 And once again a very warm welcome back to your fielded breakfast show this is Express on SABC 3 and check it it's drizzling yeah some water some rain here for us we've been praying for it right now we are calling on all first time home buyers as we continue our series of giving you expert knowledge and information and we're talking about conveyancing which is the legal process of transferring ownership from the seller to the buyer and it's a process that starts off when your offer to buy is accepted and it ends when the keys are in your hand but of course there's lots of nitty gritties that can get in the way that can result in a couple of surprises that you might not have expected it's time for us right now to get some expert advice well we're going through the journey of a first-time home owner and the legal side of buying a home is not always the greatest but unfortunately a very important point that needs to be paid attention to we have attorney Lisa Boniface in studio to explain everything to us when it comes to conveyancing Lisa great to have you back on the show awesome to be back so well we are talking about conveyancing what exactly is it so conveyancing is the legal process whereby ownership in immovable property is transferred from one party to another party and obviously all other related aspects like registration of mortgage bonds and real rights so where exactly would you start this process so the first step is receiving the instruction and that's by way of a deed of sale or an offer to purchase once the conveyances have received the offer to purchase we're all very excited the state agents earn their commission the purchase is going to be moving into a new home and the sale is going to be paid out some proceeds we do a deed search immediately and we just ensure that the property description is correct the parties to the agreements are correct once that's been done we then request security documents from our mortgage bond holder and these documents are your original title deeds and your mortgage bonds as well as existing cancellation figures from the banks this is the amount of money that's still owing in respect of the loan on that property so we need to ensure that the bank is covered for that amount of money that's still outstanding it's then that we go to our local authorities and we obtain our rates figures no transfer can be affected at the deeds office until such time as we have a rates clearance certificate once that's been done we ensure all our suspense of conditions have been fulfilled the bond has been granted there's any special conditions that have needed to be fulfilled we ensure that these have been done too then we pay SARS there's transfer duty that's payable on any property that's being acquired so SARS needs to be paid and a transfer duty receipt it needs to be received from SARS once we've got our transfer duty receipt in place we've got our rates clearance certificate in place we sign transfer documents with the purchaser and the seller and these include powers of attorneys and FECA declarations once our transfer documents are signed our guarantees are in place we've got the money in the bank that's when we head to the deeds office and it sits at the deeds office for seven to ten days so yeah and it goes through three different examiners and once the matters on prep the conveyances ensure that the purchase price is paid by way of guarantees or it's been paid at sitting in our trust account and we then give an instruction to our lodging agent to register the matter we have registration transfer of ownership has taken place we then as conveyances will do a reconciliation of finances we'll pay out an estate agent their commission and then essentially pay out the seller their proceeds okay so basically everything happens through the conveyance but I want to know also this seems like such a lengthy process how long does it take from you know before you can actually move in generally that period so it all really depends on the contractual obligations of the parties and obviously the cooperation of the parties is also very important so it's how quickly you go and approach your attorneys and you sign up documents how quickly you pay your transfer costs and if there's any special conditions in regards to the respect of the deal if you fulfill those timeously so it all just depends but on average six to eight weeks for a deal to go through Lisa thank you so much for coming through to share all of that it's a lot of information to process but I think the important thing is to know that conveyancing is a good thing the process is moving along and you are almost moving into your new home well don't miss your feel-good breakfast show and don't miss out on the final stages of our buyers journey of buying their dream home whether it's your first apartment in the city a trendy suburban townhouse or that dream family home on a golfer state there's a home for everyone on private property