BASIC STEPS OF THE TRANSFER PROCESS

INTRODUCTION

The prospective Seller and Purchaser meet directly or via an Estate Agent to discuss the following:

1. The Purchase price and method of payment of the purchase price ie whether it will be a cash sale or if the purchaser will be obtaining a bond and pay a deposit.
2. It is advisable for the purchaser to have pre-approval of the bond amount he qualifies for, and this will assist him to know how much he can afford.
3. The purchaser must be aware of the costs of the transfer, bond registration costs and his share of rates and levies

DRAFTING OF THE PURCHASE AND SALE AGREEMENT

To draft this document the following information is required:

1. Identity Documents of the Seller and Purchaser
2. Marriage Certificates
3. Rates/Levies invoices of the property
4. Bond Account number of the seller
5. Signature of the agreement
6. FICA documents (must be recent proof of residence)

SECURING THE PURCAHSE PRICE

1. Bond Approval-if the purchaser is obtaining a bond the purchaser will submit the signed sale agreement to the bank/mortgage originator.
2. Cash/Deposit- if the Purchase price is paid in cash the agreement will state the date by which the full purchase price or deposit will be paid. These funds are invested by the Conveyancer on behalf of the Purchaser.
3. The purchaser will be asked to pay transfer/bond registration costs by the Conveyancers.

CONVEYANCING PROCESS

1. The Conveyancers will commence the above process and the seller and purchaser will be called to sign documents
2. The Conveyancers (Transfer attorney) will apply for rates/levies and supply the bond attorneys with the important information required by the bond attorney who will then provide a guarantee to cancel the sellers existing bond.
3. The Conveyancers will also obtain electrical, entomologist and gas certificates.
4. Once the transfer attorneys received the rates/levies invoice, the seller and purchaser will be asked to pay their share of the levies and rates.
5. The rates/levies and transfer duty will be paid
6. Once the transfer attorney receives the rates/levies certificates and transfer duty receipt, the documents will be sent to Pietermaritzburg for lodgement and collaborate with the bond registration and bond cancellation attorneys for lodgment.
7. This process normally takes 7-14 days after which all parties will be notified of the Registration of the transfer /bond and bond cancellation.