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.

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