And what process should I, as a seller, expect once a sales agreement has been reached?
A:Many people are unaware of the
of the property does not happen when the offer to purchase is signed or even when the purchase price is paid to the seller.
Property being sold will go through the conveyancing process and a new title deed will be issued in the name of the new owner, removing the property from the seller’s name. Three different attorneys handle various parts of the deal: the registering attorney, the cancellation attorney and the transferring attorney.
The transferring attorney is appointed by the sellers and represents them. Once the offer to purchase is signed, and all the relevant documents are ready, the transferring attorney will lodge them with the Deeds Office.
This attorney will be in contact with the sellers’ bank and tell the sellers once their bond has been settled and cancelled. It is then the conveyancing attorney’s job to do everything in their power to expedite the registration of the property, bearing in mind they are heavily dependent on several external parties, such as banks and municipalities.
Once everything has been concluded, and the home has been successfully registered, the attorney will account to the seller for any fees that relate to the transaction. Sellers can expect to receive this account within two days of the property’s date of registration.