select
|

Bond approved, now what?

You have found your dream home, your offer was accepted and your bond approved, but now what?

Over the next three months or so, the transfer of the property takes places and there are various activities which needs to happen before it can be completed.

Before you can take occupation of your property, you need to fulfill many legislative requirements and processes, one that usually requires the guidance of an expert real estate agent.

Aside from playing a role in securing your bond, the estate agent facilitates ongoing liaison with the seller, buyer and other parties involved in the process such as the transferring and bond registration and cancellation attorneys. 

The seller chooses the transferring attorneys who takes responsibility for the transfer of the property into your name. This involves a host of activities, clearances and documents, from obtaining the title deed and bond cancellation figures to clearance certificates such as rates and taxes, levy clearance (for sectional title), Electrical Certificate of Compliance (ECOC), Electric Fence System Compliance Certificate (if applicable), Plumbing Certificate, Gas Certificate (if applicable) and in some cases, a Beetle Infestation Clearance.

The deposit may be paid to the mandated Estate Agency's Trust account or to the transferring attorney, Guarantees will then be issued to cover the outstanding loan (if applicable) as well as costs such as the estate agent's commission. There will also be an attorney taking care of registering the bond over the property and a third set, who will cancel the current loan on the property, if applicable.

Once all the documents are finalised, the full set of documents is lodged with the local deeds office in preparation for the transfer and simultaneous cancellation of any existing bond and registration of a new bond. Once transferred the proceeds are paid out to the seller. The process usually takes about three months.


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 25 May 2018
      Reliable public transport systems moving a mass of commuters to and from work, keep a city’s economy moving. Not only do they have a positive impact on economic growth, successful rail links also influence property values.
    • 25 May 2018
      The live, play and visit environment that Centurion Residential Estate & Country Club offers continues to attract buyers looking for a very specific lifestyle and ambiance.
    • 25 May 2018
      As expected, the Monetary Policy Committee kept the repo rate stable, with analysts and market commentators ahead of yesterday's announcement (24 May 2018) pointing to a more hawkish stance amid a weaker rand, somewhat less stable global environment, and an eye on the inflation outlook – coupled with the increase in VAT and sizeable hike in the price of fue
    • 24 May 2018
      Most real estate professionals agree that 2017 was one the toughest years to date; an eminently challenging 12 months that subdued even the strongest markets - including the country’s economic powerhouse of Sandton.
    • 24 May 2018
      These are uncertain and challenging times for the real estate industry, but the non-profit organisation Rebosa is fighting for their interests and finding pragmatic solutions to industry issues such as the urgent need to fast-track transformation says Richard Gray, Rebosa chairman.
    • 24 May 2018
      The decision to invest in property isn’t one that’s taken lightly, or dealt with flippantly. The same should ring true when deciding on an estate agent partner to handle the letting out of your property.
    • 23 May 2018
      Homeowners who are thinking of selling and “trading up” to a bigger or a better home had better be quick now if they want to get the best deal.
    • 23 May 2018
      The new Loftus Park development in Arcadia is really going to boost the demand for homes and rental accommodation close by and the neighbouring suburb of Sunnyside, says Gerhard Kotzé, MD of estate agency group RealNet Holdings.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK