1 – What is the process of buying a home in South Africa?
The first step in the process is a meeting of minds between an owner of a property and a purchaser. This is done once the offer to purchase (OTP) has been signed. Currently, in South Africa, digital signatures are not yet accepted on these types of agreements, and therefore they will need to be signed in wet ink. Once signed correctly, this offer to purchase becomes a binding legal document.
2 – What is the conveyancing process in South Africa?
3 – Who are the major role players in an ordinary transfer?
The transferring attorney controls the whole process, and they need to communicate with the following entities/people: –
- Seller and Purchaser
- Cancellation Attorneys (Sellers existing bond)
- Bond Attorneys (Purchasers new bond)
- Municipal Departments (Rates Clearance)
- Levy Department (if sectional property)
- SARS (Transfer Duty)
- Agents (Estate Agents / Lodging Agents)
- Deeds Office
- Any other interested parties (i.e., Borer, Electrical, Gas, Electric Fence)
4 – How long does it take to transfer a property?
A normal transfer in South Africa should take anywhere between 6-8 weeks, but it could take up to 3 months in these uncertain times.
5 – Who has the right to nominate the Conveyancing Attorney / Conveyancing Firm?
The seller/owner of the property is at full liberty to choose a Conveyancer or Conveyancing Firm to attend to the transfer of their property.
However, like many aspects of a sale agreement, there can be an agreement between the seller and purchaser regarding which Conveyancer or Conveyancing Firm they intend to use. This must be stipulated in the sales agreement to avoid any confusion prior to all parties signing.
If neither party has any preference with regards to a Conveyancer / Conveyancing Firm to use, and there is an estate agent involved, the estate agent has created relationships with certain Conveyancers / Conveyancing Firms and can suggest who to go with, but at the end of the day, the seller has the final say as to which Conveyancer / Conveyancing Firm they wish to use.
6 – What are the costs involved in transferring a property from a Seller to a Purchaser?
