Level 4 Unlocks the Deads Office
The move to Level 4 unlocks the Deeds Office
The welcome announcement that the various Deeds Offices will open on the 4th May is a welcome relief after five weeks of national lockdown and regulations are now eased to Alert Level 4, allowing some essential services to return to work.
Unlocking essential government services and administrative services means that professionals supporting the Deeds Office, essentially conveyancing attorneys, may also operate at Alert Level 4. Until the Deeds Offices have prepared their workplaces to operate in terms of the health and safety requirements, conveyancers may not be able to access the Deeds Office and time will be needed to clear the backlog of documents lodged prior to the lockdown.
“Clearing the pipelines awaiting registration at the Deeds Office will give comfort to many Seller’s awaiting their transfer and the proceeds from the sale of their property. This is good news for the property industry,” says Sandy Walsh, MD Property.CoZa South Africa, “and real estate agents awaiting commissions from their sales will be grateful to receive funds into their business”. As an industry predominantly reliant on a commission-based income, the property industry is feeling the financial pressure and revenue from outstanding registrations will be short-lived if real estate agents are unable to resume activities soon.
“Advising clients on occupation for sales and rentals has been difficult since the lockdown and, while regulations require people to stay at home, financial pressure is being felt by those awaiting proceeds from their sales or rentals,” says Walsh. “Buyers who took possession of their properties prior to lockdown will also be anxious to move in and enjoy the benefits of their home having taken ownership and having to cover the related costs.”