Transfer
Process.
transfer process
explained
With Young Law, transferring your property, has never been this easy. Buying or selling? Let us make your new transition a smooth one.
Transfer
Process.
transfer process
explained
With Young Law, transferring your property, has never been this easy. Buying or selling? Let us make your new transition a smooth one.
Step 1
Agreement of sale is signed by seller & purchaser
Step
01
Step
02
Step 2
Seller selects conveyancer to attend to the transfer
Step 2
Seller selects conveyancer to attend to the transfer
Step
01
Step 1
Agreement of sale is signed by seller & purchaser
Step
02
Step 2
Seller selects conveyancer to attend to the transfer
Step 3
Purchase price
PAYABLE IN CASH
Purchaser makes payment of the purchase price to the Conveyancer’s trust account, ending registration of transfer
Subject to bond approval
Purchaser applies for a bond Purchaser receives letter of bond grant. Bank nominates an attorney to attend to the bond registration
Step
03
Step
04
Step 4
Conveyancer tasks
Drafts transfer documents for signature by Purchaser & Seller. Applies for rates clearance figures
If applicable:
Applies for bond cancellation figures in respect of the Seller’s existing bond. Applies for Levies/ Home Owners Association (“HOA’) figures
Step
03
Step 3
Purchase price
PAYABLE IN CASH
Purchaser makes payment of the purchase price to the Conveyancer’s trust account, ending registration of transfer
Subject to bond approval
Purchaser applies for a bond Purchaser receives letter of bond grant. Bank nominates an attorney to attend to the bond registration
Step
04
Step 4
Conveyancer tasks
Drafts transfer documents for signature by Purchaser & Seller. Applies for rates clearance figures
If applicable:
Applies for bond cancellation figures in respect of the Seller’s existing bond. Applies for Levies/ Home Owners Association (“HOA’) figures
Step 5
Seller & Purchaser sign transfer documents
Purchaser signs bond documents with the bank’s attorneys
Seller pays for rates and/or levy clearance figures
Purchaser pays transfer costs to Conveyancer
Purchaser pays bond registration costs to the bank’s attorneys
Step
05
Step
06
Step 6
Seller provides certificates
Electrical Compliance Certificate
If applicable:
Gas Certificate
Electric Fence Certificate
Step
05
Step 5
Seller & Purchaser sign transfer documents
Purchaser signs bond documents with the bank’s attorneys
Seller pays for rates and/or levy clearance figures
Purchaser pays transfer costs to Conveyancer
Purchaser pays bond registration costs to the bank’s attorneys
Step
06
Step 6
Seller provides certificates
Electrical Compliance Certificate
If applicable:
Gas Certificate
Electric Fence Certificate
Step 7
Conveyancer tasks
Obtains rates clearance certificate from the relevant municipality
Makes payment of Transfer Duty to SARS & obtains transfer duty receipt
Prepares for lodgement
If applicable:
Obtains levy clearance certificate
Step
07
Step
08
Step 8
Conveyancer & bond attorney simultaneously lodge their matters in the Deeds Office where after registration takes approximately
7-10 working days.
Step
07
Step 7
Conveyancer tasks
Obtains rates clearance certificate from the relevant municipality
Makes payment of Transfer Duty to SARS & obtains transfer duty receipt
Prepares for lodgement
If applicable:
Obtains levy clearance certificate
Step
08
Step 8
Conveyancer & bond attorney simultaneously lodge their matters in the Deeds Office where after registration takes approximately
7-10 working days.
The costs involved in the transfer process explained
The costs involved in the
transfer process explained
Seller
Seller
Municipal rates & utilities clearance
Includes any arrears, together with an additional 4 months average utility usage and rates to be paid in advance.
Compliance certificates
- Electrical Compliance Certificate (remains valid for a period of 2 years provided no changes have been made to the electrical system)
- Gas Certificate of Conformity (a gas certificate is required if there are any gas systems on the property)
- Electric Fence Certificate (required if the fence is powered by the electrical system on the property)
Home owners association & body corporate clearance levy
Includes any arrears, and usually also includes an additional 3 months levy to be paid in advance.
Rates consultant
Once the transfer of the property has been registered into the name of the Purchaser, both the Seller and the Purchaser need to attend to the respective opening and closure of municipal accounts. A rates consultant is usually employed to simultaneously open and close the accounts, in order for the municipality to reconcile their accounts and process the refund due to the seller as well as to ensure that the necessary services have been allocated to the property (electricity & water).
Bond penalty interest
Seller is required to give the bank 3 months written notice that the bond is to be cancelled, should the bond be cancelled before expiry of the notice period, the Seller may be liable to pay the bank penalty interest. Penalty interest is calculated on the period in which the bond was cancelled before expiry of the notice period.
Bond cancellation fee
This refers to the cancellation of the mortgage bond in the Deeds Office, and therefore is not dependant on the balance owing on the bond. Attorney’s Fees range from R5000.00 to R6000.00, and may increase depending on the number of bonds to be cancelled.
Purchaser
Purchaser
Transfer Duty
Transfer Duty is a tax levied in terms of the Transfer Duty Act, No. 40 of 1949 on the value of any property and is payable by the Purchaser.
Pro rata share of levies
Certain Managing Agents of a Sectional Scheme or Home Owner Association may require the Purchaser to make payment of one month’s levy before registration of transfer into the Purchaser’s name.
Bond registration fees
Fees charged by the Bond Attorney, appointed by the bank, to attend to the bond registration in the Deeds Office.
Transfer costs
Fees charged by the Conveyancer to effect registration of transfer of the property in the Deeds Office and are in accordance with the Conveyancing Fees Guidelines as set by the Law Society of South Africa.
Rates consultant
Once the transfer of the property has been registered into the name of the Purchaser, both the Seller and the Purchaser need to attend to the respective opening and closure of municipal accounts. A rates consultant is usually employed to simultaneously open and close the accounts, in order for the municipality to reconcile their accounts and process the refund due to the seller as well as to ensure that the necessary services have been allocated to the property (electricity & water).
Get In Touch
Your Legal Solution Starts with a Conversation
Your Legal Solution Starts
with a Conversation
Block E, Hingham Field Office Park, 79 Boeing Road East, Bedfordview
010 446 7675 / 081 264 0022 (Whatsapp)
info@younglaw.co.za
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