Step 1
Once we receive the signed offer to purchase from your estate agent, we immediately request the necessary FICA documentation from all parties involved as well as the bond cancellation figures from the seller’s existing bondholder. The existing Title deed and Mortgage bond is requested from the bondholder. Should these not be in possession of the bondholder, there may be a delay since replacement copies may need to be requested.
The bank will appoint a Bond Cancellation Attorney to attend to the cancellation of the current mortgage bond registered over the property.
We actively follow up on the bond approval, guarantees and deposit payable and we attend to the required addendums to grant extensions, if applicable.
Step 2
As soon as the buyer receives a final bond grant we arrange for signature of the transfer documents and the appointed Bond Attorney will arrange signature of the bond documents. We request the Local Authority’s rates clearance figures and/or Body Corporate levy figures.
On signing of the Transfer and Bond documents by the buyer, payment of the transfer and bond fees are requested as soon as possible as certain payment will have to be effected from these fees. Two separate accounts will be rendered to the buyer since the transfer and bond process represent two separate acts of registration, even though they are registered simultaneously in the Deeds Office.
Step 3
On receipt of the transfer fees from the buyer, we pay the Transfer Duty to the South Africa Revenue Service and pay the Local authority any due amounts. Transfer Duty refers to tax that the buyer pays on buying of a property and is payable upfront to SARS before registration. We obtain the respective certificates within 4-6 days after payment.
Step 4
When we are in possession of the Transfer duty receipt, Clearance Certificate and Title Deed we arrange for lodgement of the documents at the Deeds Office. This is on the premise that all involved attorneys are ready to lodge. The Bond Cancellation Attorney, Transferring Attorney and Bond Registration Attorney then all lodge their deeds simultaneously in the Deeds Office.
Step 5
Most South African Deeds Offices have a turnaround time of 8-12 working days from date of lodgement to registration. We have no access to your documentation once lodged in the Deeds Office and we can not expedite your matter in any way.
Step 6
Before registration we ensure that all contractual conditions have been met. If all is in order we can proceed with registration. Only on date of registration does the buyer legally become the new property owner and the risk of the property passes to the buyer. All parties are contacted and informed of registration.
Step 7
The process after registration at the Deeds Office entails the updating of the Deeds Office’s records to reflect the new owner’s details as well as various other administrative functions performed by the Deeds Office. The Title – and Mortgage Bond Deed will be delivered to our office by the Deeds Office after approximately 30 days from date of registration and same will be sent to the bank for safekeeping.
Step 8
Through the assistance of an independent agent, the change of ownership at the Tshwane Local Authority is effected after registration. It remains the sole responsibility of the seller to obtain the rates refund payment from the Local Authority of the excess payment made to them that was required to obtain the clearance certificate. All buyers are required to verify that all services have been linked to their new rates account on receipt of their first account.