Conveyancing Of Property
Conveyancing Of Property Questions Answered
Some of the frequently asked questions about the conveyancing of property in South Africa are briefly answered below.
Can anyone handle the conveyancing of property or must it be an attorney registered to practice in conveyancing?
The transfer of property rights in immovable property is a complicated process and must therefore be handled by a conveyancing attorney. The attorney must be qualified and registered to practice in the field of property law and conveyancing.
What is the conveyancing process?
It is the legal process of transferring rights to an immovable property from one person to another or from one legal entity to another. The property can be registered as a sectional title, a commercial property, a farm, piece of land, flat or house. Conveyancing entails the whole process from the moment of a sale of deed has taken place until the actual transfer of ownership.
Can property rights be transferred through a verbal agreement?
No, in South Africa property rights to immovable property can only be transferred by means of a legally binding written agreement and can only be completed once the transfer costs, stamp duties, and all other costs involved paid. The new ownership must be registered at the Deeds Office.
Which parties are involved in the selling and purchasing of an immovable property?
The seller and purchaser are primary players. In many instances, an estate agent is also involved in the process. The other parties involved are that of the transferring lawyer who is normally appointed by the seller to handle the conveyancing of property rights to the buyer, the bond lawyer when the transaction is financed, and the cancellation lawyer normally appointed by the bank to cancel the bond of the seller. One attorney can handle one or more of the above process.
Contact us today for assistance regarding the conveyancing of property ownership.