In a nutshell, the process is as follows:

1. Finalise the Agreement of Sale with the Seller and/or the Estate Agent
2. The Seller nominates the transfer attorney
3. Apply for a loan from your selected bank
4. The bank’s valuation department will inspect and value the property
5. The conveyancing attorney is instructed by the purchaser to proceed with the transfer
6. The conveyancer will source the title deeds from the Seller
7. The conveyancer will apply for cancellation requirement of any existing mortgage on the property
8. The documents are prepared by the conveyancer
9. The Electrical Clearance Certificate in terms of the Deed of Sale is arranged by the Seller and/or his Agent.
10. The documents are signed by the buyer at the conveyancer’s office.
11. The documents are signed by the Seller
12. the pro-forma transfer costs and conveyancer’s fees are payable by the Buyer.
13. The financial guarantee is obtained from the Bank providing the mortgage
14. Where applicable, the conveyancer will arrange for the exemption of Transfer Fees.
15. A rates/levy clearance is obtained from the municipality by the conveyancer
16. The documents are logged at the Deeds Office
17. Registration takes place
18. The payment of sale proceeds
19. Commissions are paid
20. Relax and enjoy your new home!

The registration of a property transaction is handled by a specialist qualified legal practitioner know as a Conveyancer. It is customary for the Seller to appoint the Conveyancer to attend to the registration of transfer of a property sold, whilst the costs are for the account of the Purchaser, unless contractually otherwise agreed.

The Conveyancer prepares the required transfer documents, which after signature by both parties, is lodged together with the cancellation of any existing mortgage bonds and new mortgage bonds to be registered in the local Deeds Registry Office. The documents are subject to intense scrutiny and examination after which they are made available for registration.

On the date of registration of transfer, all existing mortgage bonds registered over the property are cancelled simultaneously with the registration of any new mortgage bonds in favour of the bank granting financial assistance to the Purchaser and the Purchaser is recorded as the new owner of the property. At this point the purchase price is paid to the Seller.

Upon transfer to the new owner, any liabilities in respect of the property incurred by the previous owner, remain with the previous owner and do not pass to the new owner, unless otherwise agreed to.

Occupation, Possession, Transfer and Occupational Interest
Occupation is the date of the physical occupation of the property.
Possession is generally deemed to be the date upon which the Purchaser assumes responsibility of the property.
Transfer refers to the actual date of registration in the Deeds Registry in favour of the Purchaser.

Occupational Interest is the rental payable by the party occupying the property belonging to another where the date of occupation and date of transfer differ.

Start looking for a home to buy....click here.