What to Expect When Buying or Selling Property
Buying or selling property is one of the biggest financial decisions you’ll make, and understanding the conveyancing process can help ensure a smooth transaction. Conveyancing is the legal process of transferring property ownership from one person to another.
The Key Steps:
The process typically begins once the Offer to Purchase is signed by both buyer and seller. Your conveyancing attorney will then apply for various documents, including rates clearance certificates, homeowners association clearances (if applicable), and compliance certificates for electrical and plumbing installations.
One of the most important steps is the bond registration process if you’re financing your purchase. Banks typically require the property to be valued and will approve your bond before the transfer can proceed. If you’re selling, any existing bonds on the property must be cancelled simultaneously with the transfer.
Timeline Expectations:
The entire conveyancing process usually takes between 8 to 12 weeks, though this can vary depending on various factors such as how quickly documents are obtained and whether there are any complications with the title deed.
Costs Involved:
Transfer costs include transfer duty (a government tax on property purchases), conveyancing fees, deeds office fees, and other disbursements. Bond registration also attracts separate costs. Your attorney can provide you with a detailed cost estimate upfront.
Why Professional Help Matters:
While conveyancing might seem straightforward, it involves complex legal requirements and strict timelines. Working with an experienced conveyancing attorney ensures that all legal requirements are met, protects your interests, and helps avoid costly delays or mistakes.
At Maree Schoeman Prokureurs, we handle the entire conveyancing process on your behalf, keeping you informed every step of the way.