
Conveyancing is an essential legal process when buying or selling property in South Africa. It involves the transfer of legal ownership of a property from one person to another, overseen by a qualified conveyancer. The process ensures that all legal requirements are met, and the rights of both the buyer and seller are protected.
What is a Conveyancer?
A conveyancer is a specialized attorney trained in property law and specifically in handling the transfer of immovable property. In South Africa, only qualified attorneys who have passed an additional conveyancing exam can act as conveyancers. Their role is crucial to ensure that all legal documents are correctly prepared, signed, and submitted.
Key Steps in the Conveyancing Process
Sale Agreement: The conveyancing process starts when the buyer and seller sign a sale agreement. This agreement outlines the terms of the sale, including the purchase price, payment terms, and any conditions that need to be met.
Appointing the Conveyancer: Typically, the seller appoints the conveyancer, though it can be negotiated. Once appointed, the conveyancer will open a file and start preparing the necessary legal documents to initiate the transfer.
Transfer of Property: The conveyancer will ensure that the title deed is in order and verify the details of the property. They will also liaise with the municipality to obtain rates clearance certificates, ensuring that all municipal charges are paid up to date.
Financial Aspects: If the buyer is financing the purchase through a bond (mortgage), the conveyancer will work with the bank to register the bond simultaneously with the transfer. Both the bond and the property transfer happen in one go at the Deeds Office.
Deeds Office: Once all documents are in order, the conveyancer will lodge the documents at the Deeds Office. The Deeds Office examines the documents to ensure they meet all legal requirements. Once approved, the transfer is officially registered, and the buyer becomes the legal owner of the property.
Final Handover: After registration, the seller will receive the proceeds of the sale, and the buyer will take possession of the property, concluding the process.
Timeframe
The conveyancing process in South Africa can take between 8 to 12 weeks, depending on various factors such as the readiness of the parties, the municipality issuing the clearance certificates, and the efficiency of the Deeds Office.
Costs Involved
Conveyancing costs include transfer duty (a tax payable to SARS on properties over a certain value), conveyancer’s fees, bond registration costs (if applicable), and other administrative fees like Deeds Office registration fees. The buyer is typically responsible for paying these fees.
Conclusion
Conveyancing in South Africa is a structured legal process designed to protect both the buyer and seller. By appointing a qualified conveyancer, you can ensure that the transfer of property ownership is handled smoothly and legally compliant. It is essential to understand the costs involved and the timeframes to manage expectations throughout the process.
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