Frequently Asked Questions:
How long will the transfer take?
Under ideal circumstances a transfer takes between 60-65 days.
The following aspects might influence the period of a transfer of a property:
- Is the purchaser paying cash for the property?
- Is the purchaser applying for a mortgage bond and has the bond been approved?
- Are there any restrictive conditions in the title deed?
- Is there a bond registered over the property?
- Are the title deed and mortgage bond/s available?
- Issuing of the transfer duty receipt by SARS;
- Delays at the Deeds Office.
What are the costs involved to transfer a property?
The Seller will be liable for:
- Amount due to the local authority to obtain a rates clearance certificate and homeowners certificate, if applicable.
- Bond cancellation cost, if applicable.
The Purchaser will be liable for:
- Deeds Office registration fees.
- Transfer Duty payable to SARS.
- Professional fees in accordance with national
guidelines prescribe by the
Law Society of South Africa.
- (A short summary of the cost payable is available under our fees schedule).
Documentation that the Transferring Attorney / Conveyancer will request:
1. In the case of a natural person
- Identity documents
- Copy of marriage certificate
- Proof of current residential address, not older than three months
- Income tax numbers
2. In the case of a Closed Corporation
- Founding Statements-CK1 & CK2
- Copies of members identity documents
- Proof of residential address of all directors not older than three months
- Vat number
3. In the case of a Company
- Memorandum of Incorporation
- Copies of all directors identity documents
- Proof of residential address of all members not older than three months
- Vat number
4. In the case of a Trust
- Letter of Authority
- Copies of all trustees identity documents
- Proof of residential address of all trustees not older than three months
- Trust Deed
Should you require any further information, please contact Jeannine@jaclaw.co.za
Disclaimer- The views expressed and given on this site are provided for general information only and are not intended to be and should not be constructed in substitution of proper legal advice. The mailing of our newsletter is not intended to create, and receipt thereof, does not constitute, an attorney-client relationship.