9
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 .
11
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 .
5 6
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