Conveyancing:

Conveyancing, in the legal sense, means the transfer of property from one owner to another.

In the South African jurisdiction a conveyancer performs two services, one on behalf of the Seller and one on behalf of the Purchaser of immovable property.

The 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.

The 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.

Conveyancing 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.

The 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.

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