A special bank account used by attorneys and conveyancers to hold funds on behalf of clients, such as deposits, full purchase price or transfer fees, ensuring these funds are kept separate from the conveyancer’s personal finances. The Trust Account of Attorneys and Conveyancers are audited by the Legal Practice Council annually.
A legal document that secures a loan from a bank or other financial institution for the purchase of a property. It gives the bank/financial institution a claim over the property until the debt is repaid.
A legal professional who specialises in transferring property ownership from one party to another. Conveyancers are normally Attorneys who have been admitted as Conveyancers, after passing a specialised Conveyancing exam, and are registered with the Legal Practice Council of South Africa.
The professional fees charged by a conveyancer for services rendered in transferring property ownership, including disbursements. Conveyancing fees are set out by the Legal Practice Council, on a tariff based system, calculated based on the Purchase Price of the property.
A legal document that officially transfers ownership of property from the Seller to the Purchaser. The Deed of Transfer proves ownership of a property and contains details of the property and the owner. It is registered with the Deeds Office.
A government office responsible for, among other things, recording and registering property transactions and changes in ownership of property. This office maintains the public register of property ownership.
A professional who assists in buying, selling, or renting properties. Estate Agents play a key role in the property transaction process.
Legislation requiring verification of the identity of clients to prevent money laundering and other financial crimes in South Africa. Conveyancers must comply with FICA requirements.
The process of registering a mortgage bond with the Deeds Office to secure a loan against the property.
This is a type of Deed that is registered in connection with a Sectional Title Unit, registered together with the Deed of Transfer, indicating that the Purchaser has purchased the exclusive use over a portion of the sectional title (being a garage, garden or parking bay). This Deed indicates that the Purchaser has sole and exclusive use over that portion of the common area for as long as they are the registered owners of the unit.
The date on which the Purchaser is entitled to take possession of the property, as stipulated in the sale agreement and agreed to by both Seller and Purchaser.
A legal document that authorises another person to act on your behalf in property transactions. It can be general or specific to certain transactions.
A written, legally binding contract between the Seller and Purchaser of a property, detailing the terms and conditions of the sale, including price and payment terms.
A form of property ownership in which individuals own a unit within a larger building or complex, and share ownership of common areas.
A property sale agreement where the completion of the sale is subject to certain conditions being met, such as the Purchaser obtaining a bond over the property or selling their prior property first.
A tax levied by the South African government on property transactions, calculated as a percentage of the purchase price. It is payable by the Purchaser.
A special bank account used by attorneys and conveyancers to hold funds on behalf of clients, such as deposits, full purchase price or transfer fees, ensuring these funds are kept separate from the conveyancer’s personal finances. The Trust Account of Attorneys and Conveyancers are audited by the Legal Practice Council annually.
A document issued by the local municipality indicating the zoning classification of a property, which affects how the property can be used or developed.
