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What is the process of transferring a property
01 July 2019  | Gerda Janse van Rensburg
 

What is the process when I sell my house and why does it take so long:

  1. Once a seller has accepted an offer to purchase, the buyer must produce proof that that her bond application has been successful.
  2. The seller must then appoint a transfer attorney, who is also sometimes called a conveyancing attorney.
  3. The transfer attorney will apply for:
    • Cancellation figures on the seller’s bond .
    • Rates, lights, water and refuse removal clearance figures from the local authority, as well as levy figures from the body corporate or home owners’ authority. The local authority will require copies of the buyer and seller’s identity documents, and also a copy of the most recent rates and consumption accounts. Without these, the process can take up to eight weeks.
  4. Once the attorney has these documents, she will prepare the transfer papers.
  5. The transfer attorney requests guarantees from the buyer’s bond attorney (who is appointed by the bonding bank) and supplies a draft deed of transfer to prepare the buyer’s bond documents.
  6. The buyer and seller then sign the transfer papers at the transfer attorney’s office.* Both parties must supply:*
    • Their original identity documents and address confirmations for FICA purposes.
    • Their income tax numbersWithout these, and in the event that the parties’ personal income taxes are not up-to-date, the SA Revenue Service will cancel the sale.
  7. At this stage, the buyer is obliged to pay the transfer duty, as well as the transfer attorney’s fees and expenses.