31 May How Long Do Property Transfers Take?
What To Expect When You’re Buying A Home
Home ownership is a cornerstone of developing financial freedom. If you’re considering purchasing your first house, you probably want to know how long do property transfers take? Depending on the terms and conditions of the Sale Agreement, the transfer process from acceptance of the Offer to Purchase, registration could take around 45-90 days, giving all goes well.
Working with a professional and experienced Conveyancer can help you avoid unnecessary delays, by making sure that all the paperwork is in place and that you are prepared for each step of the process. Do you need professional property advice? Contact Andre Germishuizen at firstname.lastname@example.org to streamline your property transfer.
What factors can cause delays in the property transfer process?
As there are many parties involved in the property transfer process, (for example, SARS, Local authorities, Body Corporate, Home Owners Associations, the Banks, the Deeds Office, etc) a number of factors could cause the transfer to be delayed. Buyers may become impatient with lengthy turnaround times, however there is one positive aspect to this:
9 Factors That Could Affect The Timeline Of Your Property Transfer
Inaccurate or incomplete Deed of Sale
If the buyer, seller or real estate agent does not accurately or completely fill out the Deed of Sale, delays may result. Any errors in this document will require modifications since it is essential to any transfer the bond registration process.
Failure to get compliance certificates
Sellers often overlook getting the required Certificates that need to be done before transfer is passed. The transaction won’t be processed if these are not acquired. The seller must provide certain essential certificates, depending upon the nature of the transaction. These certificates must be provided to the Conveyancer prior to the registration of transfer at the Deeds Office.
Failure to give personal information or FICA documentation
The conveyancing attorney must FICA both the buyer and the seller as part of the transfer procedure. If either party fails to furnish the bond and transfer attorneys with the relevant personal information or FICA documents, delays may occur.
Delays in signing bond and transfer documents
The conveyancer should get signatures from both parties, in person or using Bank approved online document signing processes. If the buyer or seller doesn’t sign the pertinent bond and transfer documents as instructed by their conveyancer, it may result in additional delays.
Problems with the original title deed
The seller/Financial institution is required to give the transferring attorney a copy of the property’s original title deed. The original title deed can be at either of these two places: as security at a financial institution, or in your own possession, if your bond has been paid off. If the original is lost by you or the financial institution, it has to be replaced. This process is lengthy (± 3 weeks delay) as certain legal formalities need to be adhered to before replacement can occur.
Delays could occur owing to insufficient finances/funds on either the buyer’s or seller’s side for bond registration and transfer costs, or if the selling price is insufficient to settle an outstanding bond. Sometimes the buyer won’t be aware of all the costs involved resulting in delays.
Would you like to find out what your bond or transfer costs could amount to? Use our bond and transfer cost calculator for an estimate: https://awdlaw.co.za/bond-transfer-cost-calculator.
Failure to pay deposit or receive bond approval
If the buyer fails to pay the appropriate deposit amount or does not obtain bond approval, the transfer process may be delayed. Getting pre approved for finance can speed things up significantly, as bond originators can help iron out any red flags early to make the approval process much easier.
Delay in getting Transfer Duty receipt
The South African Revenue Service (SARS) is in charge of issuing certificates for the property’s transfer duty. Only after the transfer attorney has paid the duties and provided proof of payment can SARS move forward. SARS also verifies that both the seller and the buyer are in compliance with tax laws.
Bond cancellation delay
If the Seller still owes his bank money for the bond, it must be cancelled at the same time the transfer is passed to the buyer. In order to cancel an existing bond, the seller may choose to give the bond holder at least 90 days’ notice, which can result in a three-month wait.
How Long Do Property Transfers Take?
In conclusion, as a buyer it’s important to know how long do property transfers take, however you will never get an exact time frame. A crucial component of the transfer process is communication. As soon as a problem arises it must be brought to the Conveyancer’s attention so that it can be promptly addressed, to avoid delays. The property transfers procedure should go well if the Purchaser and Seller cooperate.
AWD Law Conveyancers offer dedication, speed, efficiency, professionalism and excellent communications as part of our conveyancing service. We partner with our clients and other property professionals involved in the conveyancing and property industry, like the estate agents, bond attorneys, bond originators and others. We might not have the answer to how long do property transfers take, but we have the expertise and team that will do its best to fast track the process.
