guide to conveyancing
- Conveyancing is an important aspect of real estate transactions, playing a pivotal role in ensuring the seamless transfer of property ownership from seller to buyer.
Understanding Conveyancing
Conveyancing is not something that just anyone can do. You can’t download a template off the internet, fill in the form, and just hand it in at your local deeds office. Conveyancing is done by qualified conveyancing lawyers, professionals who specialise in navigating the intricate legal landscape of property transactions.
Understanding conveyancing is essential for anyone involved in real estate, as it involves a series of steps aimed at legally transferring property from one party to another. This process not only safeguards the interests of buyers and sellers but also ensures compliance with legal requirements and documentation. To gain a comprehensive insight into the world of conveyancing, it is essential to delve into the various stages of the process, from the pre-contract stage to the post-completion.
Conveyancing Process
The process that should be followed and that is expertly handled by the conveyancers at Benita Ardenbaum Attorneys is as follows.
- Pre-contract Stage
- Preliminary checks and searches are conducted to assess the property’s legal status and potential issues.
- Drafting and reviewing of contracts by conveyancing attorneys, including terms and conditions of the transaction.
- The seller may be required to provide necessary documentation, such as property titles and deeds.
- Exchange of Contracts
- Both parties, buyer and seller, sign and exchange contracts, legally binding them to the transaction.
- At this stage, a deposit may be paid by the buyer as a commitment to the purchase.
- Post-contract Stage
- Conveyancers manage the legal aspects of the transaction, including ensuring all conditions stipulated in the contract are met.
- Facilitation of property inspections and resolution of any issues that may arise during this stage.
- Post-completion Stage
- The finalisation of the transfer of ownership occurs, with the licensed conveyancer overseeing the payment of the remaining balance.
- Necessary documentation, such as updated property titles, is submitted to relevant authorities to reflect the change in ownership.
The above is just a general overview and there are many steps that our conveyancing attorneys need to follow to ensure that the property gets legally transferred. This process usually takes about three months.
How Benita Ardenbaum Attorneys Can Help as Conveyancers
A conveyancing law firm, such as Benita Ardenbaum Attorneys, possesses in-depth knowledge of property laws, regulations, and local nuances. Our property conveyancing lawyers help clients navigate complex legal requirements, ensuring that all transactions comply with relevant laws and regulations. This minimises the risk of legal complications or disputes arising in the future.
By conducting thorough checks and searches during the pre-contract stage, conveyancing lawyers identify potential issues that could impact the property transaction and therefore mitigate risks, protecting clients from unforeseen challenges.
A conveyancing attorney has several responsibilities including:
- Preliminary Checks and Searches
- Drafting and Reviewing Contracts
- Documentation Management
- Legal Advice and Guidance
- Facilitation of Property Inspections
- Completion and Transfer
Legal Aspects in Conveyancing
There are several legal aspects involved in conveyancing. This includes:
Title Services
Title services involve a comprehensive examination of the property’s legal history and ownership records.
Property Ownership
Understanding property ownership is fundamental in conveyancing. It refers to the legal rights and interests an individual or entity holds in a property.
Land Registry
The land registry is a government office responsible for maintaining public records of land ownership and related transactions.
Title Deeds
Title deeds are legal documents that provide evidence of property ownership.
Encumbrances
Encumbrances are any claims, liabilities, or restrictions on a property that may affect its value or use.
Liens
A lien is a legal right or interest that a lender has in a property until a debt is repaid.
Easements
Easements grant someone the legal right to use another person’s land for a specific purpose.
Covenants
Covenants are legally binding agreements or promises related to the use and maintenance of a property.
Restrictions
Property restrictions limit certain activities or uses of the land, often imposed by local authorities or previous landowners.
With all of the above legal aspects, a conveyancing attorney will do due diligence to make sure that the property is legally transferable and that all parties involved are aware of any restrictions, encumbrances, easements, or covenants.
Costs Involved in Conveyancing
The costs relating to the transfer of immovable property fall into two main categories namely professional fees and disbursements made by the conveyancer on behalf of the parties.
The professional fees charged by the conveyancing law firm are per the guidelines prescribed by the Law Society of South Africa, which makes provision for a sliding scale based on the purchase price of the property. The buyer is responsible for these fees.
Disbursements will include transfer duty or VAT and pro-rata rates and/or levies payable to the relevant local authority and/or body corporate. Transfer duty is determined per the figures issued by SARS.
The conveyancer collects the following funds before registration/transfer takes place:
From the seller
- Outstanding amounts in rates, taxes and/or levies due to the local authority/municipality and/or Body Corporate
- Bond cancellation cost
From the buyer
- Pro-rata provision for rates and taxes and/or levies due to the local authority/municipality and/or Body Corporate
- Deeds Office registration fees
- Professional (conveyancing) fees
- Transfer duty and/or VAT
Tips and Advice for a Smooth Conveyancing Process
For the entire conveyancing process to run smoothly there are a few things that you can do.
- Establish clear communication
- Encourage open and transparent communication between all parties to promptly address any concerns, provide updates, and ensure that everyone is on the same page.
- Understanding of the legal documents and jargon
- Work with conveyancers who can explain legal terms and documents in plain language, ensuring that all parties fully comprehend their rights, obligations, and the overall transaction.
- Be prepared for unexpected delays
- Be mentally prepared for potential delays and maintain flexibility in your timeline. Understanding that these issues can arise will help manage expectations.
Call to Action
If you are embarking on the journey of buying or selling a property then give Benita Ardenbaum Attorneys a call. We have professional conveyancers and property lawyers who will ensure a smooth process for you with minimal disruption to your life. With years of experience and a commitment to personalised service Benita Ardenbaum Attorneys is a good fit. Call us today or complete the form below.