In terms of Deeds Registries Act only Conveyancers may sign and prepare the documents needed to transfer a property or to register a mortgage bond. Hence, it is necessary to appoint a Conveyancer whenever you want to transfer a property or register a mortgage bond. This further helps to avoid hidden minefields that may result if a conveyancer was not involved during the transfer. Such minefields are costly to rectify.
Frequently Asked Questions
The General Clauses Act, 1897, defines, " immovable property" shall include land, benefits to arise out of the land, and things attached to the earth, or permanently fastened to anything attached to the earth. In its simplest, “immovable property” can be described as the land and all buildings on the land as well as all permanent fixtures which are included in the sale of the property.
The Conveyancer’s fees are based on guidelines issued by the Legal Practice Council. The fees are calculated on a sliding scale based on the purchase price of the property.
In a transfer process there are costs which must be settled by the Seller and those which are to be settled by the Purchaser.
The Seller is liable for the following costs:
- i. Estate Agent’s Commission - This is applicable when there was an agent involved in the selling process.
- ii. Municipal Rates and Taxes - In order for the Conveyancer to obtain a Clearance Certificate from the Municipality, the seller must settle rates and taxes for 3-4 months in advance.
- iii.Bond Cancellation Costs - In a case where there is an existing bond registered over the property, the seller is responsible to pay the Cancellation Attorney’s fees.
- iv. Certificate of Compliance (COC) - The compulsory certificate in Terms of Legislation is the Electrical Compliance Certificate which must be obtained to enable the transfer of the immovable property. However, there are other compliance certificates which may be required such as Fence Compliance Certificate or Gas Compliance Certificate. The seller is responsible for these costs.
- v. Prorata Levies (If applicable) – The seller is liable to pay the prorata levies in order to enable the Conveyancer to obtain Clearance Certificate from the Body Corporate or Home Owner’s Association. The levies are paid 3-4 months in advance.
The Purchaser is liable for the following Costs:
- i. Conveyancer’s Fees – The purchaser is liable to settle the transfer costs.
- ii. SARS Transfer Duty or VAT – This payment is only applicable in a case where the purchase price of the property is over R1 million and the purchaser must pay it to the Conveyancer to enable her to pay it to SARS.
According to the legislation of Conveyancing, the Seller has the right to appoint a Conveyancer to attend to the transfer. However, should the seller not have a preference, the estate agent will usually appoint the Conveyancer. In other cases, the seller may also allow the purchaser to appoint the Conveyancer.
This is usually dependent on how the involved parties co-operate during the process. Although, generally the process could be completed within 6 to 8 weeks, provided the purchaser’s bond has been approved.
- Offer to Purchase or Deed of Sale (in case there is an Estate Agent involved).
- ID copies of the involved parties.
- Marriage Certificate (in case the involved parties are married).
- Municipality Statement.
- Title Deed (in case there is no bond registered over the property).
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