Generally, there are three Attorneys involved in the selling and buying transaction of a residential property.
Conveyancing Attorneys handle all the legal processes related to the transfer of a property on behalf of both the buyer and seller. They are obligated to act in the best interest of both the buyer and the seller, should a dispute arise, the Conveyancing Attorney will most likely represent the party who has appointed it in terms of the offer to purchase (usually the seller).
There are three different Attorneys who will ensure that a property’s ownership is transferred and registered in the buyer’s name before payment is released to the seller.
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Transferring/Conveyancing Attorneys
Are responsible for transferring the property from the seller to the buyer and is appointed by the seller.
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Bond Registration Attorneys
Are responsible for registering the bond with the bank providing finance for the sale of the property. The bank granting the home loan appoints the Bond Attorney but in special cases, the buyer can appoint an Attorney if they can forward a very good reason for requesting the services of a specific Bond Registration Attorney. In some instances, the Transferring Attorney and the Bond Registration Attorney may be the same if they are on the banks-approved panel for both services.
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Bond Cancellation Attorneys
They will cancel the seller’s bond and are appointed by the seller’s bank.
The buyer is liable for the transfer costs but the seller has the right to nominate the Transferring/Conveyancing Attorney. However, no law prevents the buyer from choosing the Conveyancing Attorney by agreement of both parties.
As buying a property is an expensive long-term investment you should ensure that whoever is appointed is knowledgeable and comes from a reputable conveyancing firm. They must be professionals and able to advise both the buyer and the seller on any issues that arise with that particular property transaction.
If in doubt or you need help arranging your finances, then please contact Martin at 082 447 3463 or Shannon (in the Western Cape) at 084 701 2865