There are 3 types of conveyancing attorneys: Transfer, Bond Registration and Bond Cancellation Attorneys. The transfer attorney is involved in co-ordinating all 3 attorneys to bring the transaction to finality and ensures that all parties are aware of the progress of the transaction.
The Transferring Attorney attends to the transfer of the property from the seller to the buyer and generally co-ordinates most of the conveyancing process. At Lee & McAdam, we specialise in this field.
Bond Cancellation Attorneys:
This Attorney is appointed by the seller’s bond holder (Bank) to cancel the seller’s existing home loan registered over the property. The sellers bond must be cancelled simultaneously (or before) with the registration of the buyer’s new home loan.
Bond Registration Attorneys:
The Attorney is appointed by the buyer’s bank granting the home loan. They represent the bank granting the buyer’s home loan. They register the bond over the property in favour of the bank.
The different Conveyancing Attorney/s will explain each process in more detail once appointed.
Why do we need it?
The Transferring Attorney ensures that the ownership is transferred between a seller and a buyer and that no payments are made by the buyer until the property is legally transferred into their name.
The Seller appoints the Transfer Attorney but the purchaser pays for these costs.
If a property is bonded, there will be additional Bond Cancellation and Bond Registration costs.
What am I paying for?
- The transfer of the ownership of the property to you
- The Deeds office requires many supporting documents to finalise a sale. The conveyancers gather and prepare these. Such documents are:
- Title Deeds from the seller’s bank
- Details of the Home Loan
- Cancellation Figures
- Rates Clearance Certificates, issued by the local Municipality
- They draw up a Power of Attorney authorising the transfer of the ownership of the property
- A declaration of transfer duty or VAT also needs to get drawn up
Can I do it myself?
No. All conveyancing attorneys are required to write a supplemental exam to be admitted as conveyancers. Only admitted conveyancers are allowed to deal with the Deeds office.
What are the costs?
Costs will vary based on the price of your property and are calculated on a sliding scale. It is a good idea to discuss all the costs associated with a new property with your conveyancing attorney before deciding on putting in an offer as they will provide you with a quotation for the extra costs payable. These may push you beyond your budget if you have not budgeted for them.