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:​

  • Property conveyancing and registration; being the transfer of immovable property

  • Mortgage Bond Registration and Cancellation, including: 

    • Surety Bonds

    • Special and General Notarial Bonds

    • Continuing Covering Bonds

    • General Security Mortgage Bonds

  • Mortgage Bond Cancellations

  • Property Developments, Subdivisions and Consolidations

  • Registration of Servitudes

  • Opening of Sectional Title Registers

  • Property Litigation including Foreclosures and Sales in Execution

  • Drafting of Offer to Purchase, Sale Agreements and Deeds of Sale

  • Communication with:

    • Buyers and sellers

    • Estate agents

    • The Deeds Office

    • South African Revenue Services

    • Banks

    • Municipalities

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

© 2016 by Phillip Silver Mathura Inc.