Transfer Property Process Summary South Africa. Don’t let the buying process dampen the excitement of owning your first home. Understand the property transfer sequence. Have all the necessary documentation at hand before the start of the process. This will ensure that everything progresses without incident. Rhys Dyer, CEO of Ooba, South Africa’s largest bond originator explains. Legal terms for transfer of immovable property in South Africa is; ‘Conveyance or transfer’
Transfer Property Process Summary South Africa
Here he describes, in five easy steps. The process involved in a successful property transfer and registration at the Deeds Office:
Step 1: Once the seller has signed the ‘sale agreement‘ the purchaser needs to get a home loan. Astute buyers know to use the services of an expert bond originator, such as Ooba. who will help them get the best home loan deal available from the banks.
Step 2: The seller has the choice of appointing a transferring attorney (conveyancer). Who will get FICA (ID and proof of property) of both parties. Then apply for the seller’s bond cancellation figures. Thereafter, the bank sends the original Title Deed to the bond cancellation attorneys.
Step 3: After their preparation by the transferring attorney. The purchaser and seller sign the transfer documents. The transferring attorney then requests figures from the municipality. To ensure that all the seller’s rates and taxes are up to date. This, done before lodging a clearance certificate issued by the municipality.
Step 4: The purchaser must pay the South African Revenue Services (SARS) transfer duty. A tax levied on property transfers. The transferring attorney will then request a transfer duty receipt on SARS e-filing. He will also make the payment of the transfer duty on behalf of the purchaser.
Step 5: The transferring attorney lodges all the required documents. Together with the new bond and the old bond cancellation, with the Deeds Office. It takes 8 to 10 working days to examined these documents. Provided there are no changes, the transaction registration takes place. The purchaser is now the rightful owner of the property!
To make the home-buying process that much easier. South Africa’s leading bond originator offers a range of home loan calculators, including those that determine bond affordability and bond repayments. Get pre-qualified, or apply for a home loan with Ooba today.