21/08/2024
Take good care of Your Title Deeds!
Having to replace lost title deeds is an expensive exercise in time and money.
The first step in the process is to advise the Deeds Office that your deeds are lost and that you intend applying for a copy to replace the originals. The Deeds Office then has to locate its copy of the lost deed.
Only once the Deeds Office has located its copy can you proceed to the next step. This may take a while, especially in the Eastern Cape where, until December 2017, deeds were registered in the Cape Town Deeds Office. Copies of deeds registered before the move to the King Williams Town Deeds Office have to be requested by the King Deeds Office from the Cape Town Deeds Office which can also add to time-lags.
Replacing lost title deeds involves more than just waiting for copies. Because title deeds can be pledged or handed over to a lender as security for a debt, Deeds Office regulations require that before the Deeds Office will issue you with an official replacement copy, notice of your application to replace your title deeds must be advertised in the newspaper to allow for anyone who might be holding your deeds as security to come forward and object to you being issued with a copy. A two week period must be allowed from the date of the advert for objection, further adding to delays.
The process is convoluted and advertising is very expensive. In the result, replacement costs in excess of R6,000.
In most cases, the discovery that your deeds are lost only happens after you have sold the property and the conveyancer calls for the original which is needed for transfer. The delay then in replacing the deeds can delay your transfer, costing you even more in money, stress and inconvenience.
Our advice to you is to be pro-active and find your title deeds NOW rather than later. If your property is bonded, your deeds should be held by the bonding bank. If not, track down your originals and make sure you put them in a safe place with a note to self and others where to find them when needed.
At Friedman Scheckter, we can help you with the process of locating your deeds and if necessary, replacing them and keeping your title deeds safe and secure. We're here to help.
Friedman Scheckter—Your Trusted Partner in Conveyancing.
