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Property Transfer South Africa

Property Transfer Process Summary South Africa

Property Transfer  South Africa. First of all, don’t let the buying process dampen. The excitement of owning your first home. Therefore, understand the property transfer sequence. Likewise, they have all the necessary documentation at hand. Before the start of the process. Hence, these measures will ensure that. Everything progresses without incident. Rhys Dyer, CEO of Ooba. South Africa’s largest bond originator explains. Legal terms for the transfer of immovable property in South Africa is; ‘Conveyance or transfer’ Here he describes, in five easy steps. The process involved in a successful property transfer and registration at the Deeds Office:

Step 1

Therefore, once the seller has signed the ‘sale agreement‘ if applicable. The purchaser needs to obtain a home loan. Above all, astute buyers know to use the services. Of an expert bond originator, such as Ooba. Likewise, who will help them understand? Is the best home loan deal available from the banks?

Step 2

Hence, the seller has the choice. Of appointing a transferring attorney (conveyancer). Who will get FICA (ID and proof of property) of both parties? Consequently, then apply for the seller’s bond cancellation figures. After that, the bank sends the original Title Deed. To the bond cancellation attorneys.

Step 3

Above all, after preparation by the transferring attorney. Both purchaser and seller sign the transfer documents. The transferring attorney then requests. Figures from the Municipality. This procedure is to ensure. That all the seller’s rates and taxes are up to date. This procedure is done before lodging a clearance certificate. Issued by a Municipality.

Step 4

The purchaser is obliged to 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. Then 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 examine these documents. Provided there are no changes; the transaction registration takes place. The purchaser is now the rightful owner of the property!

Property Transfer South Africa

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.

Miscellaneous Information

Courtesy: Ooba

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