CONVEYANCING
A conveyancer is an Attorney, who has passed the required conveyancing examinations. Phillip Silver Mathura Inc. is a committed and specialist property law firm, dedicated to efficient and effective conveyancing transactions namely:
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Property conveyancing and registration; being the transfer of immovable property
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Mortgage Bond Registration and Cancellation, including:
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Surety Bonds
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Special and General Notarial Bonds
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Continuing Covering Bonds
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General Security Mortgage Bonds
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Mortgage Bond Cancellations
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Property Developments, Subdivisions and Consolidations
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Registration of Servitudes
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Opening of Sectional Title Registers
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Property Litigation including Foreclosures and Sales in Execution
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Drafting of Offer to Purchase, Sale Agreements and Deeds of Sale
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Communication with:
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Buyers and sellers
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Estate agents
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The Deeds Office
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South African Revenue Services
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Banks
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Municipalities
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TRANSFER
PROCESS
SUMMARY
BOND REGISTRATION PROCESS
AGREEMENT FINALISED
BOND APPLICATION
BOND APPROVAL
COPY OF DRAFT TITLE DEED AND
GUARANTEE REQUIREMENTS REQUESTED
FICA DOCUMENTS REQUESTED
GUARANTEE AND BOND REGISTRATION
DOCUMENTS PREPARED
BUYER SIGNS DOCUMENTS AND PAYS
BOND REGISTRATION COSTS
GUARANTEES SENT TO TRANSFERRING ATTORNEY
LODGEMENT IN THE DEEDS OFFICE
REGISTRATION
The buyer and seller signs an Offer to Purchase.
The buyer makes an application for a loan to the Bank; setting out full details of assets and liabilities.
The Bank approves the bond and instructs the Bond Attorney to register the bond.
The Bond Attorney contacts the Transferring Attorney
and requests a copy of their draft title deed and
guarantee requirements.
The Bond Attorney requests copies of identity documents, marriage certificates and proof of address from the buyer.
The Bond Attorney draws up the bond documents for signature.
The buyer is called to sign bond documents and is requested to pay legal fees, thereafter the documents
are submitted to the bank.
The Bond Attorney forwards the guarantees to the Transferring Attorney to secure payment of the
purchase price.
The Power of Attorney and Mortgage Bond are lodged
with the Deeds Registries office for registration.
Registration takes place 5-10 working days after lodgment.
TRANSFER
DUTY
Transfer Duty is a tax, payable by the purchaser, on the value of the immovable property to the South African Revenue Services, prior to the transfer of ownership of the property.
Value of Property Rate of Transfer Duty
R0 – R1 000 000 0% (exempt from Transfer Duty)
R1 000 001 – R1 375 000 3% of the value above R1 000 000
R1 375 001 – R1 925 000 R11 2500 + 6% of the value above R1 375 000
R1 925 001 – R2 475 000 R44 250 + 8% of the value above R1 925 000
R2 475 001 – R11 000 000 R88 250 + 11% of the value above R2 475 000
R11 000 001 and above R1 026 000 + 13% of the value above R11 000 000
“Given the National State of Disaster, the South African Reserve Bank's monetary policy committee has unanimously voted to reduce the repo rate from 6.5% to 6.25%. As a result of the cut, the prime rate will be directly affected and fall to 9.75%.” 19 March 2020
CONTACT US
Office: +27 (0)11 646 8411
Email: admin@psilver.net
10 Melrose Boulevard, Melrose Arch, Johannesburg
PO Box 87249, Houghton, 2041
