THE TRANSFER PROCESS

What you need to know when Buying or Selling a property.

Step 1: Offer to purchase

1. The Purchaser makes an offer in writing to purchase the Seller's property

2. The Seller accepts the offer by signing the offer to purchase

3. The offer to purchase is sent to the transferring attorney to attend to the transfer

Step 2: Bond application

1. The purchase applies to his preferred bank for a bond in order to obtain finance to purchase the property

2. Once the Purchaser's bond is approved, the bank instructs a bond attorney to attend to the bond registration

3. Bond attorney drafts the bond documents

4. Purchaser signs bond documents at bond attorney

5. Purchaser pays bond attorney fees

6. Bond attorney sends guarantees to the transferring attorney

7. Bond attorney receives permission from bank to lodge documents

8. Transferring attorneys provides bond cancellation attorney a guarantee to enable them to cancel the sellers bond registration

Step 3: Transferring Attorney request FICA documents from Seller & Purchaser

Step 4: Transferring Attorney

1. Request bond cancellation figures from the bank

2. Receive bond cancellation figures & a copy of the deed from the bank

3. Request rate clearance figures from local municipality

4. Receive rate clearance figures valid for approximately 3 months

5. Transferring attorney pays rate clearance figures on behalf of the Seller

6. Request levy clearance figures (Sectional title) from body corporate

7. Receive levy clearance figures

8. Pay levy clearance figures

9. Receive levy clearance certificate

10. Draft transfer documents

11. Seller & Purchaser sign transfer documents

12. Purchaser pays transfer fees and transfer duty

13. Transferring attorney pay transfer duty to SARS & receives transfer duty receipt

14. Purchaser obtain electrical & gas compliance certificate

Step 5: Lodgement

1. Bond cancellation, bond & transferring attorneys send documents to deed office

2. All documents are lodged simultaneously

3. Documents are checked by 3 examinators (7-10 working days)

4. The transfer preparation comes in, once all documents are in order,

5. Matter is registered within 9 - 12 working days

Step 6: After registration

1. Guarantees are paid to transferring attorney within 24 hours after registration

2. Transferring attorney do the finances, payments and final accounts for Seller & Purchaser

3. Seller closes account at the municipality

4. Purchaser opens an account at the municipality