Questions to ask your Attorney before you sign?
There are many questions Buyers ask about the transfer procedure
at the time of
signing a deed of sale. Its best to ask them before putting
pen to paper.
1. To whom do I pay the deposit?
It will depend on what your contract says. Your deposit can safely
be paid either to your estate agency or the conveyancers appointed
to do the transfer. They both have trust accounts where your money
is protected. Dont pay it directly to the Seller or to any
estate agent individually.
2. Who gets the interest on the deposit?
Unless otherwise agreed it must be paid to you after registration
of transfer. Both your estate agent and conveyancer can arrange
for it to be invested in an interest-bearing account for your
benefit upon written authority granted by yourself. They will
service your best interests by placing it in the best short-term
3. To whom do I pay the occupational rental?
Again to either the estate agent or the conveyancer. They
will usually pay it into the Sellers bond account or, where
the Seller has sufficient equity in the property, to him personally.
You could pay it directly into the Sellers bond account
if so agreed but you may be required to furnish proof of payment
4. When will I have to sign transfer documents?
This may only be a few weeks after the sale agreement is signed.
Usually your conveyancer will wait till the bond is granted and
he has received the cancellation figures for the Sellers
existing bond. Only then can guarantee authority forms be completed
and signed. You can always phone the conveyancer for an update
at any time.
5. How long will the transfer take to register?
It depends on circumstances and due dates for the bond grant and
guarantees stipulated in the deed of sale. The average nationwide
for most sales is about three months from the date of sale. When
there are no complications registration can be effected within
two months. In cases where there are complications registration
can be delayed. You will need to stay in touch with your conveyancer
in such cases.
6. What will my transfer and bond costs be?
Your estate agent should be able to answer this question as most
agencies have a schedule of all transfer and bond costs. The actual
fees will depend on the purchase price of the property and whether
you are buying in your own name or in a Trust, CC or Co. You can
at any time request your attorney to advise the exact amount of
7. When must my transfer costs be paid?
Usually when you call to sign your documents (a few weeks after
the sale). Your conveyancer will require prepayment as he has
to pay the transfer duty in advance (the major charge on most
transfers) as well as the rates/levies due to obtain a clearance
certificate. Dont delay making payment it will unnecessarily
8. Who will register my mortgage bond?
Your bank will have a local panel of conveyancers it will use
for all its bonds and one of these will be instructed. If the
transfer conveyancer is one of those on its panel he will probably
do the bond as well. Your bond costs
will be the same irrespective of who registers it. Your transfer
may go through quicker if the same conveyancer does both.
9. Who will contact me on registration?
Your conveyancers secretary should give you a call on registration
to advise you and will give you a final statement of account.
Your estate agent may also phone you to confirm registration.
Your bank will send you a letter advising registration of your
bond and the date when your first instalment is payable.
10. Where will I get the keys to the property?
It is best to make an arrangement with your estate agent to pick
up the keys at the agency on the day of occupation. You can make
direct arrangements with your Seller if you so wish. Youll
be required to pay any occupational rental due before being allowed
to occupy the property.
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