Property News Buying

Are you ready for a new home? – Part 2

Recently we discussed the requirements of financing a new property. We covered the required documents necessary to purchase a property and how the financing process works. This month we touch on the property registration process.

It frequently takes a lengthy time for a property to be registered leaving buyers and sellers frustrated. With the following explanation on, you will gain a better understanding of the lengthy process.

Step 1: Firstly after obtaining finance and the contract signed by both parties, the contract (offer to purchase) is forwarded to the transferring attorney who will confirm the legality of the agreement.

The attorney oversees compliance and fulfilment of the suspensive conditions. Once the suspensive conditions of the offer to purchase are met, the cancellation figures and title deeds are requested from the bond holder. The transferring attorney will then request municipal figures for rates and taxes.

Step 2: The next step is for all relevant parties to sign the transfer documents and pay the relevant fees. Once the transferring attorney receives the cancellation figures and title deeds, the attorney will draft the draft deed of the transfer. The transferring attorney will then request the guarantees from the bond attorney.

Step 3: The transferring attorney will send guarantees to the cancellation attorneys. On receipt thereof, the cancellation attorneys will obtain the bondholders consent to proceed with cancellation of the property. The transferring attorney will now pay the outstanding rates and taxes to the municipality in order to obtain the clearance certificates. The transfer attorney will also pay SARS to obtain the transfer duty receipt.

Step 4: Once the payments have been made, the transfer attorney will inform all parties that they are ready to lodge. All the documents are then lodged at the Deeds Office, normally registering after 12 to 14 working days. On registration thereof, the property will be transferred to the buyer’s name. The buyer is now the legal title holder of the property.

Step 5: On date of registration, the transferring attorney will present the guarantees for payment. The transferring attorney prepares the settlement accounts for the relevant parties. Delivery of deeds from the deeds office takes around 3 months. The bond attorney will then send the bond title deeds to the bond holder where he or she will acknowledge receipt of the.

In overview of the registration process, you can fully understand why the process feels as if it takes several weeks to finalise. However, this is necessary to complete your purchase. Fortunately Engel & Völkers offers a service that ensures this process is completed for the buyer to relieve all the extra stress that comes with the purchasing of a new property.

Should you have any queries regarding the purchase or selling of property, please feel free to contact us on 012 346 7777
OR sms EV ADVICE with your question and email address to 33903

Should you wish to be pre-qualified and find out what you can afford, please contact Sandy Reddy on 079 500 1954 or e-mail Sandy.Reddy@EVFinance.co.za OR sms EV PREQ with your name or e-mail address to 33903

