ATTORNEYS INVOLVED:

• Transfer Attorney: Transfers the property from the Seller to the Buyer
• Bond Attorney: Registers the new bond on behalf of the Buyer’s Bank
• Cancellation Attorney: Cancels the Seller’s existing Bond

BOND:

When the buyers lend money from a bank or financial institution to purchase a property

CANCELLATION FIGURE:

This is the settlement figure the Sellers still owes to his bank to cancel his bond

COMPLIANCE CERTIFICATE:

The Sellers are required to obtain the following certificates, stating the that properties Electrical, Plumbing, Gas Beetle and Electrical Fence is in working order.

DEEDS REGISTRY

The deeds Registry is responsible for the registration, recording and management of the property register in South Africa.

FICA COMPLIANCE

The Financial Intelligence Centre Acts compels accountable institutions such as bank’s and attorneys to physically identify and verify the identities and existence of their clients as a preventative measure against Fraud.

GUARANTEES: 

The Buyers Bank will issue guarantees to the Seller’s bank stating that on date of registration the outstanding amount will be paid via guarantees.

LODGEMENT:

When all the documents are ready and prepared, the transfer, bond cancellation and bond registration deeds are all lodged simultaneously at the Deeds Registry for examination and registration.

OCCUPATION DATE:

This is the agreed date on which the Seller will give vacant occupation to the Buyer. This may occur before, after or on date of registration.

RATES CLEARANCE FIGURES:

The outstanding amount of Rates, taxes and services owed on the property from the relevant Local Municipality.

RATES CLEARANCE CERTIFICATE:

Once the outstanding amount has been settled at the  municipality, a clearance certificate will be issued

SALES AGREEMENT:

Also known as an Offer to Purchase “OTP”, is the legally binding document signed by the Buyer and Seller, stating the conditions of sale for a property being purchased.

SUSPENSIVE CONDITIONS:

Any Condition specified in the Sale Agreement that must be met in order for the deal to be able to proceed, for instance the approval of a bond or sale of an existing property.

TITLE DEED:

The legal document which provides proof of registration and states ownership of a property.

TRANSFER DUTY:

Transfer duty is a tax payable by the buyer to SARS for the acquisition of a property.  Below is the current rates charged by SARS.