The transfer process of property in South Africa can be a long and tedious one. From the time you receive your offer to purchase to the time registration of the property takes place can take upwards of 12 weeks.
However once the property is registered and transferred to the new owner, many sellers wonder how long it takes to get their money. When the purchasers make you an offer, the signed sales agreement is handed over to the conveyancing attorney. At this point we can say that the purchase price is secure because the attorneys are now in control. Your purchasers cannot back out or stall on the agreed payment dates without serious legal consequences.
The purchaser’s will have likely put down a deposit and transferred this money into the firm’s trust account, unless they are applying for a 100% bond.
The day your transfer goes through, the sale proceeds will be paid out into the conveyancer’s trust account overnight. The conveyancer must then deduct the fees before making payment to the seller. This will take place the afternoon after the transfer has gone through.