THE PROPERTY TRANSFER PROCESS

You have finally found your dream home or found a buyer for your property, and you have signed the deed of sale or offer to purchase. Where to from here? Below is your quick step-by-step guide into the conveyancing process from the transferring attorney perspective.

START

A signed offer to purchase is obtained.

01.

Contact seller, purchaser and estate agent (if applicable) and obtain documents/information.

02.

Obtain details of existing bond from the seller (if applicable) & request bond cancellation amounts

03.

Purchase price: request and receive payment from the purchaser or guarantees from the bond attorney.

04.

The seller and purchaser are contacted to sign trasnfer / bond documents (if applicable).

05.

The buyer pays transfer costs. The seller pays municipal / rate clearance fees for the levies (if applicable) are apportioned between the seller and the purchaser

06.

Obtain rates clearance certificate/levy clearance certificate, SARS transfer duty receipt, electrical compliance certificate & pest control/ entomologist certificate

07.

Liaise with bond attorney and cancellation attorney (if applicable).

08.

Lodge all necessary documents with the Deeds Office

10.

A signed offer to purchase is obtained.

ANAND PILLAY ATTORNEYS INC

PROVISIONAL FICA DOCUMENT REQUIRMENTS

These are the documents required by the Conveyancers in a property transaction:

FOR PRIVATE INDIVIDUALS

  • Identity Document / Passport
  • Income Tax Reference Number (on a SARS issued document, if issued)
  • Marriage Certificate (if applicable) and Antenuptial Contract (if applicable)
  • Proof of residential address reflecting your full names (not older than 3 months)

FOR CLOSE CORPORATIONS

  • CC Registration Documents i.e. Founding Statement and Certificate of Incorporation (CK1) and Amending Founding Statement (CK2) (if applicable).
  • Identity Document of each member.
  • Tax reference numbers for Close Corporation by way of SARS issued document.
  • Proof of the registered address for Close Corporation (not older than 3 months)
  • Proof of residential address for each member (not older than 3 months)

FOR TRUSTS

  • Resolution by Trustees, signed prior to signature of the Agreement.
  • Trust Deed
  • Letters of Authority
  • Tax reference numbers for the Trust by way of SARS issued document
  • Proof of the registered address of the Trust (not older than 3 months)
  • Proof of physical, residential address for each Donor, Trustee and Beneficiary (named and unnamed) (not older than 3 months)

FOR COMPANIES

  • Company Registration Documents reflecting the details of Directors, Registered Address & Auditor’s.
  • A copy of each Directors’ Identity Document
  • Resolution by Directors
  • Details of Shareholders holding more than 25% (share certificates). Fica documents for the respective entity/person or person will be required.
  • Proof of physical, residential address of each Director not older than 3 months.
  • Memorandum and Articles of Association
  • Tax reference numbers for the Company by way of a SARS issued document Proof of the registered address of the Company (not older than 3 months)
  • Companies selling their major assets are required to register the Resolution with the Registrar of Companie
  • Auditors details

OTHER COSTS
ASSOCIATED WITH TRANSFERS:

SELLER

  • Electrical, Woodborer, Gas (if applicable),
  • Electric Fence (if applicable), Plumbing (if in CT) – certificates are approximately R1500 Each.
  • The property agent’s commission
  • Any outstanding rates / levies (if applicable)
  • Bond cancellation fees – approximately R5000 to the attorneys nominated by the bank.

BUYER

  • Online electronic instruction costs and search fee approximately R800 Each.
  • Municipality certificate fee (if applicable)
    – range R1000 – R2000.
  • Advance rates and levies (if applicable)
  • Postages and petties – approxiamtely R800
  • Fica fee – approxiamtely R800