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Procedure followed by an Attorney to transfer a single property
- The Private Seller or Agent should furnish the Attorney with the Offer to Purchase document as entered into between the Seller and Purchaser. (Transfer Attorney’s are also capable of completing an Offer to Purchase document on behalf of the Seller and Purchaser.)
- The Attorney obtains a deposit from the Purchaser (if applicable) and invests the deposit in an interest bearing Trust Account for the benefit of the Purchaser. The Attorney also obtains payment of all transfer costs from the Purchaser.
- Arrangements are made for payment of occupational rental (if applicable).
- The Attorney requests cancellation figures to have the existing bond cancelled as well as the Title Deed from the existing Bondholder (usually a bank). The Bondholder will only consent to the cancellation of the existing bond if it obtains a guarantee that the Seller is able to pay the amount outstanding on the existing bond.
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Once these documents are received the Attorney prepares the transfer documents which have to be signed by both the Seller and the Purchaser.
- The Registrar of Deeds will not allow a transfer to be registered unless he is satisfied that the rates and taxes are fully paid up to date of the transfer. The Attorney therefore requests a statement from the local authority reflecting rates and taxes payable three months in advance.
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The Attorney pays this amount and obtains a Rates Clearance Certificate which is lodged with the other documents in due course.
- The Attorney obtains the details of the institution granting the new bond to the Purchaser as well as the Attorney’s instruction to register the new bond. The Attorney requests guarantees from the Attorney’s acting on behalf of the financial institution granting the new bond for payment of the existing bond and the balance of the purchase price.
- Transfer Duty (when applicable) is paid to the Receiver of Revenue according to a fixed scale. The Receiver of Revenue then issues the Attorney with a Transfer Duty Receipt which is also lodged with the other documents in due course.
- Upon receipt of the guarantees from the new bond Attorneys, the guarantee for repayment of the existing bond is sent to the cancellation Attorneys.
- The Attorney arranges with the new bond Attorneys and the cancellation Attorneys that all the sets of documents are lodged together in the Deeds Office where they are checked by examiners and if everything is in order the transfer is registered in the name of the Purchaser.
- After registration of the transfer the guarantees are presented to the bank for payment. The Attorney then pays the amount due in terms of the existing bond, deducts Agent’s commission (when applicable) and other monies that needs to be paid on behalf of the Seller and then the net proceeds are paid out to the Seller.
You should also refer to Questions and Answers on this Site.
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