Conveyancing

Conveyancing

Conveyancing in South Africa refers to the legal process of transferring ownership of immovable property from one party to another. It involves the preparation, review, and registration of various legal documents and the payment of applicable taxes and fees. Here are some key points about conveyancing in South Africa:

1. Role of Conveyancers: Conveyancers are specialized attorneys who are licensed to handle property transactions. They play a crucial role in facilitating the transfer of property by ensuring that all legal requirements are met.

2. Deeds Office: The Deeds Office is a government registry where all property transactions are recorded and stored. There are several Deeds Offices located across South Africa, and each office serves a specific geographic area. The Deeds Office is responsible for maintaining accurate records of property ownership.

3. Transfer Process: The conveyancing process in South Africa typically involves the following steps:

a. Offer to Purchase: The buyer and seller agree on the terms of the property sale and sign an Offer to Purchase document.

b. Title Deed Search: The conveyancer conducts a thorough search at the Deeds Office to verify the property's ownership, any existing mortgage bonds, and any other encumbranches.

Conveyancing Loans

c. Drafting of Documents: The necessary legal documents, including the Transfer Duty Declaration, are prepared by the conveyancer.

d. Transfer Duty and Fees: The buyer is responsible for paying transfer duty (a tax based on the property's value) and various registration fees.

e. Bond Registration (if applicable): If the buyer is obtaining a mortgage bond, the conveyancer will handle the bond registration process with the bank.

f. Lodging and Registration: The conveyancer lodges the necessary documents at the relevant Deeds Office for registration. Once registered, the property's ownership is officially transferred to the buyer.

4. Legal Protection: Conveyancing in South Africa is governed by the Attorneys Act and is subject to strict regulations to protect the interests of both buyers and sellers. Conveyancers are required to adhere to these regulations and exercise due diligence throughout the process.

5. Costs: Conveyancing fees in South Africa are typically calculated based on a tariff provided by the Law Society. The fees cover various aspects of the conveyancing process, including searches, drafting documents, registration, and transfer duty calculations. Buyers should also budget for additional costs such as transfer duty, VAT, and bond registration fees.

Conveyancing Loans

It's important to note that conveyancing practices and regulations may evolve over time. Therefore, it's recommended to consult a qualified conveyancer or legal professional for up-to-date and accurate information regarding conveyancing in South Africa.

This article is intended to provide general information and should not be considered as legal or professional advice. It is important to note that no liability can be accepted for any errors, omissions, or damages resulting from reliance on the information provided. For specific and detailed advice regarding your situation, it is recommended to consult with a qualified legal adviser.

Please note that errors and omissions are excepted (E&OE), meaning that unintended mistakes or omissions may be present in the information.

TWH Consulting provides conveyancing loans and invites you to apply by clicking here.

We service the whole of South Africa from our head office in Cape Town and branches across South Africa.

CAPE TOWN PRETORIA BLOEMFONTEIN JOHANNESBURG EAST LONDON DURBAN Port Elizabeth Gqeberha KEMPTON PARK POLOKWANE NELSPRUIT GEORGE RUSTENBURG GERMISTON VEREENIGING BELLVILLE KIMBERLEY KLERKSDORP VANDERBIJLPARK PAARL SOMERSET WEST LOUIS TRICHARDT Pietermaritzburg Centurion