Important steps in the transfer process
Category Legal
The transfer process can take up to three-months, sometimes longer. There are different steps involved in the transfer of a property, these include:
1. Instruction.
A conveyancer receives the instruction to transfer the property.
2. Communication.
The conveyancer communicates with the various role-players involved in the transfer process, such as the seller, purchaser, transfer and bond attorneys, municipality, bank, South African Revenue Service (SARS).
3. Collection.
Certain information and documents are required, such as the agreement of sale, deeds office search, existing deed, bond cancellation figures from the bank and so on. The conveyancer should continuously report to the various role-players about the progress being made.
4. Drafting and signing.
As soon as all the information and documents have been collected, the conveyancer will draft the transfer documents and request the seller and purchaser to sign them. These transfer documents will include a power of attorney and various affidavits.
5. Finances.
Financial arrangements include requesting an advance payment for the conveyancer’s interim account for certain expenses, requesting the bank guarantee, collecting the purchase price or deposit and so on.
Author: Legal
