Navigating property transactions can be complex, but understanding the registration process is key to a smoother experience.
The following steps should be taken into consideration when registering property:
- Offer to Purchase signed by both parties
- Notice to cancel existing bond by Seller (if there is an existing Bond)
- Bond application and approval by Purchaser (if Purchaser buys through finance)
- Sign Bond Grant and send it to the Estate Agent and Transfer Conveyancers (if Purchaser buys through finance)
- Financial Institution provides Bond cancellation figures to Bond Cancellation Attorneys who then contact Seller.
- Bond Attorneys are appointed by the Banks and they contact the Purchaser.
- All Attorneys (Transfer, Bond and Bond Cancellation Attorneys contact clients and request for fica documents)
- Signing of documents by clients (Transfer documents and Bond registration documents)
- Application for Transfer duty receipt from SARS
- Application for Rates Clearance figures with the Municipality
- If the property sold is in a Sectional Title Scheme, application for Levies clearance figures
- If there is a Homeowners Association, application for the consent Certificate
- Transfer Attorneys will contact Parties to sign the Transfer documents and then the Bond Attorneys will contact the Purchasers to sign the Bond documents.
- Payment of clearance figures and application for Certificates (Rates Clearance Certificate, Levies Clearance Certificate, Homeowners Consent Certificate).
- Payment of costs to Bond Attorneys, Transfer Attorneys by Purchaser
- Payment of Bond Cancellation costs by Seller
- All Attorneys arrange for Lodgement
- Lodgement and Linking at the Deeds office (once lodged, documents take between 7 to 10 days to register).
- Property registers and ownership is passed to Purchaser.
- Deeds are usually delivered a month after registration.
On registration day, ownership officially transfers from seller to purchaser.
