TRANSFER PROCESS

If you’re a first time buyer/seller, then it is a pretty daunting task to understand how property sales, purchases and transfers happen. This is particularly true when it comes to the legal steps and paperwork.

For years, Grosch Properties has trusted ESI Attorneys as our legal partners to offer the most outstanding and professional services to assist our clients with this process.

Here is a quick guideline of how our Transfer process works and what you can expect.

Contact us for more information and we’ll be happy to assist you.

  • 1. Receipt of Offer to Purchase

    • Receive the OTP from the agent and acknowledge the receipt of the transaction to the clients as well as the agent.
    • OTP to contain tax numbers of all parties including agent as well as the future address of the sellers.
    • Deeds Search on property and client completed and request a copy of the Title Deed. Apply for Municipal Rates figures.
  • 2. Suspensive Conditions

    • Ensure that suspensive conditions have been fulfilled in the case of outstanding bond approval or subject to sale conditions.
    • Issue cancellation instructions to the seller’s bondholder, should the property be bonded.
    • Collect all relevant documentation and FICA from both the Seller and the Purchaser to enable the transfer attorneys to draft the Transfer documentation.
  • 3. Guarantees

    • Purchase Price confirmation to be in place by means of a suitable bank guarantee from a financial institution or, by means of cash/funds transferred into our nominated trust account.
  • 4. Documents & Payment of Costs

    • Finalise appointment for Seller and Purchaser to sign the relevant Transfer documentation.
    • Purchaser to also sign relevant Bond documentation. (if applicable)
    • Purchaser to pay Transfer duty and Transfer costs and the Seller is liable for payment of the rates and taxes on the property.
  • 5. Lodgement at the Deeds Office

    • Once Transfer Duty, Rates Clearance Certificate as well as the original Title Deed have been obtained, arrangement for simultaneous lodgement with the Cancellation and Bond Attorneys are made.
    • Deeds Office barcode allocated for tracking in the Deeds Office once lodged.
    • Examination process takes between 10-15 working days before the Deeds will come up for registration in the prep room.
    • The transferring attorney has 5 working days before it must be handed in for registration.
  • 6. Registration

    • On day of registration, the Deeds are registered at 10h00 by the Conveyancer in the execution room. Ownership of the property is now transferred to the purchaser.
    • The Seller’s existing bond is cancelled and the Purchaser’s new bond is duly registered.
    • Finances are finalised by the Transferring Attorney and the Agent is paid his commission and any net proceeds are paid out to the Seller the next day.
  • 7. Delivery of Deeds

    • The Deeds are numbered and micro-filmed at the Deeds Office.
    • This can take up to 3-4 months, and once the Title Deed is delivered by the Transferring Attorney, the Deeds are delivered to the bank for security purposes.
    • In the case of a cash deal, the Title Deed is delivered to the client.

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