed up this process.
If any deposit is payable, the attorneys will require the FICA documents and signed Authority to invest from the Purchaser, to invest any deposit.
In addition to the Sellers FICA documents, the attorneys will require a copy of the latest Council account of the property, and if applicable the Body Corporate Levy account or Home Owners Levy account, as well as the current bond account number, if property is bonded.
Once the Purchaser receives a bond approval in principal, the attorneys will request bond cancellation figures from the Seller’s Bond Holder (bank).
Transfer Process
Once the Purchaser receives a bond grant for the required amount and any other suspensive conditions are met, the following will all start to happen simultaneously:
Transferring attorney will:
a. Draft the required transfer documents for signature by the Purchaser and Seller and provide the Bond registration attorney with the bond guarantee requirements
b. Request original title deed for the property
c. Request Council rates clearance figures from Council
d. Request Levy clearance figures from managing agents/Body Corporate/HOA
e. Submit for Transfer Duty certificate with SARS
f. Provide the Purchaser with Pro forma account for al transfer costs to be paid
g. Provide Bond Cancellation attorneys if applicable, with payment guarantees to cancel bond with transfer
h. Call on Purchaser and Seller to
Sign transfer documents
If any balance of the Purchase price is payable in cash, Purchaser to effect payment as per terms of OTP.
The Bank will appoint a bond registration attorney for the Purchaser. They will prepare bond registration documents for signature by the Purchaser, to enable them to issue payment guarantees to the transferring attorney. Bond registration fees are payable to the Bond attorneys by Purchaser.
On signature, the Seller is to:
a. Provide original deed if property is unbonded (if bonded, the deed will be with the bond holder for safe keeping), present original FICA documents.
b. Effect payment of the Rates Clearance figures and any Levy Clearance figures to allow clearance certificates to be issued for transfer. Before lodgement in deeds office, Seller will also have to provide Electrical compliance certificate and if applicable Gas compliance certificate.
On signature the Purchaser is to:
a. Provide original FICA documents.
b. Effect payment of transfer cost if not paid yet to
enable payment of Transfer duty to SARS if
applicable.
Deeds Office Lodgement & Registration
Once all documents are ready and transfer, bond registration and bond cancellation attorneys are ready as applicable, the documents are lodged in the deeds office for processing. The examination process on 3 levels, will take approximately 8-10 working days to be completed. If there are no rejection notes, the matter will then come on “prep” for registration and on confirmation of all attorneys, the matter will then be registered in the next 3-5 days.
On Registration The Following Will Happen Simultaneously:
Any existing bond is cancelled, ownership of the property is transferred to the Purchaser and any new bond is endorsed on the deed.
Guarantees from a bond, will pay out to settle any existing bond and balance to the transferring attorneys.
Unless otherwise agreed in the OTP, the Purchaser takes occupation of the property.
Agent is paid their commission and the Seller is paid his proceeds, within 24 to 48 hours.
The Seller and Purchaser will be provided with written confirmation of registration and final accounts on the transaction by the transferring attorney.
Final Steps
The transferring attorney will advise the Local council of the registration date and the Purchaser has to attend to the council office to pay the required deposit and transfer the Rates and Taxes account to the Purchasers name. Copy of ID, completed application form as available on our website, confirmation of registration will be required to open new account. Johannesburg Council will take approximately 3 months to transfer the account to the Purchaser and up to 6 months to refund the Seller any credit on the prepaid Clearance figures.
The Deeds office will take approximately 2 months to deliver the original new title deed. If bonded, we will deliver it to the Bank and if unbonded, it will be delivered to the Purchaser.
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