JW Wessels | 009 - A Complete Guide to Conveyancing

A Complete Guide to Conveyancing

Conveyancing is the legal process involved in transferring ownership of immovable property from one party to another. Essentially, a conveyancer drafts a new deed of transfer and submits it to the deeds office. This article will cover all the essential information you need to understand about conveyancing.

Understanding the Role of a Conveyancer

Only conveyancers are qualified to handle the process of transferring and registering properties in the deeds office. A conveyancer is an admitted attorney who has passed a specialized conveyancing examination and has been admitted by the High Court of South Africa to practice as a conveyancer. The conveyancing attorney is usually appointed by the seller, although the purchaser is responsible for paying the conveyancing fees. The conveyancing attorney must act in the best interests of both the seller and the purchaser, ensuring that all the terms and conditions in the offer to purchase are fulfilled.

Types of Conveyancing Attorneys in Property Sales

There are three (3) different types of conveyancing attorneys involved in the property sale process, each with distinct roles and responsibilities. Let's explore what they do.

1. Transferring attorneys
They handle the transfer of property from the seller to the purchaser, essentially overseeing the whole transfer process.

2. Registering (or bond) attorneys
Registering attorneys facilitate the registration of a bond over the property, which is arranged at the purchaser's chosen bank to assist in financing the property purchase. These attorneys represent both the bank and the purchaser in this process, with the purchaser covering their fees. Their role is crucial in property purchases, especially since many individuals rely on home loans to afford a home.

3. Cancellation attorneys
Cancellation attorneys manage the process of cancelling the seller's current bond in favor of the bank that provided the property financing. They represent both the financing bank and the seller in this procedure. Typically appointed by the bank who extended the existing bond to the seller, cancellation attorneys are usually paid by the seller for their services.

The conveyancing process involves several key steps:

Offer to Purchase:
The purchaser makes an offer to purchase the property, which is accepted by the seller, outlining the terms and conditions of the sale.
Appointment of Conveyancer:
Both parties appoint their respective conveyancers (transfer attorney for the purchaser and cancellation attorney for the seller).
Property Search and Title Deed Examination:
The conveyancer conducts a property search and examines the title deed to ensure there are no legal issues affecting the property.
Drafting and Signing of Documents:
The conveyancer prepares the necessary transfer documents, including the deed of transfer and bond documents (if applicable). Both parties sign these documents.
Transfer and Bond Registration:
The purchaser's conveyancer, the transferring attorney, lodges the deed of transfer and bond documents at the Deeds Office for registration. The cancellation attorney also lodges documents to cancel the seller's existing bond.
Settlement:
On the registration date, the purchase price and any outstanding amounts are settled, and the property ownership is transferred to the purchaser.
Registration:
After successful registration at the Deeds Office, the property officially changes ownership, and the new deed of transfer is issued to the purchaser/bank.
Post-Registration:
The conveyancer handles any post-registration matters, such as updating rates and taxes and notifying relevant authorities of the change in ownership.

JW Wessels and Partners Incorporated

Kindly be advised that we assist with all aspects related to property transfers, amongst a wide array of other professional legal services. Should you have any additional questions, please do not hesitate to contact us for more information.

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