Page 23 - Nexia SAB&T Property and Tax Guide 2024

SALE OF PROPERTY TIMELINE

While the transfer process follows a series of successive stages, the time period involved varies considerably. Here
are some guidelines:
◆ Cash transactions may take 6 to 8 weeks.
◆ In normal circumstances, from date of approval of conditions, approx 2 months.
◆ There will be a 4 –6 week delay in the event that an application for a lost or destroyed Deed or Bond is
required, including an additional expense in regard to the advertising requirement relating thereto.
Purchaser and Seller sign agreement Stage 1

◆ Seller to advise bank of intention to cancel bond to avoid 90 day cancellation penalty Stage 2
◆ Bond approved
◆ Fulfillment of other suspensive conditions
◆ Deposit paid
◆ Transferring, bond and cancellation attorneys instructed
◆ Parties to provide FICA documentation and copy of rates account
◆ Transfer attorney requests title deeds and cancellation figures from the bank, and prepares transfer
documents for signature by parties
◆ Bond attorney advises transfer attorney of amount available for guarantees
◆ Purchaser pays transfer costs Stage 3
◆ Rates clearance and valuation certificates applied for (seller pays rates and utilities to transferring
attorney).
◆ Transfer attorney receives title deed and cancellation figures from cancellation attorneys and sends draft
deed to bond attorney
◆ Bond documents prepared once draft deed received
◆ Cancellation attorney is requested to cancel seller’s bond on receipt of guarantees from the new bond
attorney, or purchaser’s bankers
◆ Purchaser signs bond documents and pays bond registration costs
◆ Purchaser signs transfer documents
◆ Seller signs transfer documents
◆ Electrical, beetle, gas and electric fence certificates arranged (and plumbing, where appropriate)
◆ Electrical certificate required by bond attorneys
◆ Transfer attorney pays rates/levies and transfer duty to SARS (electronically) Stage 4
◆ Bond attorneys send guarantees to the transfer or cancellation attorneys
◆ Transfer attorney obtains consent from the bondholder to cancel the seller’s bond
◆ Documents lodged at Deeds Office
◆ Documents are checked in the Deeds Office (+10 days, regulation: 7 days – dependent on closures of the
Deeds Office due to Covid-19)
◆ Purchaser must pay the balance of the purchase price to transfer attorney before lodgement, or when
called for in terms of the agreement
ON REGISTRATION:
◆ Financial institution’s attorneys have bond amount available
◆ Property registered in purchaser’s name. Seller’s bond cancelled. Purchaser’s bond registered

21