The transfer procedure
Once the Agreement of Sale and Purchase has been signed by the buyer and the seller, it becomes a binding agreement. The estate agent will issue instructions to the Conveyancers to attend to the registration of transfer into the purchasers name.
When all the subjective conditions have been fulfilled such as the bond being granted, and the wood- borer and electrical inspections done and a clearance certificate obtained, the Conveyancers will start on a set of transfer documents.
2. SETTLEMENT FIGURE
The conveyancer obtains a settlement figure from the Financial Institution holding the current bond over the property. Written applications must be done.
3. TITLE DEEDS
The Conveyancers must obtain the Title Deeds to the property. These are frequently held by the Financial Institution holding the bond over the property. Written application must be made.
The financial Institution holding the Title Deeds will only release them if and when a guarantee is issued that the existing bond balance will be paid in full on transfer.
These are drawn up by the conveyances for the buyer and the seller to sign.
6. PAYMENT OF COSTS
Any delay in the payment of the above costs will stop transfer.
7. TRANSFER DUTY RECEIPT
Obtained from the receiver of revenue upon payment of transfer duty.
Once all the documentation is completed, signed and the required certificates obtained, the necessary documentation is sent to Pietermaritzburg Conveyancers Agents who will hold them until another 2 sets of documents reach them. I.e. bond registration documents and bond cancellation documents.
9. BOND APPLICATION
Normally attended to by the Estate Agent as soon as the sale agreement as been signed by the seller and the purchase.
10. LETTER OF GRANT
Once the financial institution is satisfied that the purchaser qualifies for the bond in all respects. It will send a letter of grant to purchaser informing him/her at the same time of any conditions relating to the bond & who the bond attorneys will be. The financial institution will instruct the bond attorneys to proceed with the bond registration.
Article by: www.dpgprop.co.za