Why it takes so long before you can move into your new house
A lost Title Deed must be replaced prior to property sale or transfer.
Buying a house is a major milestone, but the process of transferring ownership can be complex and time-consuming.
Once the offer to purchase has been accepted and all conditions, such as the sale of an existing property or mortgage loan approval, have been fulfilled, the conveyancing process begins.
According to the Seeff Property Group, the conveyancing process usually takes about three months to complete, but it can be delayed by various factors. During this time, attorneys representing the buyer and seller will draft the necessary transfer and bond documents.
The buyer will also need to pay the transaction costs, including transfer duty, attorneys’ and Deeds Office fees, and incidentals.
The seller is responsible for costs associated with securing the rates clearance certificate and advance payment of rates where required.
There is a significant amount of administration and liaison involved in the conveyancing process.
Aside from sourcing various documents including the title deed, bond information where there is a bond on the property, the attorneys must attend to liaising with other attorneys involved in the transaction, SARS to pay and obtain the Transfer Duty Receipt, and payment of rates to obtain a rates clearance certificate or levy certificate (if it is a sectional title property).
The conveyancing attorneys will also require the necessary certificates of compliance for electrical, plumbing, gas, and electric fencing, depending on the municipality’s requirements. The seller must facilitate these.
Change of ownership
Once all documents are signed, costs are paid, and certificates are obtained, the documents are prepared for lodgement in the Deeds Office. The Deeds Office will examine the documents, and after about a week to 10 days, the attorneys will be advised that the matter is ready for finalisation.
On the day of registration, ownership of the property passes from the seller to the buyer. The buyer’s new bond is registered, and the seller’s existing bond is cancelled.
Additionally, guarantees are paid where after the seller receives the net proceeds, while the estate agent is paid their commission. The new owner can now finally take occupation of their new property (unless there was an arrangement for prior occupation).
An important document in the process is the title deed, a legal document which provides proof of ownership and contains essential information about the property, such as its size, location, and boundaries. It also includes any restrictions or conditions applicable to the property, such as zoning regulations or building codes.
South Africa has a sophisticated and well-respected deeds registry system that records land and immovable property ownership dating back to the 1600s.
The title deed is an essential document in the process of buying or selling a property. A property cannot be sold or transferred without a title deed. If it is lost, a replacement will need to be obtained before you can sell your property.
Although time-consuming, the conveyancing process is a critical component of property ownership in South Africa. It ensures that the transfer of ownership is legal and that all necessary documents and certificates are in place and that South Africa’s land ownership records are updated.
There are 11 Deeds Offices located in the provinces across the country. Any member of the public can access information about the ownership of a property.
