General Concepts and Topics
Choice of Conveyancer
- PPA prohibits any arrangements (MBAT has none)
- May recommend
Attorneys Involved
Transferring Attorney
- Monitors compliance with Agreement of Sale
- Monitors financial aspects
- Monitors procedural aspects, i.e. drafting of transfer documents, obtaining of certificates, Transfer Duty, co-ordinates lodgement, etc
Bond Cancellation Attorney
- Panel Attorney
- Notice of Cancellation and Penalty interest
Bond Registration Attorney
- Panel Attorneys
- Various duties not within Transferring Attorney’s control
- Read and complete Agreement
- Ignorance in Law no excuse
- Non-Waiver Clause
- Consult your Attorney if in doubt
- Offer to Purchase becomes Agreement of Sale / Purchase Agreement
Mandates
- Open Mandates
- Shared Mandates
- Sole Mandates
- Exclusive Mandates
- See “Mandates and Commission” below
Cancellation of Existing Bond
Guarantees
- Bond fully repaid – Bond still needs to be cancelled
- Penalty interest
- MBAT can assist re Notice of Cancellation
Fixtures and Fittings
- Fixtures – part of the property and may not be removed
- Fittings – may be removed, important to stipulate in agreement
Insurance
- Only cancel after registration of transfer
Future Property Purchased by Seller:
- Beware not to conclude any new Agreements pending outstanding Suspensive Conditions etc
- Alternatively insert “Out (Suspensive) Clause”
Acts to Comply With
(FICA, POPI, CPA and PPA)
FICA
- Statutory obligation
- Beware Cash payments
POPI
- Consent required
Consumer Protection Act and Property Practitioners Act
- Normal course of business (CPA – Voetstoots Clause)
- Code of Conduct