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LEGAL
Check that the seller has supplied valid electrical, beetle, plumbing and gas certificates.
10
Send final accounts to both parties reconciling all payments received and made. If the balance of the purchase price has not yet been received or secured, the attorney will request the purchaser to pay it. Transfer will only be registered once the full purchase price has been secured and all costs have been collected.
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Contact the seller, the purchaser and the agent on the date of transfer to confirm that transfer has been registered. Where an error occurs in the documentation, the Deeds Office will reject the transfer, which will result in a delay of approximately 10 days( the average time period between lodgement and registration in the Deeds Office.)
Factors that can Delay the Transfer Process
1
The non-availability of either party to sign the transfer documents.
2
Delays in the fulfilment of suspensive conditions contained in the Agreement of Sale, e. g. where the financial institution delays the matter by not approving bond finance speedily.
A delay by the financial institution in delivering the Title Deed to the attorneys.
4
A delay in the issue of a Rates Clearance Certificate.
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Complications in a linked transaction.
Delays relating to guarantees, e. g. where the purchaser is a government employee.
7
Failure by the purchaser to pay the transfer duty and costs promptly, or failure to pay the balance of the purchase price when required.
8
Rejection of the transfer documentation at the Deeds Office.
How can Transfer be Expedited?
The estate agents can speed up the process by:
1
Supplying full and clear instructions in the Agreement of Sale.
2
Ensuring the Offer to Purchase is complete, i. e. giving all relevant details for the purchaser and the seller.
3
Enclosing copies of the parties’ FICA documents.
4
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24 MAY 2021 SA Real Estate Investor Magazine
Where either party is a legal entity, collecting the following documentation and forwarding it to the conveyancers:
• Trust: Copy of the Trust Deed
• Company: Copies of the Memorandum of Association and Certificate of Incorporation of the Company
• Close Corporation: Copy of the Founding Statement or amended Founding Statement( CK1 / CK2 forms)
Clearly indicating if the transfer is linked to another transfer in the instructions to the attorneys.
6
If the property is bonded, indicating the name of the financial institution and the relevant bond account number.
The Conveyancers can Help by:
1
On receipt of the instructions, immediately conducting a Deeds Office search and obtaining a copy of the Title