Conveyancers and their role in property deals

Ownership of immovable property is not obtained once the deed of sale has been signed or the payment is in the bank. Ownership is only obtained when the property is registered in the buyer’s name at the Deeds Office.

Conveyancing is the legal process which takes place when ownership is obtained of immovable property. Each time a property is sold, a new deed of transfer must be drawn up and registered at the Deeds Office. This ensures the security and certainty of an owner’s title to his property.

There are three attorneys involved in the property buying/selling process:

Transferring Attorneys: They transfer the property from the seller to the buyer. They are appointed by the seller and represent the seller.

Bond Attorneys: They register the bond over the property in favour of the bank which is financing the purchase of the property. They are appointed by the bank granting the buyer’s home loan and represent the buyer and the bank.

Cancellation Attorneys: They cancel the seller’s existing home loan on the property. They are appointed by and represent the bank cancelling the seller’s home loan.

Conveyancing is stressful because much of the process, which they must coordinate, is actually out of their hands.
Conveyancers depend on the banks, Municipal Councils, the Receiver of Revenue, Companies Office (BIPA) and the Deeds Office to perform their duties.

Conveyancers and their staff are delayed and compromised by buyers who fail to pay deposits or costs on time or by sellers who did not obtain a Building Compliance Certificate prior to selling their property.

Typically, conveyancers are involved in more than 50 activities, involving up to 12 parties, before the transaction can be completed. They deal with all the parties involved and assume responsibility for the collection and payment of amounts due.

These are the duties of conveyancers:

• Protect the interest of the client, the seller.
• Inform the seller of the conveyancing procedure and keep all parties informed on the progress.
• Try to register the transaction on or as close as possible to the date agreed between the seller and purchaser.
• Meet with the parties to explain and sign the documentation to conclude the transaction.
• Carefully prepare the deeds for lodgement, to minimise the risk of rejection by the Deeds Office.
• Inform all parties of the transfer on the day of registration.
• Inform seller of finances relating to the transaction within two days after registration.