Property Transfer Process Explained | South Africa

The transfer of property is when the ownership of a property is moved from one person to another person. This happens when a property is sold or when the owner of the property dies and leaves the property to another person.
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[@taylahanekom5825]

Your videos are so informative. Just what I needed all in one place. Please can you do an updated, semi post covid analysis on the western cape, especially coastal and rural areas where many people from GP are semi grating too

[@myappproperty]

Thanks Tayla. You can check out my other channel. ruclips.net/user/LaurensBoel.
I've got a market update for Western Cape scheduled for release in 2 weeks.

[@keshavmahabir4592]

Awesome, thanks for this!

[@seymourjullies8080]

So how does sectional title unit process work from one to another person

[@LaurensBoel]

It would be the same process for sectional titles and freehold properties.

[@dannyarcher6163]

Once finance is obtained from a bank - must that money be used on a specific deal?
What happens to that finance if the deal does not go ahead? Can it be used for another deal?

[@LaurensBoel]

Yes, once finance is approved, it will be allocated to the deal you are working on. If the deal doesn't proceed (i.e. the OTP is in breach), then finance will not be given and you will have to apply for new finance once you have signed a new OTP.

[@vivianokeswa488]

In my case, the whole process is still on going I paid cash in February 2022, and now its the 7th month still process not finalised 🙁🙁😡🥺

[@myappproperty]

I have had a similar experience. We bought a student house in Cape Town and it took 9 months to transfer. After 3 months, we decided to sign an early occupation clause into the OTP, which gave us control of the asset and at least allowed us to start placing tenants and making an income. You might want to consider something similar.

[@danielvanaswegen2406]

Hi,I was just wondering where can I get a OTP an sourcing agreement contract

[@myappproperty]

Hi Daniel. You can probably get free templates online, though I wouldn't really trust them. Alternatively, you can hire a lawyer to draft this documents for you. That is the best option, but also the most expensive. Lastly, I've got a membership program where you can access my templates. Go to www.propertybootcamp.co.za to find out more.

[@johannaengelbrecht6971]

Once the property is registered in the new owners name, for instance at the middle of the month or the first week of the month, do the seller have to move out of the property immediately, or does he have a few days legally available before finally he has to be out of the property?

[@myappproperty]

Hi Johanna, it depends on the contracts signed between both parties. Normally, once the transfer has taken place, the seller would need to vacate the property, unless an occupation agreement has been agreed and signed.

[@mphomoepi1185]

Hi, i was the seller and recently sold my late mother's house. The attorney was rather very unprofessional but the transfer finally went through and now 2-3 weeks later it turns out he didn't request for a CoC for electricity from us during the process and the buyers have electricity issues and now only does the attorney send e-mails with quotations for the CoC (This comes after the buyer's son actually asked the attorney for the CoC).
Question:
What implications does this have on me now that the process is over and done with? I've already committed my money to other things and do not have the money for the CoC.

[@mphomoepi1185]

The process started last July (2022) and it ended 21 April 2023.

[@LaurensBoel]

Hi Mpho, I'm not sure to be honest, but I don't think it's your problem anymore. I would recommend to speak to an attorney and understand your options and the associated implications.

[@siphiwesikhosana8709]

It took me 2 weeks

[@myappproperty]

That's great. Well done!