in the legal sense, means the transfer of property from one owner to
the South African jurisdiction a conveyancer performs two services, one
on behalf of the Seller and one on behalf of the Purchaser of immovable
service rendered to the Seller is essentially to collect all necessary
monies from the purchaser which have to be paid, before transfer of
ownership can be passed, such as the Transfer Duty, which is payable to
the Receiver of Revenue, the Municipal Rates and taxes for the current
rate year (a municipal rate year runs from 1 July this year to the 30th
June the next year), the Deeds Office Registration fee, and the
conveyancing fee, which is payable by the purchaser; and to collect
occupational rental (if any), and most importantly the purchase price
of the property which is payable to the Seller on the date that the
ownership in the property is conveyed to the Purchaser.
services rendered to the Purchaser consists of obtaining the Seller
Title Deeds of the property in question, and then preparing a new Title
Deed in favour of the Purchaser which will guarantee that the Purchaser
has valid title (ownership) of the property that he has purchased.
also involves the registration of mortgage bonds, usually in favour of
Financial Institutions, who loan monies to property owners against the
security of the immovable property.
cancellation of mortgage bonds also forms part of the conveyancing
process for when a property is subject to a mortgage, then before the
ownership in the property can be conveyed from the Seller to the
Purchaser, the mortgage will have to be cancelled, and this is done
simultaneously with the conveyance of ownership from Seller to the
Purchaser, and the registration of a new bond by the Purchaser over the
property just aquired.