Roberts Inc does not permit your transfer to enter into a lengthy process. Rather, we have, over many years, fine-tuned our specific process(es) to make us faster than our competitors. Further to this incredible speed, we clear the funds into your account on the day of registration.
Our entire process surrounds realtors and sellers getting their funds as soon as circumstances could have permitted, with no room for the same error twice. All parties are treated in a professional and friendly manner at all times.
In the conveyancing process, it is important for the parties to know, prior to the maturing of the agreement, what costs are for their respective accounts.
An agreement to purchase immovable property must be in writing and signed by the seller and purchaser. The agreement is usually prepared by an attorney or an estate agent. The signed agreement is sent to a conveyancer of choice (an attorney specializing in property law, to attend to the registration of transfer of the property
On receipt of the Deed of Sale the conveyancer –
The financial institution forwards the title deed, advises of the amount owing under the seller's bond and forwards instructions to cancel the bond to their attorney.
The bond cancellation attorney sends the title deed and guarantee requirements to the conveyancer attending to the transfer.
Once the conveyancer has the cancellation figures from the bondholder of the amount owing, they will prepare the necessary documents for signature by the seller.
The conveyancer ensures that the seller is able to pay the amount outstanding to the bondholder and is required to furnish the bondholder with a guarantee.
Once the transaction is registered the conveyancer will then pay according to the guarantee.
On receipt of the title deed, personal particulars and confirmation that suspensive conditions have been fulfilled, the transfer documents are prepared by the conveyancer.
A copy of the draft deed of transfer and guarantee requirements are sent to the attorney instructed to register the purchaser's bond. The conveyancer attending to the transfer may also be instructed by the financial institution to register the bond.
The conveyancer makes arrangements for the transfer documents to be signed by the seller and purchaser.
At this stage, the purchaser is required to pay the pro-forma account which is an estimate of the transfer costs. Included in such an account is transfer duty or VAT payable to the Receiver of Revenue (SARS), the conveyancing fee plus VAT, rates and disbursements.
The conveyancer attends to payment of these amounts on behalf of the purchaser.
The bond attorney drafts the mortgage bond and arranges for the purchaser to sign and pay costs.
Included in such an account are the Deeds Office registration fee, the conveyancing fee plus VAT and disbursements.
The bond attorney ensures that the bank's requirements have been fulfilled, e.g. insurance, life cover, guarantee from employer. Guarantees for the amount of the bond are prepared and forwarded to the conveyancer.
Having secured the purchase price, received the transfer duty receipt from the Receiver of Revenue and the rates clearance certificate from the municipality or levy clearance certificate from the body corporate / managing agent, the conveyancer ensures that all other conditions are met.
The conveyancer or lodging agent lodges the conveyancer's transfer documents in the Deeds Office will collaborate with the other lodging agents attending to the registration of the purchaser’s new bond and the agents cancelling the seller's existing bond.
All three sets of documents are lodged simultaneously.
The linked documents are scrutinized by Deeds Office examiners, and if found in order, the conveyancer, the bond attorney and cancellation attorney are all notified that the transaction/s are to be registered the following day.
On this date the Deeds Office fee is payable, which the conveyancer will already have.
The documents are registered by the Registrar of Deeds between 7 to 10 working days after lodgement, subject to extraneous variables.
This is when ownership formally passes to the purchaser and the purchaser's bond is registered.
On the day of registration, the conveyancer presents the guarantees for payment and final accounts are prepared for the seller and purchaser.
The proceeds are distributed according to the sale agreement and any other directions of the seller, and if applicable, the agent commission is paid.
After registration, the deeds office scans the registered documents, updates its records and returns the registered documents to the conveyancer and bond attorney after approximately 3 (three) months. This time period can vary.
Where a mortgage bond has been registered, the original title deed is forwarded to the financial institution by the conveyancer to be held as security for the loan.
The period it takes to register the transactions in the deeds office is dependent on various factors and a number of parties, as can be seen from the above procedure.
On average, the time taken to register a transfer is six to eight weeks, although unforeseen difficulties may cause the period to be extended.
The Deeds Office keeps a record of all property transactions. If a title deed is destroyed or lost, an application can be made to the Deeds Office for a duplicate original of the deed, at a fee.
The application is accompanied by an affidavit stating that the title deed is lost or destroyed and that a diligent search has been made for the deed.
Once the Registrar is satisfied he will then issue a certified copy of the title deed which will, for all purposes, be treated as if it were the original.