Transfer Process

Nel Attorneys use Verigant to keep our seller, purchaser and estate agent up to date on the transfer process in real time. You will receive an email and sms as we apply and receive documents, and execute and complete all necessary steps from opening the file until successful registration.

The transfer process explained in a few steps

  1. The offer to purchase is finalised and the transferring attorney is instructed.
  2. Should the purchaser need to apply for a bond, this process will be started. If it is a cash transaction, the funds will paid to the transferring attorney’s trust account, or guarantees issued for the amount. Cancellation figures on the seller’s bond are requested ( if applicable).
  3. Once the bond is granted, transfer documents are drafted when all Fica documents are received from both seller and purchaser. Seller should arrange for the ECC (Electrical Compliance Certificate).
  4. Rates clearance figures are applied for from the Council. Levy Clearance figures are applied for from Body Corporate or Homeowners Association. The Transfer Duty Receipt is requested from SARS. Purchaser pays transfer costs to transferring attorney.
  5. Cancellation attorneys proceed with steps to cancel seller’s bond.
  6. Once the purchaser signs the bond documents with the bond attorney, guarantees are issued to the transferring attorney.
  7. Rates clearance, Levy Clearance and Transfer Duty are paid to obtain necessary certificates and receipts.
  8. Bond attorney sends documents to the bank in order to obtain consent to proceed to lodge.
  9. Once all three attorneys are ready to lodge, documents are lodged simultaneously at the Deeds Office. The Deeds Office can take between 7 – 14 working days to process and register the transfer.
  10. Upon registration, the seller’s bond is cancelled, the purchaser’s bond is registered and the property is registered in the name of the purchaser, all simultaneously.
  11. Guarantees take 72 hours to pay funds. Proceeds and agent’s commission will then be paid.
  12. Refunds are done by the council. We can refer you to a consultant to arrange your refund, and close the account on your behalf.

While the transfer process follows an extensive series of stages the time period involved may vary considerably. Generally the following applies

  •  Cash transaction may take up to six weeks
  • A transfer involving a bond may take up to three months, this includes bond approval.