PROPERTY REGISTRATION PROCESS
registration of transfer is triggered by the acceptance of an offer to
by the seller. The Offer to Purchase should contain all the essential
regarding the Purchaser, the Seller, the property description and the
of the purchase price. The said document should contain particulars of
existing bondholder over the property.
immediately after the acceptance of the Offer to Purchase an
the finance of the purchase price must be made by the Purchaser or his
representative to a financial institution. The Bond
originator who had you
pre-qualified will do this for you.
receiving the signed sale agreement, the Attorney writes to both
introducing themselves and asking for their marriage certificates,
Contracts, ID and other documents required. Your agent will probably
already had you fill in an information sheet as well as obtained these
from you, to deliver to the attorneys in order to speed up the process.
opening the file by the Transfer Attorney, they immediately request
cancellation figures from the Seller's existing bondholder. Upon the
the existing bondholder will supply the outstanding amount required for
cancellation of the bond and simultaneously instruct the attorneys (or
attorneys of their choice) to attend to the cancellation thereof.
writes to the existing Bond-holder asking for the Title Deed. If the
not bonded, the seller should be in possession of the title deed and
deliver this to the attorney. If the original Title Deeds has been
etc, the Attorneys has to request a copy from the Deeds office and this
takes at least two weeks.
and entomologists inspections must be arranged, and the necessary Clearance
Attorneys are appointed by the concerned banks regarding both / and or
cancellation and bond registration. They have a preferred list they
and your attorney might not be the same person. The Bond Attorneys can
draw up their documents once they receive a ‘fly sheet’ from the
Attorney. It is therefore preferable to use one of our recommended
they transferring and bond attorney could then be the same person,
approval by the financial institution of the purchasers' finance an
will be forwarded to the attorney of their choice (usually the
attorneys) to attend to the registration of the necessary bond.
- On receipt
of documents, the official bond documents and Title Deeds, the
can draw up the necessary documents for transfer.
cancellation of existing bond and wait for cancellation certificate.
of existing bond will require guarantees and a cancellation
for registering the new bond, attorneys require certain guarantees etc.
these papers are received the attorney can proceed.
- The Seller
and Purchaser are notified to come and sign the relevant documents, and
Purchaser to pay costs. See the costs schedule for details of these.
will write to Municipality asking for outstanding rates and Taxes.
- Rates are
paid from July - June (one year) or the pro rate balance must be paid
Rates Clearance Certificate has to be issued before the documents can
at the Deeds Office. In KZN, a water clearance certificate is required
lodging as well.
- For a
Sectional Title unit, a Levies Clearance Certificate must also be
- A Transfer
Duty receipt has to be issued before Lodging. If money is coming from a
a house, the Attorney will be unable to get Transfer Duty receipt until
first house is registered and money becomes available, unless Purchaser
Attorneys can only draw up their documents once they receive a Fly
the Transferring Attorneys.
everything is ready, the transferring attorney then contacts the bond
as well as the cancellation attorney in order to effect the
of the various deeds in the Deeds Office. The transferring attorney
the registration of transfer of the property from the name of the
Seller to the
Purchaser whilst the cancellation attorney attends to the cancellation
existing bond of the Seller and the bond attorney on the other hand
sees to the
registration of the new bond to be registered over the property as
the Purchasers' loan. The set of three registrations is then submitted
simultaneously in the Deeds Office.
- There is
always a chance that the Deeds Office rejects something, and whatever
must be amended and re-lodged. If no objections are raised,
generally take place within 10 days of being lodged.
- The entire
process takes anything from 8 to 12 weeks and on occasion months! Both
seller and buyer can assist by being prepared, having necessary
funds ready and responding swiftly to any requests from the attorneys.
registration the attorneys involved attend to the following:
the guarantees for payment of the purchase price, which is then
towards the payment of the existing bond in the balance in favour of
Sellers, being the proceeds of the sale.
and apportionment of rates payments are made and the various parties
credited as the case may be. The local authority is advised of the
commission is paid to the estate agent.
- The transfer attorney then forwards the Title Deed to the
holder who retains the same together with the registered bond document
buyer and Seller are advised that the property has been registered and
can take occupancy
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