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How long will transfer take?The transfer of a property is complex. The registration time is influenced by many factors such as registration being linked to the registration of another property, or the property having to be transferred from a deceased estate. Attorneys on bank’s panels are encouraged however, to register a transfer within a period of 45 days. How does occupational rental work upon registration of transfer? Occupational rent is usually paid monthly in advance. If the transfer is registered, for example, on the 10th day of a month comprising of 30 days, the Purchaser will be entitled to a pro rata refund of 20 days or two-thirds of the occupational rent paid. Who must obtain the Electrical Certificate? The Seller must at his cost obtain a Certificate of Compliance by an accredited person in terms of the regulations promulgated in terms of Act 85 of 1993. What does the Electrical Certificate cover? The accredited person (suitably certified Electrician) must conduct a visual inspection and compile a report on various aspects such as whether all the components of the installation conform to the applicable standard, etc. Tests must also be conducted by the Electrician whereby they use an instrument that gives a reading on, for instance, the continuity and resistance of the earth conductor including all bonding conductors. Who is liable for the payment of a special levy? In the majority of transfers of Sectional Title properties, the risk passes on registration of transfer of the property. Should a special levy be imposed prior to the transfer, the Seller is liable for payment thereof, whilst the Purchaser becomes liable after registration of transfer. When does one not pay Transfer costs? Builders sometimes sell a property (especially within a new development) inclusive of Transfer Duty whereby they assume the liability for payment thereof. How does one go about transferring the electricity, water and rates account from the Seller to the Purchaser? The Purchaser should apply to the Council at least two weeks before their occupation and pay a deposit to have the services (water and lights, etc) transferred into their name. The Seller will also need to apply to the local Council at least two weeks before vacating to do a final meter reading (in their name) to coincide with the date that they vacate the property. A copy of the ‘Offer to Purchase’ document is usually required by the Council from the Purchaser and Seller as proof that the property has been sold. What happens when an owner (landlord) wishes to sell his property but it is occupied by a tenant? Tenant’s rights come first in any purchase agreement. (Read more about this on our link under Tenant’s Rights on this Site).  |
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