The sale of an immovable property is initiated by the purchaser who makes an offer on a property which is on the market, once the seller has accepted the offer by way of signature we will then have a deed of sale which is a lawful binding contract. The estate agent who sold the property will then forward the signed agreement to a conveyancer who will begin with the transfer process. The conveyancer is usually nominated by the seller in the deed of sale.

Suspensive Conditions of the contract
It is usually the case that a contract of sale has suspensive conditions which have to be met before the transfer can proceed, this may be that the purchaser needs to secure a bond to pay for the purchase price of the property or any other condition which the parties would need to comply with before the process can proceed. Once the conveyancer has received the deed of sale, they will request from the Purchaser and the Seller FICA (Financial Intelligence Centre Act) documents, which are as follows:

SELLER

  • Copy of identity document/card
  • Proof of residence not older than 3 months
  • Proof of banking details
  • Proof of Income tax number
  • Rates and taxes statement
  • Sectional Scheme & or HOA Levy statement (If Applicable)
  • Original deed of Transfer (If not under a bond)
PURCHASER

  • Copy of identity document/card
  • Proof of residence not older than 3 months
  • Proof of banking details
  • Proof of Income tax number
  • Bond Grant Letter from the Bank

Note that the Original Deed of transfer is requested from the Seller only if the property is not held under a bond, the conveyancer will do a deed search on the property to verify whether it is held under a bond. Should the property be under a bond then the conveyancer will request cancellation figures and a copy of the Deed of transfer from the relevant Bank, once all the relevant information is received then the conveyancer will immediately draft the transfer documents.

REQUEST CLEARANCES
Certain clearance certificates are required to be lodged in order for the transfer to be registered at the Deeds Office, the conveyancer will request clearance figures from the Municipality, the body corporate of a sectional scheme and or the Home Owners Association of an estate if the property is situated within an Estate. Once the figures are received, it is the responsibility of the seller to pay all the required amounts in order for the conveyancer to receive clearance certificates for their transfer.

SIGNING OF TRANSFER DOCUMENTS
The conveyancer will contact both the Purchaser and the Seller to set up an appointment for the signing of all the relevant documents, if the purchase is by way of a bond the bond registration attorneys will contact the purchaser to come and sign their bond documents, in order for them to provide the transferring attorneys with a guarantee of the purchase price and cancellation figures if applicable.

COST

PURCHASER

  • Transfer costs based on value of property.
  • Bond Registration Attorneys Costs

SELLER

  • All clearance costs
  • Bond Cancellation Attorneys costs
  • New Electrical Certicate of Compliance

PREP FOR LODGEMENT
In preparing the transfer for lodgement, which is a process of submitting the documents to the deeds office for examination and registration, the conveyancer must insure that the relevant certificate have been received and forwarded where necessary to the relevant parties, the certificates include the electrical compliance certificate, Gas Certificate if applicable and any other required certificates. These certificates are provided at the cost of the seller.

LODGEMENT
Once all the documents are in order and confirmation is received from the cancellation and Bond Registration Attorneys if applicable, then the documents are lodged at the deeds office. The documents will go through a three levels examination before the transfer is registered. Once registered the bank/New Owner will have to wait a few days before the new deed of transfer is made available to them.