registration of transfer is triggered by the acceptance of an offer to purchase
by the seller. The Offer to Purchase should contain all the essential details
regarding the Purchaser, the Seller, the property description and the payment
of the purchase price. The said document should contain particulars of the
existing bondholder over the property.
immediately after the acceptance of the Offer to Purchase an application for
the finance of the purchase price must be made by the Purchaser or his
representative to a financial institution. The Bond originator who had you
pre-qualified will do this for you.
receiving the signed sale agreement, the Attorney writes to both parties
introducing themselves and asking for their marriage certificates, Ante-Nuptial
Contracts, ID and other documents required. Your agent will probably have
already had you fill in an information sheet as well as obtained these documents
from you, to deliver to the attorneys in order to speed up the process.
opening the file by the Transfer Attorney, they immediately request
cancellation figures from the Seller's existing bondholder. Upon the receipt request
the existing bondholder will supply the outstanding amount required for the
cancellation of the bond and simultaneously instruct the attorneys (or other
attorneys of their choice) to attend to the cancellation thereof.
writes to the existing Bond-holder asking for the Title Deed. If the house is
not bonded, the seller should be in possession of the title deed and must
deliver this to the attorney. If the original Title Deeds has been misplaced
etc, the Attorneys has to request a copy from the Deeds office and this process
takes at least two weeks.
Attorneys are appointed by the concerned banks regarding both / and or bond
cancellation and bond registration. They have a preferred list they work off
and your attorney might not be the same person. The Bond Attorneys can only
draw up their documents once they receive a ‘fly sheet’ from the Transferring
Attorney. It is therefore preferable to use one of our recommended attorneys as
they transferring and bond attorney could then be the same person, saving time.
approval by the financial institution of the purchasers' finance an instruction
will be forwarded to the attorney of their choice (usually the transferring
attorneys) to attend to the registration of the necessary bond.
of documents, the official bond documents and Title Deeds, the Transferring Attorney
can draw up the necessary documents for transfer.
cancellation of existing bond and wait for cancellation certificate. Cancellation
of existing bond will require guarantees and a cancellation certificate. Similarly,
for registering the new bond, attorneys require certain guarantees etc. Once
these papers are received the attorney can proceed.
and Purchaser are notified to come and sign the relevant documents, and the
Purchaser to pay costs. See the costs schedule for details of these.
will write to Municipality asking for outstanding rates and Taxes.
paid from July - June (one year) or the pro rate balance must be paid over. A
Rates Clearance Certificate has to be issued before the documents can be lodged
at the Deeds Office. In KZN, a water clearance certificate is required before
lodging as well.
Sectional Title unit, a Levies Clearance Certificate must also be obtained
Duty receipt has to be issued before Lodging. If money is coming from a sale of
a house, the Attorney will be unable to get Transfer Duty receipt until the
first house is registered and money becomes available, unless Purchaser has
Attorneys can only draw up their documents once they receive a Fly Sheet from
the Transferring Attorneys.
everything is ready, the transferring attorney then contacts the bond attorney
as well as the cancellation attorney in order to effect the simultaneous lodgement
of the various deeds in the Deeds Office. The transferring attorney attends to
the registration of transfer of the property from the name of the Seller to the
Purchaser whilst the cancellation attorney attends to the cancellation of the
existing bond of the Seller and the bond attorney on the other hand sees to the
registration of the new bond to be registered over the property as security for
the Purchasers' loan. The set of three registrations is then submitted
simultaneously in the Deeds Office.
always a chance that the Deeds Office rejects something, and whatever it is
must be amended and re-lodged. If no objections are raised, registration will
generally take place within 10 days of being lodged.
process takes anything from 8 to 12 weeks and on occasion months! Both the
seller and buyer can assist by being prepared, having necessary documents and
funds ready and responding swiftly to any requests from the attorneys.
registration the attorneys involved attend to the following:
the guarantees for payment of the purchase price, which is then allocated
towards the payment of the existing bond in the balance in favour of the
Sellers, being the proceeds of the sale.
and apportionment of rates payments are made and the various parties debited or
credited as the case may be. The local authority is advised of the
commission is paid to the estate agent.
The transfer attorney then forwards the Title Deed to the Bond attorney/Bond
holder who retains the same together with the registered bond document as
buyer and Seller are advised that the property has been registered and the buyer
can take occupancy