Buying a home can be a challenging experience if you are unsure what to expect.
PLEASE NOTE: the purpose of this post is to inform only. If you need more detailed information, contact your local conveyancer.
Once the Offer to Purchase was accepted by the seller, the buyer may have a couple of weeks to acquire a bond, in case it is not a cash transaction, as most purchases are subject to bond approval. As soon as the buyer obtains bond approval, the seller instructs his attorney to attend to the registration of transfer of the property to the buyer's name at the Deeds Office. This however, could take a few weeks to complete...
What documents are required to purchase a property?
The transfer attorney will gather the following before lodging a transfer of registration at the Deeds Office:
The payment of the buyer's deposit, if there is one.
Guarantees from the bank offering the bond to the purchaser that the outstanding amount will be paid on the registration of transfer.
A clearance certificate from the local municipality as well as the Body Corporate (if applicable) that all outstanding fees associated with the property are paid in full
A Transfer Duty receipt from SARS
Signed offer to purchase and FICA documents from both the buyer and the seller
Consent from the seller's bond holder, that their current bond may be cancelled.
Once all of the above is in place, the attorney may lodge the instruction in the Deeds Office for registration. On the date of registration, the buyer will officially becpme the new owner of the property.
How long does the registration of property transfer process take?
Currently the transfer process takes 6-8 weeks from the instructions are received to completion of registration.
What can a buyer do to speed up the registration of property transfer process?
As soon as the seller accepts the Offer to Purchase, the bond application process needs to start immediately. Time is of the essence. If you fail to provide proof of a bond in the stipulated period, the process may terminate and you may lose the property.
Provide FICA and other documents to your estate agent, bond originator, transfer and bond registration attorneys as promptly as possible.
Ensure your Income Taxes are fully paid to date at SARS.
Understand all the costs that are payable by you, the purchaser: You are liable for the cost of the Transfer Attorney as well as that of the Bond Attorney. Ask you conveyancer or estate agent for an estimation of the required costs upfront so that you can make provision for it. Note: these costs need to be paid in cash. It is not included in your bond.
If you are uncertain about any matter in this regard, discuss it with your estate agent or Transfer Attorney.
What else should a buyer know?
The offer a buyer makes to a seller is a binding contract. Ensure you fully understand the conditions of the contract before you sign the offer. If anything is unclear, you should ask your estate agent or Transfer Attorney to explain it before signing.
You will receive the keys to the property upon taking occupation of the property. If this happens before registration at the Deeds Office, you will be liable for occupational rent payable to the seller. However, if the seller needs more time after registration, you could receive occupational rent instead. If you receive the keys upon the date of registration, the property is yours and you become liable for payment of the rates and taxes, the bond, utilities and the maintenance of your new home.
Contact Alta, The Property Match Maker, from eXp Realty South Africa, if you want to buy or sell property in Pretoria East, specifically Elardus Park, Monument Park, Waterkloof, Moreleta Park, Garsfontein.
She has a wealth of knowledge and delivers service excellence with flair!
Mobile: 071 758 0996
Comments