Posted by
WKH
on 23 Feb 23
Categories:
Legal & Insurance
Conveyancing is the legal process which takes place when lawful ownership is obtained of immovable property. Each time a property is sold, a new deed of transfer must be drawn up and registered.
This is to ensure the security and certainty of an owner's title to his property. Ownership of immovable property is not obtained on signature of the offer to purchase or even on payment of the purchase price.
Ownership is only obtained on registration of the property into the buyer's name, in the Deeds Registry Office.
There are 3 attorneys involved in the property buying I selling process:
Transferring attorneys:
They transfer the property from the seller to the buyer. They are appointed by the seller and represent the seller.
Bond 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 buyer's home loan.
Cancellation attorneys:
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.
Conveyancers are heavily dependent on banks, municipalities, revenue offices and the deeds office to perform their duties and assumes the responsibility for the collection and payment of all amounts due.
