Selling a property is a significant financial transaction. When it’s your home and your largest asset, it is completely understandable to feel daunted by the undertaking. The question often arises, “I’m selling my property, can I choose my conveyancer?”. The answer is simple, yes.
Common law determines that the Seller is the party in a property transaction who is entitled to nominate the Conveyancer (transferring attorney.
It must be noted, not all Attorneys are Conveyancers. Conveyancers are qualified Attorneys who have done an additional qualification. This qualification allows them to prepare Deeds of Transfers and Mortgage Bonds and register them in the Deeds Office.
A common question is why if the Purchaser of the property is paying the Conveyancing fees, does the Seller have the right to appoint him/her? Well, again it’s simple. Although the purchaser pays the fees, the property is being transferred from the Seller, and the Seller is far more at risk than the Purchaser.
The Seller, as the owner of the property, stands to lose more and therefore has a stronger claim to the appointment of the Conveyancer. It must be noted that the Conveyancer has a duty to act neutrally and on behalf of both parties at all times.
Should the Seller not have an attorney, the Purchaser is entitled to nominate a Conveyancer, provided the parties come to a mutual agreement.
It is important for the Purchaser to be aware that all Conveyancers’ fees are prescribed and regulated by the Law Society of South Africa.
The Seller will have to be prepared for the following expenses during the transfer process:
- Settlement of the Existing Bond
- Bond Cancellation Account
- Estate Agent’s Commission
- Compliance Certificates
- Rates and Taxes Clearance Certificate
- Levies and/or Home Owners Clearance Certificate
Working with the right Conveyancer will make your property transfer hassle-free. We have an efficient Conveyancing team that is ready to assist you and will keep you informed every step of the way.
For any Conveyancing and Property Law advice, contact us today.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)