Terminology: Important Parties in a Property Transaction

Real Estate Agent:

A real estate agent, also referred to as a property specialist, is a licensed professional who acts as an intermediary between sellers and buyers of real estate / property and attempts to match the parties up in order to conclude a sale.

 

“Deed” :

Refers to every deed or document which the registrar of deeds is obliged to execute or register in terms of section 3 of the Act, and includes any document submitted in support of or which is required to accompany a deed or document referred to in section 3.

 

Transferring Attorney:

A transferring attorney, also referred to as the conveyancer, is appointed by the seller. They effect the transfer of immovable properties from sellers to buyers. The agent may advise the seller on a transferring attorney , but the prerogative remains with the seller to nominate the conveyancer.

 

Registering (or Bond) Attorney:

The Bond attorney (conveyancer ) gets appointed by the bank who grants the loan to the purchaser. They will advise the transferring attorney of the amount available for guarantees and requests . Once all documentation is in place, the conveyancer will register the bond against the land serving as security under the bond.

 

Cancellation Attorneys:

The conveyancer appointed by the Bank represent the bank by cancelling the seller’s bonds and secures any amounts still owing in the form of guarantees or undertakings.