Conveyancing Attorneys assist with the conveyancing process. This process may be unfamiliar to first-time home buyers and those new to the selling, as it involves parties and expenses you may be unaware of.
For example, most home buyers are unaware that they are responsible for paying transfer taxes when purchasing a home. These taxes typically amount to 1-2% of the home’s purchase price, and they may only be due if the purchase price of the home exceeds a certain threshold. Similarly, sellers are often unaware of the responsibility they have to provide a buyers’ agent with the necessary disclosures about the property being sold, such as the presence of any defects.
Conveyancing Attorney Meaning
Conveyancing is the legal process that takes place when lawful ownership is obtained of immovable property. Each time a property is sold; a new deed of transfer must be drawn up and registered.
A conveyancing Attorney ensures the security and certainty of an owner’s title to his property. The purchase or sale of property is a complicated procedure, and the involvement of a professional conveyancing attorney is highly recommended.
What Do Conveyancing Attorneys Do?
When a buyer and seller sign an agreement to purchase or sell a property, a Conveyancing Attorney is appointed by the seller to handle the transfer of the property.
This process generally requires the assistance of an attorney due to the complexity of the law and the significant risk of mistakes that can lead to significant financial loss. They often advise clients on such issues as how to transfer property deeds from a deceased family member and how to negotiate the purchase of a new home from a seller.
Three Types Of Conveyancing Attorneys
Transfer Attorneys
When selling a property, you are likely to need the services of an Attorney to help you with the process. You may need their help with the paperwork involved, and to advise and represent you in the process. Transferring Attorneys transfer the property from the seller to the buyer. They represent the seller and are appointed by the seller.
Registering (Or Bond) Attorneys
Bond Attorneys register the bond over the property in favour of the bank that is financing the purchase of the property. They represent the buyer and the bank granting the buyer’s home loan. Appointed by the bank granting the buyer’s home loan.
Cancellation Attorneys
Cancellation Attorneys cancel the seller’s existing home loan on the property. They are able to represent the bank cancelling the seller’s home loan and are appointed by the bank cancelling the seller’s bond.
Conveyancing Fees
During the purchase or sale of a property there are various expenses that both the buyer and seller will have to cover.
The fees associated with purchasing or conveying property are known as conveyancing fees. The fees are determined by the value of the property or the bond, which is posted as security for the loan, if applicable.
Seller Fees
As the seller of the property you will be expected to pay rates, taxes and levies (where applicable)
Buyer Fees
The buyer will be expected to pay the conveyancing fees. This can include transfer fees, deeds office registration fees and transfer duty, which the Conveyancer pays to SARS.
