Role of attorneys in property transfer

There is only one attorney involved in a bond registration process, i.e., the bank’s bond attorney. However, if there is a transfer involving a title deed name change, the transferring attorney and bond cancellation attorney have their role to play.

Bond registration attorneys, or bond conveyancers as they are also referred to, are contracted to the bank and are said to enjoy panel status. They represent the bank and some have signing powers to sign documentation of behalf of the bank. Bond attorneys have the banks software of their computers and they prepare all the necessary forms, agreements and consents needed to facilitate the bond registration process.

Cancellation attorneys are also appointed by the bank to cancel a bank’s existing mortgage bond(s) on behalf of the bank. They also are contracted to the bank and have the necessary bank documentation in their possession to facilitate a bond cancellation request. The bank often uses attorneys on their preferred bond panel to cancel bonds as well. Bond cancellations like bond registrations have to be recorded at the deeds office. The cancellation attorney charges the owner of the property a cancellation fee as per a recommended tariff guideline, but these fees, unlike bond registration fees, are based on the number of bonds over a property and not on the rand value of the bond(s) registered over a property.

Transferring attorneys are usually appointed by a seller of immoveable property to transfer the sellers property on their behalf, and to that end, the seller gives his nominated transferring attorney a power of attorney to pass transfer of his/her behalf. Once transfer documents are prepared and signed by seller and buyer, the transferring attorney forwards these documents to the deeds office and ensures that transfer takes place. A copy is also sent to the bond attorneys.