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If you are beginning the process of buying your first home, it is possible that the terms conveyancing and conveyancing attorneys is still foreign to you. In this article, we will be giving you a brief overview of these, and other related terms. Conveyancing attorneys, also called conveyancers, play an important role in the selling and buying of properties.
When legal ownership of property is achieved, a legal procedure, referred to as conveyancing, takes place. A deed of transfer is drawn up and registered and ownership is transferred whenever immovable property is sold in order to protect the security and clarity of a property owner’s title.
It is during this process that a conveyancing attorney is required to step in.
However, it may be beneficial to consult with a conveyancer prior to signing the offer to purchase. A conveyancing attorney can provide helpful insights and advice with regard to the contract. They will be able to advise you as to what each step of the process entails, what documentation you need. More so, they will ensure that your rights and interests are protected, and that you are acting in line with legislative requirements at all times.
During the process of transferring ownership of a property, conveyancers take on various responsibilities, and are categorised as follows:
A transferring attorney is responsible for the process to transfer any immovable property, this includes the drafting of documentation, corresponding with all the relevant parties to the transaction as well as the registration of the transfer in the Deeds Office.
The transfer attorney is usually selected by the seller, however if the seller agrees, the buyer can instruct their own transferring attorney to attend to the transaction. The buyer is liable for paying the conveyancing attorney’s fees, amounts payable to SARS and expenses unless the parties specifically agree otherwise.
The applicable bank/financial institution whereby the buyer will borrow money to purchase the property will appoint their own bond attorney to attend to the registration of the Mortgage bond. They will also represent both the interests of the bank and the buyer. The buyer is responsible to pay the bond attorney’s bond registration costs and disbursements.
The applicable bank/financial institution whereby the Seller’s mortgage bond is currently held will appoint their own cancellation attorneys which will be responsible for the cancellation of the seller’s mortgage bond. The Seller will be responsible for the cancelation fee of the cancelation attorneys together with any amount still outstanding on their mortgage bond.
All the fees for conveyancers are based on tariffs that are published annually and calculated by the Law Society of South Africa.
Buying a home is a monumental undertaking. Due to the complexities and associated risks of conveyancing, it is essential to appoint a knowledgeable and experienced conveyancing attorney.
A conveyancer is required by law to complete the conveyancing procedure. When purchasing or selling a property, hire an attorney who can assure a smooth transfer and registration. Alan Levy Attorneys provides industry-leading conveyancing and notarial services. Contact us for conveyancing done right.
More in-depth articles on conveyancing may be found here.
This material is not legal advice. This page is intended to educate readers on the role of conveyancing attorneys during the purchase and sale of immovable property in South Africa, as well as relevant information about the conveyancing process.