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Transferring the Property into your name
By arlene | September 4, 2008
A particular course of action will result in getting a property legally transferred from the previous owner’s name onto yours.
This process is called conveyancing and only attorneys who are qualified conveyancers are allowed to handle this process. To qualify as a conveyancer, an attorney is required to pass additional exams in order to be admitted by the High Court as a conveyancer.
The process of transferring the property into your name starts with a completed Deed of Sale. This is the Offer to Purchase (example in Addendum “Al signed by both the seller and accepted by the purchaser (and their spouses, if applicable).
The seller, who usually appoints the conveyancer (attorney), can now instruct the conveyancer to transfer the property to the new owner. This is normally handled by the estate agent.
Both the seller and the purchaser will be required to sign documents prepared by the conveyancer (attorney).
The seller should provide the conveyancer with a Power of Attorney, which authorises the latter to handle the transfer; a declaration of the seller’s marital status, whether the couple is married in or out of community of property and who the registered owner of the property is; a valid electrical wiring certificate; and a VAT declaration (if applicable).
The purchaser should also provide a declaration in respect of marital status; the particulars of the bond that has been granted; and a transfer duty and VAT declaration (only if applicable).
The conveyancer will request cancellation figures and title deeds from the current bond holders (if the seller had a home loan) as well as the identity of the attorneys attending to the bond cancellation. The estate agent should provide confirmation of payment of the deposit (if applicable) and approved home loan.
Once the documents have been signed, the attorneys responsible for registration of the home loan will issue guarantees to the conveyancer. After this, a transfer duty receipt and a rates clearance certificate are obtained.
The transfer can now be registered at the Deeds Office and all involved parties are informed.
You might find that your bank requires a life insurance policy to cover the amount of your home loan. Should the prospective owner have sufficient life cover insurance, policy or policies could be ceded to the bank. Alternatively, the financial institution will arrange the necessary cover, adding the monthly premiums to the repayments of the home loan. Speak to the estate agent or bank consultant about home loan insurance when you apply for a home loan.
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Topics: Agent, Course, Property, Sale |
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