1. The Conveyancer prepares the Deed of Transfer.
2. The transfer documentation is lodged at the deeds office.
3. The documentation is checked by the deeds office examiners.
4. The property is then registered in the name of the purchaser.
Tag: Conveyancing
WHAT IS TRANSFER DUTY?
Transfer duty is tax levied on the value of the property.
WHO IS RESPONSIBLE TO PAY TRANSFER DUTY?
Transfer duty is payable by the Purchaser.
HOW IS TRANSFER DUTY CALCULATED?
Transfer duty is calculated according to a sliding scale on the value of the property.
The Seller and the Purchaser will be required to sign the transfer documentation in order for the conveyancer to proceed with the transfer and registration of the property.
The Conveyancer will now attend to the following:
1. Request the bond cancellation figures from the Seller’s bank or financial institution.
2. Apply to the relevant Municipality for the rates clearance figures of the property.
3. Apply to the Home Owners Association for the levy figures of the property. (if applicable) 4. Apply to the Body Corporate of a Sectional Title unit for the levy figures of the property.
One of the suspensive conditions in an agreement of sale is that the purchaser must obtain a loan from a bank or a financial institution, within a certain time period.
Should the Purchaser not be able to obtain a loan from a bank or financial institution within the stipulated time period, the agreement of sale will lapse and be of no force and effect.
The purchaser will make an offer to purchase for a property by signing an offer to purchase, which will become an agreement of sale on acceptance of the offer by the seller.
Important clauses in an agreement of sale:
- The parties. (ensuring their legal capacity to enter into the agreement.)
- The purchase price.
- Suspensive conditions. (obtaining a loan from a bank or financial institution).
- Occupational rent. (should the purchaser occupy the property before registration of the transfer is complete)
- Transferring attorney particulars.
- Breach of contract.
- Special conditions.
These are only to name but a few of the important clause in an agreement of sale between a seller and a purchaser.
It is therefore crucial that both the seller and the purchaser peruse the agreement of sale and raise any concerns before signing the agreement.
We will be honoured to attend to any questions you might have when buying or selling property.
Do you know which payments the PURCHASER is responsible for?
The Purchaser is responsible to pay:
- Transfer duties to SARS.
- Deeds office registration fees.
- Transfer attorney fees to register the deed of transfer.
- Bond registration attorney fees for the registration of the bond.
You always have the freedom to choose your own transferring attorney.
DO YOU KNOW WHICH PAYMENTS THE SELLER IS RESPONSIBLE FOR?
The Seller is responsible to pay:
- Estate Agent commission.
- The cancellation attorney’s fee in order to cancel an existing bond.
- Rates and taxes to the municipality.
- Levies to the home owners association or the body corporate.
You always have the freedom to choose your own transferring attorney.
