LEGAL
Get the right lawyers
The process of transferring property
A
ll documents have been signed and the
property has been sold – now what? In
the process of selling a property, a vital
aspect that the seller needs to consider is selecting
the right attorney for the job. Choosing the right
attorney with specific experience in the transferring
of property can expedite the process and make sure
that it happens within the shortest possible time.
During the transfer and registration process it is
common practise that three different conveyancers are
used, namely the bond attorney, the bond cancellation
attorney and lastly the transferring attorney.
Each of the attorneys has a specific role that they will
play in the process. For example, the bond attorney acts
on behalf of the bank or financial institution that is
providing the finance to the purchaser. Once the buyer
has been approved for finance, the bond attorney is
responsible for registering the bond in the buyer’s name.
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Residential Handbook 2014
The role of a bond cancellation attorney is to
cancel the bond of the current bondholder on the
property. The buyer’s financial provider will issue
a guarantee for the outstanding bond amount.
Once this has happened, the bond cancellation
attorney will proceed to cancel the current bond on
the property, whi