Transfer Registration Process

The process is as follows

On receipt of the instruction to attend to the registration of transfer of the property we shall require the following documents/information from the seller:

• Bond Account number/statement (if applicable)
• Income tax registration number
• Copy of Identity document
• Proof of physical address(not older than 3 months)
• Your currant and future postal addresses and telephone numbers
• Electrical Compliance Certificate(COC)-this you will only need to provide after signature of the transfer document

On receipt of the instruction to attend to the registration of transfer of the property we shall require the following documents/information from the purchaser

• Income tax registration numb
• Copy of Identity document
• Proof of physical address (not older than 3 months)
• Your currant and future postal addresses and telephone numbers

On receipt of the necessary documents/information, we will draft the transfer documents and contact you to sign the documents at our offices.

Information required by the transferring attorney from the seller and purchaser:

We shall require certain information from time to time. Should we at any time approach you for information or request that you fulfill a certain requirement, kindly react immediately so that the transaction is not delayed in any way.

How long will it take to finalise?

It is impossible to predict it accurately, but a normal transaction takes approximately four to six weeks to finalise after approval of the purchaser’s loan.

How are we going to keep you updated of developments?

We shall report to you regularly, either in writing or verbally. Should you require any additional information, you are most welcome to contact us.

The seller’s bond repayments

Unless you have made other arrangements with yourbondholders (bank or financial institution), your bond repayments must be maintained until date of registration. The bondholder willrepayany credit balance due to you after registration. This includes insurance premiums paid in advance. If the bondholder is not a financial institution or you anticipate that there will be problems in collecting the credit, kindly discuss this with us.

The purchaser’s application for a loan

The purchaser must advise us immediately when his loan application has been approved.

Transfer costs

All costs are normally paid by the purchaser. It is essential that these costs are paid upon signature (or as soon as possible thereafter) of the documents as we need to pay transfer duty to the Receiver of Revenue as well as rates and taxes to the Town Council (and/or to the body corporate in the case of a sectional title unit) as soon as possible to obtain a transfer duty receipt and a rates clearance certificate respectively. These clearances and receipts must be lodged with our documents at the Deeds Office.

Municipal rates and taxes (or levies in the case of a sectional title unit)

The purchaser is liable for payment of the rates and taxes (or levies) from date of registration or any other date agreed upon in the deed of sale. The seller may stop payment of municipal rates and taxes (or levies) as soon as it appears that the transaction will proceed. We are required to pay the rates and taxes (or levies) in advance. We shall arrange that each party pays the correct (pro-rata) amount in respect of rates and taxes (or levies) and shall make the necessary adjustments after registration. The Town Council sometimes requires a further deposit to be made in respect of water and electricity before they will issue a rates clearance certificate and we shall pay same on behalf of the seller, to be recovered from him after registration. The Town Council will credit the seller’s account and pay the credit balance to the seller when closing the account.

Occupational interest

If the occupational interest (rent) is paid to ourselves (as per the deed of sale), we shall make a pro-rata repayment in respect of the last month’s occupational rent to the purchaser on registration.

Water and electricity

We do not deal with this aspect. We recommend that the seller and the purchaser make the necessary arrangements with the Town council regarding the disconnection and subsequent connection of water and electricity and the payment/repayment of deposits. To assist we can refer you to agencies that will assist herewith for a nominal fee.

Collection of the purchase price

We shall collect the purchase price on behalf of the seller and dispose of same in terms of his written instructions.

Payments on behalf of the seller

We shall pay on registration the seller’s existing bond/s , his pro-rata share of the municipal rates and taxes, agent’s commission and all other due amounts from the proceeds of the sale. The seller will receive the net amount after registration.

Insurance

It is advisable that the purchaser insures the property from the date he assumes the risk (usually date of registration) . If a bond is registered over the property, the bondholder will arrange for insurance, but otherwise we shall gladly be of assistance.

The Purchaser’s Title Deed

If a bond is registered over the property, the title deed is forwarded to the bondholder for safekeeping. Should there be no bond finance we shall hold the title deed in safe custody or hand same to the purchaser.

Our office hours : Monday to Friday: 08:00 to 16:30

Complaints

We are continuously striving to improve our services. Should you have any complaints in respect of our services, please be kind enough to discuss this with any one of our directors.

Registration procedure

Normally the following procedure is followed to effect registration:

1. Once the purchaser’s finances are in order and we are in possession of the title deed and personal details of both parties, we shall draw the documents for signature.
2. Both parties then sign the documents and the purchaser pays the costs.
3. We pay transfer duty to the Receiver of Revenue and obtain a transfer duty receipt. We pay and rates and taxes to the municipality (or levies to the body corporate) to obtain the rates clearance certificate/s.
4. Should bond finance be applicable, the purchaser should in the meantime sign the bond documents and pay the costs to the attorneys registering the bond. Only then and after fulfillment of all requirements will the bond attorneys issue guarantees.
5. If there is an existing bond over the property, a guarantee (obtained as set out in par. 4 above) is delivered to the existing bondholder. Only then will the existing bondholder sign the consent to cancel the existing bond.
6. When all the Attorneys involved (Transfer, Bond and Cancelation), are ready, all the documents are lodged simultaneously in the Deeds Office.
7. Provided the Deeds Office functions normally, registration is affected within 10 to 14 working days from lodgement. We shall advise you on registration.
8. The finances of the transaction are normally completed no later than the day after registration.