Property Checklist

27 Oct 2020

Property transfers have been hard-hit by the depressed economy and the COVID19 Pandemic, resulting in normal turnaround times being seriously disrupted.

The two most common delay factors are the seller taking time to gather certificates and paperwork and secondly, delays with cash payments to facilitate the transfer.

"It actually is possible for a cash transfer to be registered in just 4 to 5 weeks, instead of the usual 8 to 12 weeks; calculated from the date of sale. But the proviso is that the purchaser pays immediately and all the completed paperwork is handed to the conveyancer the moment the sale agreement is signed," says conveyancing attorney, Denoon Sampson, Denoon Sampson Ndlovu Inc.

"It is never how long the Deeds Office takes; but rather how long the purchaser and seller take to meet their obligations before the documents can be lodged in the Deeds Office. So generally speaking, the Deeds Office does not delay; it is all about the seller and purchaser taking their time after the agreement is signed."

Here he sets out time-saving preparations that will speed up the steps towards transfer:

☑ Giving the 90 days’ notice to the existing bondholder for cancellation of the bond. ☑ Having an Access Bond frozen, before cash can be drawn therefrom. ☑ Obtaining building plans for the house. ☑ Lost original title deed and the long delay in having a duplicate original issued. ☑ Repairing all known defects in the property. ☑ Arranging Electrical Certificates of Compliance, Gas and Fence Certificates, which are valid and beyond reproach. ☑ Making sure that the Company or Close Corporation has not been de-registered by CIPC. ☑ 75% of Shareholders, Directors and Members in a Close Corporation to authorise the sale of its property. ☑ Trustees in a Family Trust must first be updated. ☑ Making sure that the property, if built within the last 5 years, has the obligatory NHBRC (National Home Builders Registration Council) certificate ☑ Deceased Estates: Only an Executor appointed by the Letters of Authority is allowed to sell the Deceased’s property.

"Not every item on this list will apply to each sale," says Sampson. "but it provides a checklist of what could arise. In essence, it is best to start preparing the paperwork long before the property is sold."

Read the full article here. https://www.property24.com/articles/speed-up-your-property-transfer-in-a-third-of-the-time-with-this-checklist/29643

See latest COVID-19 updates on government website www.sacoronavirus.co.za.