Via Engel & Völkers

Leave a Reply

The 3 Worst Reasons To Buy A Home
Avoid These Most Common Pitfalls When Buying Or Selling Property
Be Careful Of Sophisticated Property Scammers When Buying Property
4 Basic Scenarios That Bring On Buyer’s Remorse
Avoid These Debt Hazards To Keep Your Home
SA Property Market Remains Safe Haven Asset For Investors
What To Do (And NOT To Do) When Looking To Sell Your Home
How Do Your Pets Affect The Selling Of Your Property?
4 Important Questions To Answer Whether You’re Ready To Buy A Home
4 Minimum Insurance Considerations For Body Corporate
6 Quick Tips When Buying A Home In An Estate
How To Sell Luxury Real Estate
How Hiving Living Emerges As New Housing Trend
City Or Suburbs: Where Should You Buy A Home In South Africa?
Property Practitioners Bill – Why Should The Consumer Give A Hoot?
The 3 Worst Reasons To Buy A Home
Avoid These Most Common Pitfalls When Buying Or Selling Property
4 Home Buying Obstacles To Overcome
Be Careful Of Sophisticated Property Scammers When Buying Property
4 Basic Scenarios That Bring On Buyer’s Remorse
Applying For A Home Loan? Key Is A Good Credit Report
4 Important Questions To Answer Whether You’re Ready To Buy A Home
6 Quick Tips When Buying A Home In An Estate
City Or Suburbs: Where Should You Buy A Home In South Africa?
Property Practitioners Bill – Why Should The Consumer Give A Hoot?
4 Top Reasons To Buy a Home In The Summer
When Is The Right Time To Buy Property?
Make an Informed Decision When Buying a Fixer-Upper
10 Common Mistakes First-Time Home Buyers Make
8 Greatest Concerns Keeping Property Investors Awake
What To Do (And NOT To Do) When Looking To Sell Your Home
How Do Your Pets Affect The Selling Of Your Property?
How To Sell Luxury Real Estate
Property Practitioners Bill – Why Should The Consumer Give A Hoot?
Why A Good Sale Actually Starts With A Good Sale Agreement
What Are The Tax Implications Of Selling Your Primary Residence?
5 Unexpected Expenses When Selling Your Home
How To Get Ready To Sell Your Home In Spring
All That Twitters Is Not Sold
5 Expensive Mistakes Made By Home Sellers When Selling A Home
Does An Open Mandate Delay a Home Sale?
8 Tips On Selling an Empty House
Neglecting Home Maintenance Will Damage Sale Price
The Do’s And Dont’s of Selling Your Home
4 Clear Signs It’s Time To Sell Your Home
4 Minimum Insurance Considerations For Body Corporate
Looking For A Rental Property? Make Sure You Are Rental Ready!
Know The Lowdown On Letting Out Your Property
How Much Should You Spend On Rent A Month?
#SmartHomes: The No.1 Tenant Amenity Today Is Wi-Fi
Demand For Rental Properties Rising Due To Low Confidence Levels
What About Pet Ownership In Sectional Title Schemes?
Why Creditworthiness Is Just As Important For Tenants
Factors To Consider When Letting Out Property
New Landlords Need Experienced Agents
The Perils of Rising Consumer Debt For Landlords
First-Time Tenant? What You Need To Know
Average residential rental values on the increase
Is It Possible To Terminate A Lease Agreement Without Recourse?
New Generation Digs Now On The Rise
3 Helpful Tips For a Stress-Free Moving Day
Divorcing And Need To Sell? 3 Possible Options
5 Mistakes To Avoid When Relocating
7 Tips For Packing And Moving Quickly
Moving? Things To Think About!
Maximising Small Spaces
7 Tips To Help Your Children To Adapt To The Move
What To Do With Your Home When You Have To Relocate
Moving With Pets Can Be Tricky
Estate Agent Moving Tips
Telltale Signs You Need A New Home
Seven Signs You Need A New Nest
Über Wealthy On The Increase And On The Move
Applying For A Home Loan? Key Is A Good Credit Report
SA Property Market Remains Safe Haven Asset For Investors
What Are The Tax Implications Of Selling Your Primary Residence?
5 Unexpected Expenses When Selling Your Home
8 Greatest Concerns Keeping Property Investors Awake
Running Behind On Your Home Loan Repayments? Here’s What To Do!
5 Financial Tips To Stay Afloat As a First-Time Homeowner
First-Time Home Buyer? How To Avoid Tax And Get Up To 44% More Space
Repo Rate Cut: Encouraging News For Home Buyers
Is Investing In Property During The Recession Still A Good Idea?
4 Hot Tips For Investing In Student Accommodation
Make Your Bond Work For You
Energy-Saving Tips For Your Home This Winter
Costs To Consider When Investing In Property
Smaller Properties Yield Great Investments
5 Reasons You Should Work With a Real Estate Agent
Is Hosting Your Property On Airbnb Legal?
How To Protect Your Commercial Property Investment
Commercial property still important asset class for private buyers
Know The Risks Before Building Airbnb Castles In The Sky
Green Buildings Catching On In South Africa
Digital Disruption And The South African Commercial Real Estate Market
Can You Run A Business From A Sectional Title Home?
What’s Driving Change In The Commercial Property Sector?
5 Ways Commercial Property Space Planning Can Save You Money
Investing In Commercial Property an Attractive Option
3 Obvious Signs That It’s Time For Office Relocation
3 Things You Need To Know Before Buying Vacant Land
Price Correction In Commercial Property Market
South Africa: Evolution of Industrial Properties