Below are the 5 steps that are taken in order to transfer a property into your name.
Step 1: Once the seller has signed the sale agreement (aka Offer To Purchase) the purchaser needs to obtain a home loan. Astute buyers know to use the services of an expert bond originator who will help them obtain the best home loan deal available from the banks.
Step 2: The seller has the choice of appointing a transferring attorney (conveyancer), who will obtain FICA (ID and proof of residence) of both parties and then apply for the seller’s bond cancellation figures. Thereafter, the bank sends the original Title Deed to the bond cancellation attorneys.
Step 3: After their preparation by the transferring attorney, the purchaser and seller sign the transfer documents. The transferring attorney then requests figures from the municipality to ensure that all the seller’s rates and taxes are paid up to date before lodging a clearance certificate issued by the municipality.
Step 4: The purchaser must pay the South African Revenue Services (SARS) transfer duty, a tax levied on property transfers. The transferring attorney will request a transfer duty receipt on SARS e-filing and also make the payment of the transfer duty on behalf of the purchaser.
Step 5: The transferring attorney lodges all the required documents, together with the new bond and the old bond cancellation, with the Deeds Office. It takes 8 to 10 working days for these to be examined and, provided there are no changes, the transaction is registered. The purchaser is now the rightful owner of the property!”
It’s important that you know the process and that you partner with the right attorneys to enable an efficient transfer process.