To ease some of those fears here is the basics you will need to know

There are three processes after signing your contract that involves the conveyancing process.

It means: Possession (law)

“demonstrates the distinction between ownership and possession: throughout the process, you have not lost ownership of the book although you have lost possession”

The process will take these basic steps:

Transfer Process

Bond cancellation

Bond registration

Lodgement at a Deeds office

Who is a Conveyancer?

A Conveyancer is a specialized attorney. Only Conveyancers can attend to the transfer of immovable property. Conveyancing work is reserved for practicing conveyancers in order to vest them with the responsibility of ensuring that the title to the land cannot be challenged.

Who appoints them?

The Conveyancer is generally nominated in the Deed of Sale. In the case of property transfers, the Seller is entitled to appoint his own Conveyancer. This, however, can be varied between the Seller and the Purchaser.

The Agreement of Sale:

Property can only be sold by way of a written Deed of Sale, which is a contract signed by both Seller and Purchaser

The Transfer:

Once the transferring attorney receives the signed Deed of Sale, Deeds Office searches are conducted to confirm, that the details on the Deed of Sale are correct. The Seller, Purchaser and Estate Agent are then advised that they have received the Deed of Sale and that the process has commenced.

The Purchaser is requested to transfer the deposit according to the Deed of Sale into the transferring attorney’s Trust Account to be invested pending transfer.

Is there currently a mortgage bond on the property?

If there is a bond currently registered over the property, the transferring attorney will advise the bondholder of the sale and that the bond needs to be cancelled.

The bank will then instruct its own attorney to cancel the bond and forward the original Title Deed to the transferring attorney. The bond cancellation attorney will provide the settlement figures required to settle the mortgage bond on the transfer date.

If there is no bond registered over the property, the Seller should be in possession of the Title Deed and must give it to the transferring attorney.

The new mortgage bond:

The bank that approved the Purchaser’s loan application will now also instruct their Conveyancers to draft and register the new bond.

Rates Clearance Certificate?

In order to receive the Certificate, the Conveyancer requests the local municipality to provide the rates clearance figures.

Transfer Duty Certificate?

Transfer Duty is a tax levied on all transfers – the amount depends on the market value of the property and is paid by the Purchaser. SARS will provide the Conveyancer with the Certificate after payment.

From Lodgement to Registration?

The Deeds Office has the right to reject any documentation that it deems incorrect or if any required documentation is not lodged.

Once all parties are ready, or the specified date of transfer as in the Deed of Sale nears, each Attorney places his documents in a folder which is then linked and lodged together at the Deeds Office so that they can be examined and registered simultaneously.

Transfer of ownership passes from the Seller to the Purchaser when a new Title Deed is formally executed by the Conveyancer and the Registrar of Deeds.