the transfer process
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Simplified 3
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Seller
Marketing Process by Agent.
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Offer accepted and agreement of sale completed.
BCR AGENT
Purchaser
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Agent sends copy of Agreement to Purchaser, Seller, Transferring Attorney and Bond Originator.
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Seller continues with bond payments until registration of the property in the Deeds Office.
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Attorney request all documents required to prepare the transfer documents from the Purchaser and Seller.
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Registration takes place. Attorneys notifies Purchaser, Seller and Agent and pays the Seller and Agent their respective monies due. THE PRUCHASER IS NOW THE NEW OWNER OF THE PROPERTY!
Seller obtains all required certificates: COC, Gas Certificate, Electric Fencing.
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Bond Attorney calls on Purchaser to sign bond documents and pay costs involved. Also liaise with Transferring Attorney regarding guarantees to secure the purchase price.
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All Attorneys involved lodge their documents at the Deeds Office at the same time. Deeds Office examines and processes documents for a minimum of between 7 and 10 working days.
Bank approves client & carries out valuation of property.Purchaser signs acceptance of bond. Bank appoints Attorney to register bond.
Purchaser pays deposit if applicable, applies for bond, and/or arranges cash or guarantees for the balance of the purchase price.
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Transferring Attorney calls for the Title Deed, existing bond cancellation figures and Rates and Levies clearance figures from the Municipality and Body Corporate, respectively.
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Ready to lodge cancellation of sellers’ existing bond, purchasers’ new bond and transfer of property from the seller to purchaser.
Once bond is granted, Transferring Attorney draws up transfer documents to be signed by the Purchaser and Seller. Purchaser pays transfer costs and balance of purchase price, if any.
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Transferring Attorney pays relevant transfer duty to Receiver of Revenue and obtain a receipt, also pays clearance amount(s) to the Municipality and Body Corporate respectively and awaits clearance certificate(s).
