CONVEYANCING cost guidelines and transfer process explained
Category From the pen of Esti Lombard
TRANSFER PROCESS
THE PURCHASER PAYS THE COSTS INVOLVED IN THIS PROCESS
- Once the sale agreement becomes unconditional the transfer attorneys will call for FICA (from both parties) and payment of estimated transfer costs (from purchaser).
- The transfer attorneys prepare the transfer documents and obtain bond cancellation requirements (if there is an existing bond).
- The transfer attorneys request the guarantees and/or payment of the purchase price.
- The transfer attorneys provide the necessary guarantee/s to the bond cancellation attorneys (if there is an existing bond).
- The transfer attorneys take steps to obtain the rates clearance, levy clearance (if applicable), compliance certificates and transfer duty clearance.
- Once the transfer documents are signed and all the other steps have been completed, the transfer attorneys send the transfer documents to the Deeds Offices for lodging simultaneously with the lodging of the bond cancellation documents (if there is an existing bond) and the bond registration documents (if a new bond is to be registered).
- Registration of transfer takes place within 7 to 10 working days after lodgement.
BOND CANCELLATION PROCESS
THIS APPLIES IF THE SELLER HAS AN EXISTING BOND - THE SELLER PAYS THE COSTS INVOLVED IN THIS PROCESS
- The transfer attorneys apply to the bank to provide the bond cancellation requirements.
- The bank appoints attorneys to attend to the cancellation of the bond. The cancellation attorneys notify the transfer attorneys of their appointment and provide the transfer attorneys with the bank's cancellation requirements.
- The guarantees and further documents are collected by the cancellation attorneys.
- Once the bank has approved the documents the cancellation attorneys send their documents for lodgement at the Deeds Office.
- Registration takes place within 7 to 10 working days after lodgement.
BOND REGISTRATION PROCESS
IF A NEW BOND IS TO BE REGISTERED - THE PURCHASER PAYS THE COSTS INVOLVED IN THIS PROCESS
- On bond approval the bank appoints registration attorneys to register the purchaser's bond.
- The transfer attorneys request the guarantee/s from the registration attorneys.
- The registration attorneys communicate with the purchaser directly to obtain all documents and information they require from the purchaser.
- Once the purchaser has signed the bond registration documents and paid the bond registration costs to the registration attorneys, the bond registration attorneys will issue the guarantee/s to be delivered to the transfer attorneys.
- Once the bank has approved the bond registration documents the registration attorneys forward the documents for lodgementat the Deeds Office.
- Registration takes place within 7 to 10 working days after lodgement.
TABLE OF COSTS FOR THE ART OF EXCELLENCE PROPERTY TRANSFERS AND BONDS
DISCLAIMER: For a comprehensive quote please contact our offices. The costs reflected herein are costs applicable as at 1 August 2021 and is subject to change without notice. While reasonable care was taken in compiling the table of costs we cannot accept liability for any inadvertent errors including printing and typographical errors.
The table of costs provided excludes:
Additional costs payable by seller:
- Costs to apply for a missing title deed, where applicable.
- Costs to amend errors in the existing title deed, where applicable.
- Bond cancellation costs, where applicable.
- Costs to obtain electrical, electrical fence, pest, gas and/or geyser compliances, where applicable.
- Agreed estate agency selling commission, where applicable.
- Provision for seller's share of rates and/or levies up until date of transfer.
Additional costs payable by purchaser:
- Bank admin and initiation fees if a bond is to be registered.
- Transfer costs of any exclusive use areas, where applicable.
- Insurance certificate for sectional title transfers if a bond is to be registered.
- Sundry fees for fica, deeds office searches, sectional searches, postages and petties and transfer duty application fees.
- Provision for purchaser's share of rates and/ or levies.
- Rates and/or levy clearance certificate fees.
ABOUT US
Before founding E. Lombard Attorneys Inc, Esti Lombard served at a prominent and trusted Durban-based law firm for 18 years. At E. Lombard Attorneys Inc we are passionate about law, and, being a small firm, pride ourselves in rendering fast, efficient and personal client service. Our practical and creative problem-solving skills, coupled with our genuine love for people, sets E. Lombard Attorneys Inc apart from the rest.
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E Lombard Attorneys Inc
Unit 8 - The Work Space Building, Ballito Business Park, Corner of Stewart & Moffat Drive, Ballitoville, 4420
CONTACT US
www.lombardlaw.co.za elombard@lombardlaw.co.za 032 815 4078
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Author: Esti Lombard
