M.Comm. / Stakeholders in the process of transfer of immovable property often argue that transfers take too long. This perception impacts unfavourably on investments in property, as well as on the effective management by conveyancing attorneys of their practices. Different views exist, however, as to how long transfers actually take in practice and as regards the period of time that would constitute a reasonable duration for a typical transfer. The purpose of the study is firstly to establish, by means of empirical research, how long transfers should take, given the factors that influence their duration, and secondly to determine how long transfers actually take in practice. The study identifies the factors that influence the duration of transfers. Based on the observations of practising conveyancers, it then proceeds to establish that typical transfers (transfers resulting from certain defined property transactions) should be registered within 6 to 12 weeks (42 to 84 days) from the date of sale. Some conveyancers prefer to express the duration of transfers in months rather than weeks, and state that two to three months (60 to 90 days) represent a normal spectrum of duration for typical transfers. A model is then developed, based on PERT (Programme Evaluation and Review Techniques), that determines the minimum and maximum duration that could reasonably be expected with regard to typical transfers. These periods are calculated as 35 days and 97 days respectively. A reasonable, "average" period for typical transfers is calculated as 63 days. Based on the above findings, the study recommends a duration of 60 to 70 days as a reasonable time span for typical transfers. This period constitutes a theoretical benchmark against which the duration of typical transfers may be measured. The thesis then proceeds to calculate the real duration of typical transfers, based on information regarding transfers that had actually been registered in South African deeds offices over a period of seven years and ten months. With the aid of electronic data it is calculated that typical transfers take an average of 90.15 days from conclusion of sale to date of registration. The median of duration is determined as 85 days and the mode as 70 days. A ten day incrementalX analysis reflects the ten day category of 61 to 70 days as the category in which the most typical transfers occur. Certain trends regarding the duration of transfers are established. Sectional title transfers are on average registered 1. 7 days faster than freehold transfers. A year-on-year comparison shows a reduction in the figure for average duration of typical transfers during the years 1995 to 1999, but average duration increases substantially in 2000 and 2001. In some deeds registries transfers are on average registered faster than in others, but no relationship is found between the volume of registrations in a particular deeds office and the average duration of these transfers. A relationship is found to exist, however, between the price bracket of a property and the duration of the transfer. Broadly speaking it can be said that the higher the price, the shorter the duration of the transfer. At first glance it appears that, generally speaking, transfers actually take as long -or ·as short- as they are in theory supposed to take. Further analysis show, however, that a mere 35.28% of typical transfers are registered within 70 days or less. Only 54.46% of typical transfers take 90 days or less to register. The fact that so many actual registrations fail to meet the theoretical standards described in the study leads to tre conclusion that the unfavourable perception about the duration of transfers has some merit. The thesis recommends that conveyancers use the findings of the study as management tools in the day to day management of their conveyancing practices. A follow- on study that addresses the unfavourable perception about the duration of transfers in more detail is also recommended.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uj/uj:2085 |
| Date | 28 February 2012 |
| Creators | Kilbourn, Elizabeth |
| Source Sets | South African National ETD Portal |
| Detected Language | English |
| Type | Thesis |
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