Frequently Asked Questions About Conveyancing
1. What Does Conveyancing Mean?
The term conveyancing refers to the legal procedure through which a buyer becomes the registered and lawful owner of a property. Ownership cannot be challenged if the conveyancing process was properly conducted. The registration as well as the cancellation of bonds also forms part of this process.
2. What Is a Conveyancing Attorney or Conveyancer?
An Attorney who passed the national conveyancing exam and who is duly admitted in a South African High Court as a conveyancer is referred to as a conveyancing attorney or conveyancer. Conveyancers are legally required to register property transfers. The reason for this is to maintain high standards of land registration and to protect the interests of involved parties.
3. Who Is Responsible for Appointing a Conveyancing Attorney?
A conveyancer is typically chosen by the seller to handle the transfer of property ownership. However, the seller and the buyer may choose to reach an alternative agreement through negotiation.
4. When Does The Conveyancing Process Start?
In order for the conveyancing process to take place, a valid offer to purchase is required. The offer to purchase is a written agreement that must be signed by both parties. The offer to purchase is a legally binding contract between the seller and the purchaser.
5. How Much Does Conveyancing Cost?
There are a number of factors that will have an impact on the cost of conveyancing, making it challenging to provide an accurate estimation. However, conveyancing fees can be divided into three broad categories, which will be applicable during all property transfers.
The three categories are conveyancing attorney fees, bond registration costs and bond cancellation costs, and rates and levies:
- Conveyancing Fees: These fees are set by a tariff/sliding scale as determined by the South African Legal Practitioners Council and are calculated based on the purchase price. VAT will be added to this amount. Conveyancing fees are usually paid by the buyer.
- Rates and Levies: are to be fully paid before any documents can be lodged in the Deeds office for registration.
- Bond Cancellation Fees: If the seller has a registered bond, it must be cancelled when the property is transferred. The seller will be liable for the conveyancer’s fee for the bond cancellation, as well as any applicable VAT.
- Bond Registration Fees: When a bond must be registered there are bond costs payable to the bond registration attorney. These fees are set by a tariff/sliding scale as determined by the South African Legal Practitioners Council and are calculated based on the purchase price. VAT will be added to this amount.
Alan Levy Attorneys: Conveyancing Attorneys in Johannesburg
It is a legal requirement that the conveyancing process be completed by a conveyancer. You can find more in-depth conveyancing articles here, including topics such as the conveyancing process, conveyancing fees and more. Alan Levy Attorneys offer exceptional legal assistance for matters related to conveyancing and notarial services. Contact Us for superior legal advice for all your legal matters.
This article does not constitute legal advice of any sort. This article should be seen as an educational summary of the applicable legislation and procedures pertaining to conveyancing and conveyancing fees in South Africa. Should you be in the process of buying or selling a property, it is advisable to consult an experienced conveyancing attorney. For exemplary conveyancing and notarial services including, property transfers, bond registrations and cancellations, contact Alan Levy Attorneys.