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    Conveyancing is the process of transferring ownership of real estate from one person to another. There are three types of conveyancing attorneys who handle different aspects of the transfer: transferring attorneys move ownership to the buyer, registration attorneys register mortgages for bank financing, and cancellation attorneys cancel the seller's existing mortgage. The buyer provides a deposit held in trust until the transfer is complete, and transfer duty taxes are paid to the South African Revenue Service unless the seller is a certified VAT vendor or the buyer will resell the property, in which case VAT may be reclaimed instead of paying transfer duty.

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    Conveyancing is the process of transferring ownership of real estate from one person to another. There are three types of conveyancing attorneys who handle different aspects of the transfer: transferring attorneys move ownership to the buyer, registration attorneys register mortgages for bank financing, and cancellation attorneys cancel the seller's existing mortgage. The buyer provides a deposit held in trust until the transfer is complete, and transfer duty taxes are paid to the South African Revenue Service unless the seller is a certified VAT vendor or the buyer will resell the property, in which case VAT may be reclaimed instead of paying transfer duty.

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    11 views1 page

    Summary

    Uploaded by

    mokoenadinny99
    Conveyancing is the process of transferring ownership of real estate from one person to another. There are three types of conveyancing attorneys who handle different aspects of the transfer: transferring attorneys move ownership to the buyer, registration attorneys register mortgages for bank financing, and cancellation attorneys cancel the seller's existing mortgage. The buyer provides a deposit held in trust until the transfer is complete, and transfer duty taxes are paid to the South African Revenue Service unless the seller is a certified VAT vendor or the buyer will resell the property, in which case VAT may be reclaimed instead of paying transfer duty.

    Copyright:

    © All Rights Reserved
    Download as TXT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as txt, pdf, or txt
    of 1

    Conveyancing is the process of transferring ownership of real estate from one

    person to another .There are three types of conveyancing attorneys:


    transferring,registration and cancellation. The transferring attorney transfers the
    property from the seller to the buyer,while the registration attorney registers the
    mortgage bond for the bank financing the purchase. The cancellation attorney
    cancels the the seller’s current mortgage bond. The buyer gives the conveyancer a
    deposit of the purchase of the purchase price to be held in trust until the
    transfer occurs. The Transfer Duty Act 40 of 1949 charges South African Revenue
    Services transfer duty when property is obtained. If the seller is a certified Vat
    vendor and supplies the property as part of their organisation, the buyer is exempt
    from paying transfer duty. However if the buyer is also a licensed VAT seller and
    purchases the property to make taxable supply, they can reclaim VAT. If VAT has
    been paid, transfer duty is not due.

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