Real Estate Investor Magazine South Africa November 2014 | Page 26

ACQUIRING

BY MARK WITZMANN

The Conveyancing

Process
How to prevent delays…

W

hen parties enter into a Deed of Sale, a
Transfer Date is stipulated. This Transfer
Date is the day upon which the purchaser
takes registration of transfer into his name. Once a
Deed of Sale is signed, it gets sent by the estate agent,
to the conveyancing attorneys who process the matter.
Where no estate agent is involved the Deed of Sale is
sent by the seller.
The question now arises as to what can be done
by the parties to the Deed of Sale to ensure a swift
registration of transfer. One of the easiest things both
a seller and purchaser can start with is the proper
completion of the Deed of Sale, particularly the
information sheet. This often-overlooked document
can cause delays in the conveyancing process. We shall
unpack the important information which has to be
disclosed in this sheet to enable proper processing of a
timeous registration of transfer.
The information sheet: the seller
The estate agent (or seller) has had good closure to the
deal. The contract was successfully concluded, amended
pages have all been initialed but in the intensity of a
great negotiation the estate agent (or the seller) omitted
the information sheet.
Why is this document so important to the
Conveyancer? Firstly, the information sheet records all
the details of both parties. The conveyancer will check
the information sheet, in particular, the seller’s full
names. He will compare this to the names of the seller
on the ID document (copy thereof should be provided),
the Deeds Office print out a copy of the Title Deed. If
there is a discrepancy already at this stage, it needs to
be addressed immediately. This could result in a Title
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November 2014 SA Real Estate Investor

Deed requiring to be rectified if the Deeds Office has
made a data capture error, which data capture error
needs to be addressed prior to lodgment.
However, if the error which can be in the name
and/or the identity number, is an error due to a
conveyancing error, then an application must be made
by the registered owner to have the error rectified
and a consent is required from the bondholder. So, a
conveyancer needs to be able to assess each and every
transaction from the outset starting with the correct
and sufficient details recorded in the information sheet.
This is not the only vital information required to
be recorded by the seller on an information sheet. The
loan account number of his existing bond is also critical
to enable proper cancellation instructions to be issued
timeously by his/her bank and to give the required 90
day notice period.

“If there is any discrepancyas to name,
identity number, or registration number
of the purchaser, this too can
cause delays.”
The information sheet: the purchaser
The same rationale above applies to a purchaser, who
must also complete vital personal information. Without
the information sheet the conveyancer will not be able
to phone or email the purchaser, requesting payment
of the deposit due which was payable on signature. If
there is any discrepancy as to name, identity number
or registration number of the purchaser, this too can
cause delays if not picked up at the outset from the
information sheet.
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