| Transfer Attorney |
normally appointed by the Seller to transfer the property to the Purchaser |
| Bond Attorney |
appointed by the bank granting the home loan of the Purchaser |
| Cancellation Attorney |
appointed by the bank where the Seller has a bond |
| Conveyancer |
an attorney who specialises in all aspects of property law and who has passed an additional exam. |
| Cancellation figure |
the amount required by the bondholder (bank) to cancel the bond of the Seller. |
| Occupational rent/interest |
the amount to be paid by the Purchaser to the Seller if the Purchaser takes occupation of the property before the property is registered in the Purchaser's name, or, if the Purchaser still occupies the property after date of registration, the amount which the Seller pay to the Purchaser. |
| Transfer duty |
a form of tax to be paid to the Receiver of revenue, calculated on the purchase price. |
| Discharge figures |
the amount needed by the Local Authority in order to issue a certificate to the effect that all the rates and taxes in respect of the property is paid, which certificate must be lodge with the Deeds Office. |
| Finances |
| - |
guarantees are received from bond attorneys |
| - |
the purchaser effects payment of the transfer and bond fees |
| - |
the seller effects payment of figures obtained from the local authority to obtain a rates clearance certificate |
| - |
the seller effects payment of his bond cancellation costs |
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| Certificates required before Lodgement |
| - |
Rates and/or levy clearance certificates. |
| - |
Transfer duty receipt issued by SARS (obtained within app. 2 weeks from signing of documents by both parties and costs paid by purchaser) |
| - |
Electrical Compliance Certificate |
| - |
Other certificates related to the Deed of Sale eg. Bore hole certificate, etc. |
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| Lodgement in deeds office |
Lodgements of transfer, bond cancellation and registration of the new bond to be submitted simultaneously wherafter the process for examination takes app. 10 working days. |
| Preparation |
The existing as well as the new bondholder gives their final authorization for registration and a final examination is done on the finances. The transaction will now be put forward for registration. |
| Registration |
The guarantees are paid out within 48 hours from registration. The transferring attorney attends to the final figures and proceeds are paid out to the seller, the agent's commission to the agent and if applicable, a refund is paid to the purchaser. Within 3 months after registration, the deeds are microfilmed in the Deeds Office and delivered to the attorneys. |