Read more on our conveyancing areas of expertise
Kindly be advised that AWD Law does not enter into litigation on behalf of clients. Our conveyancers specialise exclusively in the development of vacant land, property transfers, bond registrations, administration of deceased estates and notarial practice. Should you require assistance with a litigation, kindly contact The Legal Practice Council.
Contact AWD Law For Professional Property Advice before signing your Offer to Purchase.
All fields marked by an asterisk are required for form submission.
Beste Bronwen, aangeheg bewys van betaling. Baie dankie vir jul altyd vriendelike diens.
Thank you so much for your excellent service. Looking forward to working with you in the future 😊
Awesome great thank you guys really appreciate the amount of effort that everyone put into this deal , please tell Andre I really appreciate the effort.
Good Day Bronwen Thank you, that is brilliant news!!! We appreciate your offices assistance and excellent service herein 😉 Have a great day.
Baie dankie vir die goeie nuus en die puik diens wat ons deurlopend by julle ontvang het tydens die duur van die transaksie. Ons waardeer opreg. Mooi dag vir julle."
Vind asb aangeheg ons registrasieskrywe en bewys van betaling van die kommissie hierin. Ons vertrou dit is in orde en bedank jou vir die vriendelike instruksie en samewerking hierin. Ons hoop ons kan gou weer saamwerk.
"Beste Annalize, Baie dankie vir jul goeie werk. Andre dankie vir jou ook! Vriendelike groete"
Nog ‘n goeie verwysing hier!
Net 'n opregte dankie vir jul puik, professionele en vriendelike diens. Ek kan julle regtig aanbeveel! Vriendelike groete
Graag dankie se vir jul flinke diens. Hartlike Groete
vreeslik baie dankie en vir julle uitmundende en professionene werk!!!
Good day Pertunia I really cannot thank you enough for your promptness and constant feedback you always provide, much appreciated.
Dear Pertunia, I trust that you are well. Thank you for your email, content duly noted. Once again thank you for your kind and professional assistance throughout the process. We highly appreciate everything you did. Yours faithfully
Dear Andre, I want to bring to your attention how appreciative I am of the service I received from Patricia Erasmus throughout my dealings with her. She has been professional, courteous and often went over and beyond one can expect, to keep me updated and informed, on the status of my sales transaction. She was prompt, throughout my dealings with her and she would often contact me with feedback before I could ask about it first. It is not often that one experiences this dedicated work ethic and please note that her service is a positive contribution to your business.
Vir Aandag - Mnr Andre Germishuizen Baie dankie vir proffesionele en uitstekende hantering van ons eiendomstransaksies - wees verseker ons waardeer dit opreg en ons beveel jou en jou span aan kliente wie met vertroue jou kan ondersteun. Seenwense
Good day Andre Thank you for your patience in this matter. We have received feedback yesterday afternoon.
Thank you for your wonderful service. It’s refreshing to receive such service honestly. Thank your boss for us as well, we really appreciate the professional service we received. Because of you I was able to take the transferring attorneys to task. Be blessed
Wow !! Dit was baie vinnig ! Lekker aand Groete
Wow...Thank you so much, I'm so impressed by the swift service I'm receiving. Blessed regards
THANK YOU FOR YOUR HELP WITH THIS TRANSACTION. IT HAS BEEN A JOURNEY SECOND TO NONE. WELL DONE AWD LAW
Fantasties, baie baie dankie Magda en Andre!! Lekker dag vir julle!
Goeie dag Andre Ek hoop dit gaan nog goed. Weereens dankie dat jy ons so vroeg kon sien Woensdagoggend. Dit is so lekker dat ons die kontrak voor werk kon doen en nie ‘n halwe dag verlof te moes insit nie. Aangeheg die bewys van betaling vir die rekening soos aan ons gegee is Woensdag. Hou ons asb op hoogte van wat alles gebeur en laat weet asb indien daar nog enige iets is wat jy van ons benodig. Groete
Good afternoon Pertunia. I would first off like to thank you for your very efficient and professional service and making the process of buying our first home as seamless and stress free as possible.