STEP 1 – Sign an offer to purchase a house from the Seller using an Estate Agent (if applicable);
STEP 2 – Bond Application done for the Loan :
Bond application forms part of the “suspensive condition” (conditions that need to happen before the sale). Another common suspensive condition is the sale of an existing document;
STEP 3 – Estate Agent will send Agreement to us for registration of transfer.
The Sale Agreement is a binding contract that forms the basis of the transaction;
STEP 4 – We will contact the parties for FICA documents, deposit from Purchaser (if applicable), request Deed and Discharge from cancellation bank, search at Deeds Office for restrictive conditions, etc. If the Seller has a bond over the property, his/her bank will hold the title deed in safekeeping;
STEP 5 – Bond attorneys will be instructed once the bond is approved, they will send through their letter with all requirements, a mortgage bond is a special loan which uses the fixed property as a security registered in the Deeds Office;
STEP 6 – Cancellation attorneys will be instructed by the seller’s bond bank, the cancellation attorney will send through the Title Deed and guarantee requirements to us;
STEP 7 – We will apply for rates clearance certificate (takes up to 3 / 4 weeks). A property cannot be transferred if there are outstanding rates;
STEP 8 – Start preparing documents for signature – this takes about a day;
STEP 9 – Contact parties to sign transfer documents such as Power of Attorney, Affidavits, etc. Original FICA to be brought in for verification purposes;
STEP 10 – Proforma account to be paid by purchaser, SARS Transfer Duty application to be done (takes up to 10 days), pro-rata rates/levies homeowner’s fees, etc called for payment. Proforma account is an estimate as to the rates and/or levies will only be known once the figures are received, there could be many additional costs incurred depending on the transaction;
STEP 11 – Once all is in order with Homeowner’s, Rates, Levies, SARS, the matter can be prepped for lodgement;
STEP 12 – Send documents to Stowell & Company for lodgement, always ensure that simultaneous transaction is all done on the same day (bond/cancellation). The lodging attorney is located opposite the Deeds Office and acts on our behalf;
STEP 13 – Matters are lodged together (transfer, bond & cancellation), this takes up to 5-6 days in lodgement stage;
STEP 14 – Examiners at Deeds Office examine each document sent;
STEP 15 – Matter comes “up for prep” or “fees”, we will prep final account in file. This is good news, meaning all the documents were correct and will be registered the next day;
STEP 16 – Matter registered, Seller paid, Estate agent paid, etc. The purchaser becomes the new owner;
STEP 17 – Title Deed sent back to us, send a copy to the client, to send original to bond bank attorneys. The title deed can take up to 2 months to return from Deeds Office.
Are you looking to buy or sell your property?? Contact us today and we will help you!
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