Buying a new home is a significant and exciting transaction. While your conveyancer will generally succeed in making the intricate conveyancing process appear simple, no professional can predict the curve balls that may present themselves. One example is where a property seller passes away before registration of the transfer has taken place.
How does this impact the buyer?
The death of the seller does not nullify the agreement, but the transfer process is paused so that an executor can be appointed. The executor will proceed to establish whether the estate is solvent and whether the (existing) sale agreement is valid and binding. Once these questions are answered in the affirmative, the executor will do the necessary to obtain the Master’s consent and will instruct the conveyancer to proceed with the transfer.
Does it make a difference if the transaction had already been lodged in the deeds office?
No. This is because the Power of Attorney that was signed by the (now deceased) seller is no longer valid. Therefore, after the estate has been reported to the Master, the executor shall sign a new Power of Attorney allowing the conveyancer to proceed with the transfer.
This document is also submitted to the Master’s Office for endorsement. If you find yourself in this situation, do not worry, the transfer may just take slightly longer to finalize.
Note that the consent of heirs is not required if the sale was concluded whilst the owner was still alive.
Contact our professional at 041 363 6044 or info@kaplans.co.za for sound legal advice.
