LEGAL PROCESS: TRANSFER
Legal Process in Transfering Property
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February 2011
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Current News
Interest rate Cut
November 2010
On 18 November 2010 The Reserve Bank has anounced that the repo rate is reduced by 50 basis points. This means that the banks will reduce their prime lending rate down to 9%.
Recent Events
No Transfer Duty or Capital Gain Tax?
February 2011
For those of you who have their primary residence registered in a CC., Trust or Company, now have the opportunity to transfer the property into your own name, with out paying transfer duty or capital gain tax. Before you take any action, consult with your finacial advisor to establish whether this will be to your advantage. Then consult with your transferring attorney to establish whether you will qualify not to pay transfer duty and capital gain tax. Then establish with your bank wheteher you will qualify for the outstanding bond amount. You have to take action before the end of 2011.
TRANSFER PROCESS: BUYERS & SELLERS
What is Conveyancing
The transfer of ownership in immovable property is governed by the Deeds Registries Act 47 of 1937. In terms of this Act, ownership in immovable property does not pass to a purchaser on signature of a contract of sale, or even on payment of the purchase price; ownership passes to a purchaser only on registration of the property in the purchasers' name in a deeds registry. To effect such registration, a deed of transfer must be prepared by a conveyancer and be executed in the presence of the Registrar of Deeds by the owner of the property or by a conveyancer authorised by power of attorney to act on his behalf.
For those of you who would like to peruse the legal process that has to be followed in order to have the property registered in the buyers name, click guide to conveyancing.
Keeping track of Transfer Process
Electronic Media.
All the major conveyancers use software that enables you to trace the progress on the transfer process via the internet. Ask your conveyancer for more detail.
