TRANSFER PROCESS

- Both parties to sign an offer to purchase. All relevant information and documents to be given to the agent.

- The bond needs to be obtained and any deposit payable paid into the conveyancer’s trust account.

- Documents drafted by the Conveyancer and the parties attend at the attorney's offices to sign. Bond documents will be signed at the attorneys appointed by the bank.

- Conveyancer requests the seller’s bond to be cancelled and the bank sends the guarantee requirements to effect the cancellation. The Bank appoints a bond cancellation attorney. The Seller is liable for the bond cancellation attorney’s fees.

- The conveyancer requests rates clearance figures from the council, once the figures are received the seller will be liable to pay this amount before lodgment of the matter at the deeds office.

- Guarantees are issued by the bond attorneys, the rates clearance certificate is received from council after payment and the transfer duty receipt is applied for from SARS. The Buyer is liable to pay the transfer duty tax before the receipt can be received.

- Once the buyer has paid the costs and all the attorneys (transferring attorney, bond cancellation attorney and bond registering attorney is ready to lodge, all three batches of documents need to be lodged simultaneously in the deeds office. Once lodgment has taken place, registration takes approximately 10 working days to be executed. Prior to registration the seller must ensure that the buyer has a valid electrical compliance certificate.

- After registration financials are done on the file. The seller is liable to cancel the bond which is done in terms of the guarantee issued as stated above as well as the estate agent commission which is paid from the proceeds, the remainder of the proceeds is paid to the seller.

- Once the process is complete the buyer attends at the council to open the rates account and the seller attends at council to close the account and request any refunds.


COSTS AND FEES

The buyer is liable for all conveyancing fees
Transfer fees
Transfer duty
Bond registration fees

Transfer duty
R0 – R600 000 exempt
R600 000 – R1mil = 3%
R1mil to R1.5mil = R12 000 + 5% on amount over R1mil
Over R1.5mil = R37 000 + 8% on amount over R1.5mil

The seller is liable for the following
Rates / Levy clearance
Electrical compliance certificate
Estate agent commission
Bond cancellation fees
Bond cancellation attorney fees