The role of a transfer attorney in a property sale explained:
For ownership to change hands, the property needs to go through a registration process at the Deeds Office, where the home is transferred into the new owner’s name - this process requires the services of transfer attorneys.
It is important to remember that the transferring attorney is appointed by and will represent the seller. A transfer attorney must also be a qualified conveyancer in order to attend to the transfer process which requires a specialised exam in the field of conveyancing.
The transferring attorney should always keep the seller updated with the progress of the transaction. The attorney needs to communicate with the seller on an ongoing basis and keep them informed about the conveyancing procedure.
You can generally expect the following from your conveyancer in a typical transfer transaction:
- The conveyancer informs all parties of the conveyancing procedure and keep the seller, buyer and estate agent informed of the progress of the transaction;
- Advise the parties of the content of the offer to purchase, especially regarding any suspensive conditions, special conditions and time limits;
- To advise the seller of the cancellation of his/her existing bond, request cancellation figures, any penalties, notice periods and other charges which may affect the settlement figure;
- Request guarantees from the bank/bond attorneys in respect of the transaction;
- Apply for the necessary rates and levy clearance certificates from the authorities;
- Advise all parties of their obligations in terms of the offer to purchase, so as to ensure that the transfer is not delayed, also to do everything in his/her power to register the transaction on or as close as possible to the date agreed to in the offer to purchase;
- Meet with the seller and buyer to explain the process and to sign the necessary documentation in order to conclude the transaction;
- To prepare all deeds for lodgement;
- To keep the seller, buyer and estate agent updated and advise of the transfer on the day of registration;
- Account to the parties for finances relating to the transaction and to make all necessary payments.
Using an experienced and knowledgeable transferring attorney is vital to the sale process and reputable agents will have someone they work with regularly. Make sure that whomever you choose has both or make use of the trusted attorneys on MyProperty.