TECHNOLOGY
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wave of technological advances has already transformed the industry through paperless , automated systems supported by digital interactions . Clive Bredenkamp , PropTech IT Executive at fintech specialist e4 , says the sector ’ s ongoing revolution hinges on finding efficiencies in an ecosystem built on legacy systems and processes .
In South Africa , the property transfer process kicks off once an offer to purchase is presented to a transferring attorney . If bank finance is used , the purchaser applies for a loan from a bank , and a bond registration attorney is appointed to register a mortgage bond over the property as security for the bank . The transferring attorney then works with the bond registration attorney to request guarantees for the purchase price and arrange the simultaneous registration of the transfer and mortgage bond .
Numerous documents are needed during this process , including bond cancellation figures , rates clearance certificates , levy clearance certificates , and a transfer duty receipt or exemption certificate from SARS . The transferring attorney then prepares the transfer documents for both the seller and purchaser to sign , including FICA affidavits , SARS transfer duty declaration , and a power of attorney to pass the transfer .
Only once all documents are in order , are they submitted to the Deeds Office for registration . This simplified summary of the process camouflages the complex spiderweb of communications that takes place among all parties during a property transfer , but it does underscore why solutions and platforms aimed at creating efficiencies have to answer the needs of the entire ecosystem to be truly effective .
83 APRIL / MAY 2023 SA Real Estate Investor Magazine