ASCENDANT TRANSFER DUTY SERVICES

is a financial service designed especially for Conveyancers and their clients. This service enables conveyancers to draw funds, as and when required, to remit transfer duty to the Receiver of Revenue and rates and taxes to the town council, in order to speed up the registration process. The funds are paid directly into the transferring attorney's trust account, provided there are sufficient funds available in the transaction ie: The purchaser has a higher bond than the purchase price or the seller is responsible for the costs and there is sufficient equity in the property transaction, which is vouched for by the transferring attorney.

Benefits to the Conveyancer: Enables the conveyancer to proceed without having to wait for costs to be paid; Reduces administration; Has positive cash flow effects; Speeds up registrations; Improves service to estate agencies; Helps reduce visits by the purchaser; Increased efficiency; Helps conveyancer provide faster bond registration service to banks.

Benefits to Estate Agencies: Earlier receipt of commissions; Better service from conveyancers; Satisfied buyers / sellers; Reduces follow-up calls.

Benefits to Clients: No need to find cash; Reduce visits to conveyancer; Improved service from conveyancer; Improved service from estate agency.

 

HOW TO APPLY FOR TRANSFER DUTY SERVICES

Ascendant and the Conveyancing Firm enter into a service agreement, whereby
Ascendant will provide a facility to cover Transfer Duty fees, and in certain circumstances, other costs related to the property transaction.

To draw upon the facility set in place, two forms are faxed to Ascendant:
1. FIN 1 - Application for Financial Service
2. FIN 2 - Loan Authority

To be registered on our system:

• Sign Master Service Agreement. (Please initial every page)
  
• Copy of cancelled or paid Trust Account Cheque.
  
• Copy of letterhead.
  
• Signed Resolution.

To draw on the facility:

• Ensure funds are available for Ascendant in the bond amount or prior sale.
  
• Have client sign the Form FIN 2 - authority to loan funds.
  
• Fax signed Form FIN 1 (signed by firms authorised signatory) and Form FIN 2 (signed by your client) to Ascendant.

Documentation received by 10am results in electronically transferred trust account payment the same day.

Remember to keep application “master copies” of the FIN 1 and FIN 2 forms for future faxing.

To settle the account

• Upon registration, phone Ascendant on the numbers below, for the final settlement figure i.e. Fee plus interest.
  
• Transfer / deposit amount into Ascendant’s bank account (Details on Transfer Duty Fee Structure) and fax a copy of deposit confirmation to Ascendant.

Cancelled transaction

• Advise Ascendant immediately upon cancellation by fax, with copies of:
  Transfer Duty receipt or a copy of your trust cheque payment to SARS
  Sale Cancellation Declaration
  Claim for Refund document
• Upon receipt of above Ascendant will cancel the service fee charge and VAT on service fee. Only applicable if repaid to Ascendant within 30 days from date of the Declaration of Cancellation being signed.

Please note
Should funding be required for rates and taxes, please fax through a copy of the Rates Assessment Certificate with your application.
For rates amounts over R3 000 please attach a copy of the Sellers Proforma Account issued by your firm.

 

To apply for Ascendant's Transfer Duty Service, please open the Master Service Agreement, as well as the Application for Financial Service form, and the Loan Authority form - complete and sign them and send to us by fax and courier the originals.

FLOW DIAGRAM FOR ASCENDANT’S ADVANCE COMMISSION

Normal transfer
Client requires funds for Transfer Duty and / or rates and taxes
Just before lodgement, the Attorney faxes through Form FIN 1 and FIN 2 to Ascedant
Should funds be required for Rates and Taxes, please attach a copy of the: Rates Assessment Certificate Seller’s Proforma Account (Only for amounts larger than R3000)
Ascendant vet and capture the transaction
The funds requested are paid directly into the Attorneys Trust Account via Electronic Transfer.
Ascendant faxes to the Attorney a Confirmation of Payment		Should the transfer take longer than 90 days, Ascendant will follow up by doing a call around.
Upon registration, the Attorney requests settlement figures from Ascendant.
Attorney pays Ascendant
Transaction is finalised