Residential Guidebook Residential Guidebook 2014 (Subscribers) | Page 22

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. 20 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