SABWil Conveyancing: the First-time Buyer
Part 4 – Occupation date and Registration
Occupation date
The closer the transaction gets to lodgement stage, the more relevant your chosen occupation date becomes. If you have chosen the date of transfer as the occupation date, you can start planning your move / give notice on your lease where applicable as soon as all the bond and transfer documents have been signed and you have paid the Pro Forma Costs. The Transferring attorney should be able to give you an estimated date of transfer, which will allow you to plan accordingly. You can also at this stage agree upon a mutually acceptable occupation date with the Seller, which should make planning your move easier.
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Registration: what now?
As soon as the transfer has been registered, the transferring attorney will provide you with a Final Statement of Account, which may differ slightly from the Pro Forma Statement. If you had paid a deposit into the attorneys’ trust account at the beginning of the transaction, they would have invested it in an interest-bearing account for your benefit, and this interest will be paid to you after transfer. Once the Deeds Office records have been updated with the change of ownership, the transferring attorney will also provide you with a Registration letter which includes copies of the rates clearance figures and proof of payment thereof. You will need to submit this letter and annexures, together with a copy of your ID to the Local Municipality in order to open a new Rates and Utilities account in your name. If you have bought in a Section Title or Cluster Complex, you will also need to open Levy accounts with the Body Corporate or Homeowners Association.
Authoress: Conveyancer – Marlene Heppes