LEGAL
How to speed up the property transfer process
Simon Dippenaar
You ’ ve signed an Offer to Purchase on your dream house , which has been accepted by the seller , and you ’ re looking forward to cocktails at the poolside of your new home in two months ’ time . Don ’ t bank on your transfer going through in eight weeks . There are many things that can delay the process , causing huge frustration and added costs .
Statistics show that it ordinarily takes two to three months from the date of sale to the date of transfer of the property into the purchaser ’ s name . If the property is bond-free , or the transaction is a cash sale with no suspensive conditions , registration of transfer can be achieved sooner . If the purchaser and seller sign the necessary documentation when requested by the conveyancers , costs are paid timeously and there are no unexpected hiccups on the way .
On the other hand , registration may be delayed for months if the transaction is dependent on linked sales , or where the suspensive conditions in the Offer to Purchase are not fulfilled promptly .
Occupation & Possession
As there are many aspects of the transfer process beyond the control of the conveyancer , it is impossible to guarantee a definite date of transfer , although a fairly accurate date may be forecast . For this
22 MAY 2021 SA Real Estate Investor Magazine