Selling a property is a significant financial transaction. It can be a daunting undertaking especially if it is your home and largest asset.
Common law determines that the Seller is the party in a property transaction who is entitled to nominate the Conveyancer (transferring attorney).
Firstly, it is important to be aware that not all Attorneys are Conveyancers. Conveyancers are qualified Attorneys who have studied further and obtained the additional qualification of Conveyancer allowing them to prepare Deeds of Transfers and Mortgage Bonds and to register these documents in the Deeds Office.
One of the most frequently asked questions in a property purchase is why, if the Purchaser of a property is paying the Conveyancing Fees, the Seller has the right to appoint him/her?
Whilst it is correct that the Purchaser pays the conveyancing fees it is equally true that the property being transferred is the Seller’s property and the Seller is far more at risk than the Purchaser. It is the Seller, as the owner of the property to be transferred, who stands to lose more and therefore has a stronger claim to the appointment of the Conveyancer. It must be mentioned, however, that the Conveyancer has a duty to act neutrally on behalf of both parties.
Should the Seller not have his/ her own attorney, the Purchaser is entitled to nominate a Conveyancer, provided the parties come to a mutual agreement.
It is important for the Purchaser to be aware that all Conveyancers’ fees are prescribed and regulated by the Law Society of South Africa.
However, a Seller will have to be prepared for the following expenses during the transfer process:
- Settlement of the Existing Bond
- Bond Cancellation Account
- Estate Agent’s Commission
- Compliance Certificates
- Rates and Taxes Clearance Certificate
- Levies and/or Home Owners Clearance Certificate
Having the right Conveyancer working with you will make the entire process hassle-free. Our Conveyancing team is extremely efficient and will keep you informed every step of the way. For any Conveyancing and Property Law advice, please contact our experienced team.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)