on 19 Apr 23
Categories: Legal & Insurance
Ownership of immovable property is not obtained on signature of the offer to purchase or deed of sale or even on payment of the purchase price.
Ownership is obtained on registration of the property, into the buyers name, in the Deeds Registry Office.
Conveyancing is the legal process which takes place when lawful ownership is obtained of immovable property. This is to ensure security and certainty of an owner’s title to his property.
There are three attorneys involved in the buying / selling process:
They transfer the property from the Seller to the Buyer and is appointed by the SELLER and represent the SELLER.
BOND REGISTERING ATTORNEYS
They register the bond over the property in favour of the bank that is financing the purchase of the property. They are appointed by the BANK granting the buyer’s home loan, and they represent the buyer and the bank granting the home loan.
They cancel the seller’s existing home loan on the property. They are appointed by and represent the BANK cancelling the seller’s home loan.
What can you expect from your Conveyancer?