Finding the perfect property is an exciting process, but the journey does not end once the search is over. After signing an OTP, buyers will have a long wait ahead of them before the property can be transferred into their name.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, explains that there are many moving parts that make up the sales process after the OTP has been signed by both parties. “This is where transferring and bond attorneys take over to ensure that all the necessary paperwork and payments happen so that the title deed can be registered in the new owner’s name. It can take anywhere between one to three months to go from signing the OTP to acquiring the necessary certificates, signing the required paperwork, lodging the transaction at the Deeds Office, and finally taking occupation of the new home,” Goslett explains.
For those who are unable to wait, Goslett notes that buyers can take early occupation of the home if the seller agrees to it, but then the buyer will need to pay occupational rent until the home is transferred into the buyer’s name.
However, in most cases, buyers will have to be patient and try to use the time wisely to help them prepare for the coming move. To help excited buyers make this time fly by as quickly as possible, RE/MAX of Southern Africa shares the following tips…
Draft a new budget
Your budget is likely to look very different in a new home. If you have not done so already, be sure to spend some time carefully considering all the new expenses that will need to be covered once you have moved in. Ask the seller roughly how much they spend on rates and utilities in a month. Get quotes for internet packages in the area. Factor in the monthly instalments if you have taken out a home loan. Find out if your insurance premiums will be affected by the move – if you are moving to a place with increased security, your car and household insurance might even be less.
Organize for the move
Two factors will always be true when it comes to planning for a move: (a) you have less available time than you think and (b) you have accumulated more than you realize. The sooner you can start packing out cupboards, the better. You’ll most likely find that you have a lot of items that you would like to donate or dump. Allowing yourself ample time to go through your belongings can make the whole process less stressful. Also, moving companies can get booked up quickly. Use the time before the transfer to request quotes and provisionally book for the moving date.
Start window shopping
In all likelihood, you will have a long list of items you would love to have in the new home. Take the time before the move to shop around for the best prices. If you have not yet decided on how to decorate each room, spend some time going through online portals like Pinterest or flip through home décor magazines for inspiration and ideas.
Enjoy the last moments in your old home
If you are in any way sentimental, take the time to say a proper goodbye to your old home. Host your last few dinner parties and savour the time you have left in your old home and neighbourhood. Take some photos of each room to remember the place by – even if it was not your favourite home, it can still be great to one day look back to remind yourself where you first started.
“Waiting for transfer to go through can be challenging, but if at any point during the process you are feeling unsure of anything, just speak to your agent and ask them for clarity or assistance. There is a lot to organize during this time, but if you keep focused and keep busy, your moving date will arrive sooner than you think,” Goslett concludes.
