Attending settlement/closing meetings

FAQ for Attending Settlement/Closing Meetings

What is a settlement/closing meeting?

A settlement/closing meeting is a meeting between the seller and the buyer (or their representatives) where they finalize the sale of a property. During this meeting, the necessary legal documents are signed, and the transfer of ownership and payment of the purchase price takes place.

Why do I need a legal representative to attend the settlement/closing meeting?

Having a legal representative present at the settlement/closing meeting can ensure that the necessary legal documents are correctly completed and signed. It can also provide you with legal advice and protect your interests during the transaction.

What legal documents are typically signed at a settlement/closing meeting?

The legal documents that are typically signed at a settlement/closing meeting include the deed of sale, transfer duty declaration, and bond documents (if applicable).

What is a deed of sale?

A deed of sale is a legal document that outlines the terms and conditions of the sale of a property. It includes details such as the purchase price, payment terms, and any conditions that need to be met before the sale can be completed.

What is a transfer duty declaration?

A transfer duty declaration is a legal document that is required by the South African Revenue Service (SARS) to calculate the amount of transfer duty payable on the sale of a property.

What are bond documents?

Bond documents are legal documents that are required when a buyer obtains a bond to finance the purchase of a property. These documents include the bond application and the loan agreement.

How do I ensure that my legal representative attends the settlement/closing meeting?

You should ensure that you engage the services of a legal representative well in advance of the settlement/closing meeting. You should also provide them with all the necessary information and documents relating to the sale of the property.

Conveyancing attorneys in South Africa specialize in the transfer of property ownership and the registration of immovable property transactions. The primary legislation governing conveyancing in South Africa is the Deeds Registries Act of 1937. This act outlines the procedures and requirements for the registration, transfer, and mortgage of immovable property. The Law Society of South Africa, along with its provincial branches, regulates and provides guidance to conveyancing attorneys. To access more information about conveyancing law and the Law Society of South Africa, you can visit the following links:

1. Deeds Registries Act: http://www.justice.gov.za/legislation/acts/1937-047.pdf
2. Law Society of South Africa: https://www.lssa.org.za/