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The registration process of a property

Free information supplied by www.digiprop.co.za and Lize Coleman

BRIEF OVERVIEW OF THE REGISTRATION PROCEDURE FOR TRANSFERS AND BONDS

TRANSFER:

  1. To effect transfer of a property there must be a willing buyer and a willing seller.
  2. The buyer must sign the attached offer to purchase and complete paragraph 16 of the attached contract.
  3. On acceptance of the offer by the seller within the prescribed period as indicated by the buyer in paragraph 16, the contract is then a binding sale agreement.
  4. The signed sale agreement must be forwarded to the transferring attorneys who will attend to the transfer.

BOND:

  1. On acceptance of the offer to purchase the buyer must apply for a bond to finance the property.
  2. To apply for the bond one can make use of a bond originator who will be able to assist you with all your financial needs in this respect. Click here to apply
  3. The originator will provide you with a list of all document needed in order for them to apply for the bond on your behalf.
  4. The originator will submit your bond to different institutions therefore being able to provide you with the best possible interest rates available.
  5. Once the bond has been approved it will be forwarded to a bond attorney who will attend to the registration of the bond on your behalf.

PROCEDURE FOLLOWED BY ATTORNEYS TO EFFECT REGISTRATION

The transferring attorney attends to the registration and manages the whole registration process. The transferring attorney will attend to the following to enable registration:

  1. Request cancellation figures on all existing bonds from the cancellation banks;
  2. Request clearance figures from the city council to obtain a clearance certificate on the property (10 – 14 working days)
  3. Lodge a application for a transfer duty receipt to the Receiver of Revenue and obtain same.(5 – 10 working days)
  4. Will enquire and liaise with the bond attorneys regarding the bond registration and the bond amount granted and available for the delivery of guarantees for the purchase price.
  5. They will be informed by the cancellation bank who the attorneys appointed by them will be for cancellation purposes.
  6. They will obtain the necessary guarantees and will forward same to cancellation attorneys for payment on date of registration.
  7. Client will be contacted to sign the relevant documentation on receipt of the cancellation figure and copy of title deed from cancellation attorneys.


DEEDS OFFICE REGISTRATION PROCEDURE

DOCUMENTS TO BE LODGED:
(ON A NORMAL TRANSFER) – Documents may vary

1. Power of Attorney
2. Title deed (previously registered title)
3. New draft deed.
4. Clearance certificate
5. Transfer duty receipt
6. Any other documents necessary to affect registration of the property and to proof the status of the parties.

DOCUMENTS TO BE LODGED:
(ON A NORMAL MORTGAGE BOND)

1. Power of Attorney
2. Mortgage bond.

• NOTE THAT THE TRANSFER, CANCELLATION AND BOND MUST SIMULTANEOUSLY BE LODGED AND REGISTERED IN THE DEEDS OFFICE.

1. On lodgement in the deeds office registration will be affected in 10 – 12 working days.
2. Ownership of the property is transferred to the purchaser on date of registration.
3. Payment of the purchase price by registering bank will be affected within a period of 1 – 3 days.

PAYMENT OF COSTS WHEN PURCHASING OR SELLING YOUR PROPERTY:

THE SELLER WILL PAY THE FOLLOWING (UNLESS OTHERWISE AGREED BY BOTH PARTIES IN WRITING ON THE OFFER TO PURCHASE)

• THE AGENT’S COMMISSION
• THE CANCELATION ATTORNEYS FEES;
• THE CLEARANCE FIGURE FROM YOUR LOCAL MUNICIPALITY PAID IN ADVANCE FOR 120 DAYS

THE PURCHASER WILL PAY THE FOLLOWING (UNLESS OTHERWISE AGREED BY BOTH PARTIES IN WRITING ON THE OFFER TO PURCHASE)

• TRANSFER DUTY TO THE RECEIVER OF REVENUE
• TRANSFERRING ATTORNEYS FEES FOR REGISTRATION OF TRANSFER (INCLUDES DEEDS OFFICE FEES)
• OCCUPATIONAL RENT TO SELLER (IF APPLICABLE)
• PRO RATA CLEARANCE AMOUNT PAYABLE TO CITY COUNCIL
• BOND ATTORNEYS FEE FOR THE REGISTRATION OF BOND (INCLUDES DEEDS OFFICE AND BANK FEES)


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