The last task in the conveyancing process is to finalise the payments to the parties once the transaction is registered in the Deeds Registry, including the seller’s proceeds, the commission, refunds to the purchaser as well as any other undertakings given during the course of the transaction.
The finalisation of the finances can only be attended to once the purchase price reflects in the conveyancer’s trust account. If the purchaser financed a transaction by way of a bond, the bank only releases the guarantees at midnight on the day of registration. This means that the conveyancer will only be able to finalise the payouts on the first business day following registration.
Once the administrative and legal procedures necessary for the transfer of ownership has been completed and the transaction is registered in the deeds office and the payments completed, the conveyancer’s mandate comes to an end.
