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Understanding The Terms Of Transfer For A Rivonia Property For Sale

Once your Rivonia property for sale has been sold, it is recommended that you have an understanding of what is involved in the transfer process. The first phase of the transfer is called receiving and recording when the conveyance attorney receives the file from your estate agent. Deeds office searches are then run and a copy of the title Deed is ordered, the Deed of Sale is handed to the conveyancer, who will in turn check for any discrepancies.

Phase two of the transfer process with regards to your Rivonia property for sale is preliminary. The attorneys apply for rates clearance figures and for the issue of cancellation instructions. This letter is then sent to the bank requesting them to issue cancellation instructions to their attorneys. Phase three is the collecting, monitoring and reporting stage. Phase four is the drawing and signing this means once suspense conditions are fulfilled the attorney proceeds with drafting of the documents. For you the seller these documents include Status and FICA affidavits, Power of Attorney to pass transfer, and Declaration by you the seller.

Phase five in respect of your Rivonia property for sale will follow out with financial arrangements where your attorney ensures that the balance of the purchase price is secured. Phase six and seven entails transfer duty and rates levies. Your attorney submits a rates application and subsequent payment to the Municipality. Phase eight is the lodgement stage, following phase nine which is the conveyancing procedure in the deeds office. And finally phase ten which is Registration day which means you will be paid out for the sale of your property. It is important to note that this entire transfer period can last anywhere from 6 weeks to 3 months and that the longer period is more likely.

Understanding the transfer process with regards to your Rivonia property for sale once it has been sold is important so contact us for more information.

 

 


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