So, when you’re buying or selling a property, the transfer process involves a few key steps. First, you’ll need to find a conveyancer – that’s a legal expert who will handle the transfer process on your behalf.
- Offer to purchase: The buyer makes an offer to purchase the property, which the seller can either accept, reject, or make a counter-offer.
- Sale agreement: Once the offer is accepted, it becomes the sale agreement / deed of sale.
- Transfer documents: The conveyancer prepares the transfer documents, including the Power of Attorney, transfer duty receipt, rates clearance certificate, and other necessary paperwork.
- Bond registration: If the buyer is taking out a bond, the bond registration process will begin, and the conveyancer will liaise with the bond attorneys to ensure that the bond is registered on time.
- Bond cancellation: If the seller has a bond, the bond cancellation process will begin, and the conveyancer will liaise with the bond attorneys to ensure that the bond is cancelled on time
- Payment of transfer costs: The buyer pays the transfer costs and bond registration costs, which are usually handled by the conveyancer.
- Transfer of ownership: Once all the paperwork is in order and the transfer costs have been paid, the conveyancer will lodge the transfer documents at the Deeds Office. The Deeds Office will examine the documents and, if everything is in order, transfer ownership from the seller to the buyer.
- Registration: The transfer is registered at the Deeds Office, and the buyer becomes the new registered owner of the property.
That’s a simplified overview of the property transfer process in South Africa, but keep in mind that there may be additional steps and requirements depending on the specific circumstances of the transaction.