Selling a property often comes with one burning question:
“When will I actually receive the money after registration?”
At ESI Attorneys, we understand how important that moment is. It’s the final step in a long and often emotional journey. Here’s what really happens once your property has officially registered in the buyer’s name.
The Purchase Price Is Always Secured First
The focus in the beginning of the transfer process is to fully secure the purchase price. Long before a transfer is even lodged at the Deeds Office, the purchase price is fully secured.
This means the conveyancer (your attorney) is already holding either:
- Cleared funds in trust, or
- A bank guarantee confirming that payment will be made immediately once registration occurs.
This ensures complete peace of mind. By the time registration happens, the money is already accounted for and under the conveyancer’s control. The buyer cannot delay or retract payment after the transfer.
What Happens on the Day of Registration
When the Deeds Office records the transfer – usually around midday – ownership officially passes to the buyer.
This event triggers the release of funds. The buyer’s bank pays the guaranteed amount into the conveyancer’s trust account, typically overnight. The following morning, the attorney will see the proceeds reflecting in their account and can begin final payment processes.
First Things First: Settling the Seller’s Existing Bond
If the seller still has a bond registered over the property, this loan is cancelled as part of the transfer.
Here’s how it works:
- The proceeds from the buyer’s new bond are paid directly to the bond cancellation attorneys, who settle the seller’s outstanding loan with their bank.
- Only once those cancellation figures have been paid can the remaining balance be calculated by the transfer attorney (as there is always an interest variation).
- Any overpayment by the buyer’s bank in respect of the seller’s cancellation is refunded to the Seller directly by the bank.
This step ensures that all debts linked to the property are cleared before the seller receives their net proceeds.
What About a Cash Sale?
In a cash transaction (where no bank financing is involved), the purchase price is usually invested in an interest-bearing trust account until registration takes place.
Once the Deeds Office confirms the property has officially transferred, the investment is closed and the funds – together with accrued interest – are released to the attorneys. The interest on the investment is refunded to the buyer.
This protects both parties and ensures the money remains safe and transparent throughout the process.
So, When Does the Seller Get Paid?
In most cases, payment is made within 24 to 48 hours after registration.
- On the day after registration, the funds clear in the conveyancer’s trust account.
- After verifying all payments (including bond cancellations), the conveyancer pays the balance of the proceeds directly to the seller.
Occasionally, a purchaser’s bank may delay payment slightly, but the conveyancer ensures the seller receives the proceeds as soon as funds have cleared and all obligations are met.
A Process Built on Trust and Protection
This system is designed to protect everyone involved:
- The buyer’s payment is secure and released only upon registration.
- The seller’s proceeds are safeguarded in trust and disbursed only once all financial obligations are fulfilled.
- The conveyancer remains in control throughout, ensuring compliance, safety and transparency.
In Summary
While it can feel like a long wait, once your property registers, you’re only a day or two away from receiving your funds. The short delay ensures that every cent is properly accounted for – from bond settlement to final payout.
At ESI Attorneys, we make sure this final phase is handled swiftly, securely and with full communication every step of the way, so that you can truly celebrate the sale of your property with peace of mind.