Legal Expertise At Your Service
The right conveyancer can add real value to property investors.
Conveyancers play a crucial role in every property sales transaction, since the law stipulates that only these specifically qualified attorneys may attend to the process of registering the transfer of a property in the Deeds Office. In fact, usually three different conveyancing attorneys are involved in a property sale.
Conveyancing attorneys involved in a property sale:
- Transferring attorney – responsible for the transfer of ownership of the property from the seller to the purchaser.
- Cancellation attorney – attends to the cancellation of the seller’s current bond over the property and acts on behalf of the financial institution which holds the seller’s existing bond.
- Bond attorney – attends to the registration of the new bond in the name of the purchaser.
“Just like the other experts in your property investment team, the right conveyancer can add great value, protecting your interests and saving time and money,” says Meyer de Waal of Oosthuizen & Co Meyer de Waal Inc.
Understanding the process
Transferring a property from the seller’s name and registering it in the purchaser’s name is a complex legal process. There are many consecutive steps to be completed, in the right sequence and sometimes simultaneously, between the signing of the agreement of sale to the lodgement and registration of the deeds in the Deeds Office.
A reputable and well-established conveyancer places invaluable expertise at an investor’s disposal
“The conveyancer is responsible for the formal technical conveyancing process, which culminates in the submission of documentation to the Deeds Office for registration. This entails monitoring every step of the transaction to ensure no legal problems arise. If problems do occur, the conveyancer must assess the situation, apply the law, and take the necessary steps to remedy the situation,” explains Annetjie van Rooyen, Director at Smith Tabata Buchanan Boyes (STBB).
Your right to choose
Van Rooyen notes that the conveyancing profession boasts a high standard of expertise. “However, it must also be remembered that much of the success of a transaction lies in the hands of third parties involved in the many interrelated steps. For this reason, pro-active management of this complicated process is crucial and it is advantageous to deal with a reputable firm with a sound reputation.”
Adding value to investors
Essentially, a reputable and well-established conveyancer places invaluable expertise and years of experience at an investor’s disposal. “In a complex property transaction, the sooner legal problems are detected and dealt with, the better,” explains van Rooyen. “An apparently small legal development, such as an unfulfilled condition, can jeopardise the entire sales transaction. Depending on the transaction and the nature of the breach, the damage can amount to thousands, sometimes even millions, of rands.”
An investor should always let his conveyancer read the sales agreement before it is signed…
“For a property investor who will engage in numerous and regular property transactions it would be prudent to establish a relationship with a reputable and experienced conveyancer,” adds de Waal. “This may even include negotiations around the conveyancing fees applicable.”
“An investor should always let his or her own conveyancer read the sales agreement before it is signed,” adds Clive van der Spuy of J Bredenkamp Inc. “Remember that the estate agent is not a lawyer, and in any case, his or her primary function is completed once the agreement is signed. Thereafter you need someone independent to look after your interests and ensure the conditions of the contract are fulfilled. For example, what if the seller removes the chandeliers or the cycads from the garden? What if the seller did not disclose a latent defect? What if the town planning approvals are delayed or, worse, refused and you are stuck with a property in a half developed complex? An hour with your own conveyancer may be the best money you have ever spent.”
Resources
- Oosthuizen & Co www.oostco.co.za
- Smith Tabata Buchanan Boyes Attorneys www.stbb.co.za
- J Bredenkamp Inc admin@jbattorneys.co.za
By Monique Metcalf. This article was taken from the May/June 2010 edition of Real Estate Investor magazine.
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