Conveyancing - Frequently asking questions

What happens after conclusion of the deed of Sale? The property has to be registered in the Deeds office by a Conveyancer in the name of the purchaser;

Who appoint the Conveyancer? Although the purchaser has to pay his fees, the Seller appoints the Conveyancer.

When does the risk go over to the purchaser? Unlike common believe, on date of signature, but the deed of sale normally changes the date to date of occupation or date of registration.

What documents have to be signed? The most important document is the power of attorney to transfer the property into the name of the purchaser and have to be signed by the Seller. Both parties have to sign a declaration declaring the full consideration payable in terms of the deed of sale. This declaration is purely for transfer duty purposes. Both parties have to sign an affidavit declaring their Identity numbers, full names, marital status and declare that they are not insolvent.

What costs are involved?

Transfer duty @ 1% on the first R 70 000, 5% on the amount between R 70 000 and R 250 000 and 8% on the amount above R 250 000;

Rates and taxes until the first coming 30^th of June and electricity and water calculated up to a date approximately until date of transfer;

Deeds office fee and a fee for postages and other disbursements, of approximately R 300.00 depending on the purchase price;

Transfer fees of the attorneys on a sliding scale eg. R 3887.40 on a purchase price of R 300 000 and R 5175.60 on a purchase price of R 500 000

How long does it take? The average transfer takes seven weeks but unforeseen problems can extend this period dramatically.