• In terms of the Alienation of Land Act 68 of 1981 (as ame nded) conditions relating to the sale and purchase of immovable property not reduced to writing will not be binding upon the parties to the Agreement.

• It normally takes approximately 6-8 weeks to register a transfer of immovable property where the purchase price is paid by cash or via a bond. If the purchase is financed from other means the process will take longer.

• Both the Seller and Purchaser are required to supply the Conveyancing Attorneys with copies of their Identity Documents, Divorce Orders (if applicable), Marriage Certificates (if applicable), Antenuptial Contract (if applicable) and a Utility Bill not older than 3 months containing the physical address of the person (Fica document).

• Registration costs are payable by a Mortgagor (Purchaser) when he registers a Mortgage Bond. When that bond is later cancelled, cancellation costs are also payable by him.

• Transfer costs are payable by the Purchaser to the Conveyancing Attorneys on request and prior to registration of the transfer.

• A rates Clearance Certificate has to be obtained from the Local Authority when transferring immovable property. The Seller has to pay 4 months assessment and basic municipal charges in advance for this purpose.

• If the property is a sectional title unit or in a cluster development, 3 months levies are also payable in advance to the Managing Agents or Home Owners Association of the property.

• An Electrical Compliance Certificate less than 2 years old is transferrable from the Seller to a Purchaser, provided that no structural changes have been made to the property since date of issue. 

• The Tax Reference numbers of the Seller and Purchaser must be supplied to the Conveyancing Attorneys and their personal tax must be in order before SARS will issue a Transfer Duty Receipt for the transfer. 

• A Seller who has an existing bond to cancel when he sells his property, should give his Bankers 90 days notice of cancellation to avoid paying penalty interest on cancellation of the bond. 

Courtesy of Du Plessis Van Loggenberg Attorneys