To add variation to his explanation, the writer assumes that the transferee is the original developer who has agreed with the body corporate to take transfer of that part of the common property in respect of which he holds a real right to extend.
The following steps are discussed:
- Transferee to obtain the provisional approval of the trustees.
- Transferee requests a land surveyor to prepare a plan of the proposed subdivision.
- Transferee should reach provisional agreement with the trustees regarding any consideration payable, and any further conditions to the transaction.
- Conveyancer now prepares a draft deed of sale.
- Members of the body corporate may be approached to obtain the required unanimous resolution.
- Transferees surveyor may proceed to apply to the local authority for approval of subdivision, and subsequently to draw the subdivisional diagram for the Surveyor General's approval.
- Conveyancer to obtain the consent of all mortgagees required in terms of s 56 and 57 of the Deeds Registries Act.
- Cancellation of existing bonds over the sections on the portion to be subdivided.
- Procuring the necessary consents of all bondholders over units remaining in the scheme.
- During this time the transferee's conveyancer will be dealing with the other documentation necessary for registration of transfer.
- Obtain a rates clearance certificate.
- Power of Attorney, signed by at least two trustees or one trustee and the managing agent must be obtained.
- Deed of transfer - form H of the Sectional Titles Act, which must be slightly adapted.
- Section 15B(3) certificate.
- Obtaining two consents - one from the transferee, the other from the holder of the real right to extend, to cancel such right.