Should you be planning to sell your house, do not lose the money earned by this investment by not knowing about the legal aspects involved.
The following is a list of the most important requirements that should be met in a deed of sale. However,this list is not complete as each transaction has its individual requirements. Should you wish to do so, your attorney can draw up the deed of sale.
'Conveyancing' describes the legal process in terms of which rights in fixed property are registered in the DeedsOffice.These rights include ownerShip,mortgage,servitude, mineral rights and others.All these rights vest legally in a person only once registration has taken place. The registration process, therefore,places an official 'seal' on a person's rights in fixed property.
A conveyancing transaction involves a chain of steps which begins with the deeds of sale and which continues through to the ultimate registration of ownership and the reconciliation of finances and payments.
'Fixed property' is any land, whether it is unimproved or improved by the addition, for example,of a house,farm or sectional title unit.
'Conveyancer'; A conveyancer is admitted as suet: by the High Court after having completed a special qualifying examination.Only a person who has been admitted by the High Court as an attorney, may practise as a conveyancer.All conveyancers are, therefore,also attorneys, but not all attorneys are necessarily conveyancers.
Who appOints a conveyancer? In most provinces in SouthAfrica, the usual practice is for the seller to appOinta conveyancer for a property transaction,although this, like other aspects of a sale agreement, can be varied as a result of negotiation between the parties.
The purchaser may also appoint a conveyancer to advise him or her, but these charges will be over and above the conveyancing costs submitted by the seller's conveyancer,who will be doing the actual transfer.
Why is a conveyancer necessary? A great deal is at stake in the transfer of fixed property It is generally the largest single asset that a person owns and the transaction for the purchase or sale of a fixed property is probably the most important contract undertaken by individuals.
The law, therefore, provides that only qualified conveyancers may attend to the transfer of fixed property and related transactions. This
is not only to give proper protection to the rights and interest of the public, but also to safeguard the integrity of the SouthAfrican land registration system, which is universally regarded as one of the best in the world.
When all the checks have been made,all the procedures followed by the conveyancer and the property has been registered in the name of the purchaser,the purchaser can be assured that he or she has the best title to the property.
What recourse do you have if the conveyancer fails to do the job? Conveyancers are subject to the disciplinary powers of the law society of the province in which they practise. Law societies will act in the interest of the public.
If someone believes that a conveyancer has not done his/her job properly,he/she may lodge a complaint with the relevant law society which will investigate the matter and, in appropriate cases,will discipline the conveyancer.
If the conveyancer has been negligent and the purchaser or the seller should suffer any loss as a result of such negligence,they may have a claim against the conveyancer for the amount of the loss.
Telefax: +27 (0) 12 362 6502