The following is an outline of the procedures:
OULINE OF THE PROCEDURES FOLLOWED BY CONVEYANCING ATTORNEYS
REGISTRATION OF TRANSFERS, BONDS AND BOND CANCELLATIONS
REGISTRATION OF TRANSFER OF PROPERTY:
- Receive instruction via agent or seller, acknowledge receipt thereof and obtain Deeds Office printout of the property and request cancellation figures and the title deed.
- Receive confirmation that the bond application has been approved.
- Draw the documents required for the registration of the transfer and arrange for the signature thereof.
- Request the amount that the City Council requires in respect of rates and taxes.
- Receive the bond cancellation figures and the title deed.Request and receive the guarantees.
- Collect the transfer costs from the purchaser and pay the transfer duty and the rates and taxes to obtain the transfer duty receipt and the clearance certificate.
- Arrange for the lodgement of the deeds with the bond attorneys and the bond cancellation attorneys.
REGISTRATION OF MORTGAGE BOND:
- Receive the instruction from the financial institution, acknowledge receipt thereof and obtain a Deeds Office printout of the property.
- Advise the transferring attorneys of bond instruction received and request the guarantee requirements and the draft title deed.
- Draw the documents required for the registration of the bond and arrange for the signature thereof.
- Receive payment of costs from the mortgagor (purchaser).
- Issue guarantees or arrange for the guarantees to be issued by the bank.
- Send the guarantees to the transferring attorneys.
- Send the relevant documents to the bank and obtain authorisation from the bank to lodge the bond.
- Arrange for the lodgement of the bond.
REGISTRATION OF MORTGAGE BOND CANCELLATION:
- Receive instructions to attend to the cancellation of the existing bond over the property from the bondholder (mortgagee) together with the cancellation figure and the title deed.
- Acknowledge receipt thereof.
- Send the bond cancellation figures and the title deed to the transferring attorneys.
- Request an undertaking for the payment of the cancellation costs from the transferring attorneys.
- Receive guarantees from the transferring attorneys and send to the mortgagee (bondholder).
- Draw and sign the consent to cancel the existing bond – one consent for every bond to be cancelled.
- Arrange for the lodgement of the deeds with the transferring attorneys