KVV Inc. Training Centre Test - Conveyancing Process

Conveyancing Process
This is a Multiple Choice questionnaire of 10 questions.

Please read each question carefully and provide your answers as indicated.

Good Luck!

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* 1. Kindly provide your full details to begin with test.

Full Name

Company

Email Address

Contact Number

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* 2. Complete the following: The 1st step in the Transfer Process is -

Sign a contract

Secure the finance

Registration

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* 3. A Purchase Price can be secured by:

Cash payment (Deposit and/or Balance Purchase Price)

Loan from a bank (Mortgage Bond)

Both a and b above

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* 4. The Bond Cancellation Attorney -

is appointed by the Sellers Bond Holder and ensures that the bank receives guarantees to settle the outstanding amount on the bond before allowing transfer of property

Sees to the Cancellation of the Offer to Purchase when the parties want to cancel

Attends to the registration of the Purchasers new Bond

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* 5. A Rates Clearance Certificate confirms:

That the Purchaser is now the owner of the property

The rates and taxes due to the municipality are paid up to date and in advance

The electricity in the property is safe

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* 6. When investing the purchasers funds -

The Transfer Attorney is stealing the money

The Estate Agent can draw money from the investment

The interest on the investment accrues to the Purchaser until date of registration

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* 7. Transfer Duty is:

The fee the Purchaser pays to the Transfer Attorney

A tax paid by the Purchaser to SARS

The obligations placed on the Purchaser by the contract

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* 8. The Transfer Fee and the Bond Registration Fee is payable by:

The Purchaser

The Seller

The Estate Agent

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* 9. The Electrical Compliance Certificate (ECC/COC) confirms that:

That all appliances in the property are in working order

The electricity in the property is paid up to date

The electricity in the property is safe

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* 10. Occupational Rent is payable:

By the Purchaser to the Seller when taking occupation before registration

By the Seller to the Purchaser when remaining in occupation after registration

Can be both a or b above, depending on the circumstances

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* 11. On Registration in the Deeds Office:

The Purchaser becomes the owner of the property

The bank becomes the owner of the property

The Estate Agent becomes the owner of the property