Browsed by
Tag: Deeds Office

GETTING MARRIED – YOUR NETT VALUE CAN BE KEPT PRIVATE

GETTING MARRIED – YOUR NETT VALUE CAN BE KEPT PRIVATE

Angela Baker and Stanton du Doit are both wealthy individuals but they enjoy maintaining an ordinary lifestyle. They consulted with a MHI notary who explained that their ante nuptial contract will be registered at the Deeds Office and will in effect be a public document. They enquired with their notary about whether there is an alternative option to keep their current financial position private. There is a solution to their problem; they can declare their nett commencement values of their respective estates by executing a statement in terms of section 6 (1) of the Matrimonial Property Act 88 of 1984.

Herewith are the necessary stipulations to comply with section 6 (1):

  • Ante nuptial contract must be executed and registered at the Deeds Office
  • The statement declaring their respective estates must be executed before the marriage is entered into or within 6 (six) months of the commencement of their marriage
  • The statement must be signed by both parties
  • The statement must be attested by a notary
  • The statement can be executed before the same notary that executed their ante nuptial contract or it can be executed by a different notary

Angela and Stanton’s net commencement value remains private as the section 6 (1) statement is not lodged and registered at the Deeds Office but is filed in the protocol of their notary before whom their ante nuptial contract was executed.

It is best to consult with your MHI notary to ensure that your section 6 (1) statement is executed according to the provisions of our law as failure to properly execute same will mean that your nett commencement value is R 0 and can have grave consequences at dissolution of the marriage.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)

 

WHAT DOES THE DEEDS OFFICE DO?

WHAT DOES THE DEEDS OFFICE DO?

A2The Deeds Office is responsible for the registration, management and maintenance of the property registry of South Africa. If you are planning on buying a house, it can be useful knowing about the Deeds Office. However, you would use the services of a conveyancer when buying or selling a house. Your estate agent should be able to recommend a conveyancing attorney to register your home loan and transfer a property into your name.

What is conveyancing?

Conveyancing is the legal term for the process whereby a person, company, close corporation or trust becomes the registered and legal owner of immovable property and ensures that this ownership cannot be challenged. It also covers the process of the registration of mortgages.

Steps taken by the conveyancer:

  1. The conveyancer lodges your title deed and other documents in the Deeds Office for registration. These documents will be individually captured on the system. If there is a bond, the conveyancer dealing with the bond will lodge the bond documents with the Deeds Office at the same time as the transfer documents. The transfer, bond and cancellation documents must be lodged in the Deeds Office at the same time to ensure simultaneous registration. If different conveyancers are dealing with registering the purchaser’s bond and cancelling the seller’s bond, then they will need to collaborate.
  2. The Deeds Office examiners go through the documentation that has been submitted, and make sure that it complies with the relevant laws and legislations.
  3. The examiners then inform the conveyancer that the deeds are ready to be registered.
  4. Registration takes place with the conveyancer and Registrar of Deeds present. The transfer of the property is then registered in the purchaser’s name. If there is a bond, it is registered at the same time.
  5. Upon registration, the purchaser becomes the lawful owner of the property. The title deed that reflects this ownership is given to the conveyancer by the deeds office after the registration. Unless a bond has been registered as well, in which case the title deed is given to the bond holder.

The time taken to register a property at the Deeds Office depends on various factors and a number of parties. On average, registering a property transfer takes six to eight weeks, although unforeseen difficulties can cause the period to be extended.

References:

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)