When Does the Seller Receive Payment After Registration?
Selling a property is a significant transaction, and one of the most common concerns for sellers in South Africa is knowing exactly when the money will reflect after the property has been registered. The process may seem lengthy and complex, but understanding the timeline can help manage expectations and avoid unnecessary stress.
Understanding the Property Transfer Timeline
When a property is sold, there are several legal steps involved—from offer to registration. The final step is registration at the Deeds Office, which officially transfers ownership from the seller to the buyer.
But when does the seller actually get paid?
Here’s how the payment process works:
When Does the Seller Receive Their Money?
Payment is typically made within 1 to 2 working days after registration.
Here’s a breakdown of what happens:
- Registration at the Deeds Office: This confirms the buyer is the new legal owner.
- Confirmation from the Deeds Office: Attorneys receive notification on the day of registration.
- Release of Funds:
- The conveyancing attorney, holding the purchase price in their trust account, will transfer the funds to the seller.
- This transfer usually takes 24 to 48 hours, depending on bank processing times and whether all compliance matters have been met.
- Sellers’ Bank Bond Settlement (if applicable): If the seller had a home loan, the attorney will first settle the outstanding bond with the bank, and the balance will be paid to the seller.
Factors That May Affect Payment Timelines
While most transactions run smoothly, a few factors could delay payment:
- Bank clearance delays
- Late confirmation from the Deeds Office
- Outstanding rates or levies
- Errors in final statements
Frequently Asked Questions (FAQs)
Q1: Do sellers receive the full payment on the day of registration?
A1: No, the payment usually reflects 1–2 days after registration, once all confirmations and payments are processed.
Q2: Can I speed up the payment process?
A2: While the timeline is generally fixed, ensuring all documentation is in order can prevent delays.
Q3: What if the buyer hasn’t paid in full yet?
A3: The conveyancer won’t register the property until the full amount is secured—either in cash or by way of bond approval.
Q4: Who pays the seller—the bank or the attorney?
A4: The conveyancing attorney pays the seller from the trust account, where the funds were held during the transfer process.
Q5: Will I be notified once the money has been paid out?
A5: Yes, your conveyancer will notify you once the transfer has been made to your account.
Trust JA Attorneys with Your Property Transaction
Navigating the registration and payment process doesn’t have to be overwhelming. At JA Attorneys, we ensure every legal and financial step of your property sale is handled with precision and professionalism. Let us guide you from offer to final payout with confidence.
For immediate legal assistance across South Africa, speak to one of our experienced attorneys by contacting us on the number below:
JA Attorneys Head Office call: 011 483 2741.