If you’re a first time home buyer and new to the home buying process, you may not be familiar with the conveyancing process, which parties are involved and who pays the costs.
Conveyancing in short is the legal term for the process whereby a person, company, trust or close corporation becomes the registered and legal owner of immovable property. It also covers the process of the registration of mortgage bonds.
Each time a property is sold, ownership must be transferred and a new deed of transfer must be drawn up and registered in the deeds office – this is where the Conveyancing Attorney is involved.
Who appoints a Conveyancer and what does a Conveyancing Attorney do?
Once an offer to purchase or sale agreement has been signed by the buyer/s and seller/s, the seller appoints a Conveyancing Attorney to attend to the transfer transaction.
The earlier you speak to a Conveyancer, the better as they can help you look over the contracts and give you advice.
A good Conveyancer will explain clearly the importance of each process to help all the parties understand exactly what’s involved, the documents required in terms of the Financial Intelligence Centre Act (FICA), why certain documents are required and what documentation you are signing. Further to assist you to meet your legal obligations and protect your interests and rights.