Most people will own a piece of land at some time in their lifetime. They will usually buy the land or be given it by someone in their family. They might buy it through an estate agent. How does it work? In every region , there is a Registrar of Deeds. He has a register in which he has a record of every property in his region and the name of the owner. He also keeps a record in that register of other people who might have a claim to that property (e.g. a bond or servitude). When you sell your property, you can't just phone up the Registrar of Deeds and tell him to cancel your name and put someone else's name there. What has to be done is that a conveyancer (your attorney) must prepare all the required documents before the Registrar will make the change. The conveyancers arrange for the purchaser to pay the purchase price, they pay the transfer duty due to the Receiver of Revenue, they get all the people who have rights to the property (e.g. bondholders) to agree to the change of ownership and then, on the day of the registration, the property is transferred from the seller to the buyer, any bond that was registered over the property is cancelled, the rights of the new bond holder are recorded, any other rights are recorded or cancelled. The conveyancer will pay off the seller's bond holder, the estate agent's commission, and other amounts agreed and then pay the balance of the proceeds of the sale to the seller. The conveyancer will then give the buyer the Title Deeds to the property, which is the buyer's record that the property belongs to him.
For further enquiries, contact Roy Harris
Copyrightę Nel & Stevens 2001