After the Offer to Purchase/Agreement of Sale has been signed and accepted, and a bond (home loan) has been approved, the attorneys appointed needs to cancel the seller’s existing bond (if applicable) and then register a new bond for the buyer (if applicable). The attorney will also transfer the property from the seller’s name to the buyer’s name.
The transfer of a property is a process that must be done by Conveyancing Attorneys. There are normally three attorneys involved (where bonds are applicable).
- The transfer process will be done by the Transfer Attorney who is appointed by the seller at the time of signing the Offer to Purchase.
- The Bond Registration Attorney will register a new bond in the buyer’s name and is appointed by the bank who grants the buyer a bond.
- The seller’s existing bond needs to be cancelled by the Bond Cancellation Attorney who is appointed by the bank who originally granted the seller a bond.
All three these processes must lodge and register simultaneously in the Deed Office and therefore these attorneys will work closely together.
The diagram below illustrates the transfer process:
For Estate Agents it is imperative to have good relationships with attorneys to ensure a speedy and effective transfer process.
This is especially true if there is a delay in the process or special documents needs to be drawn up (e.g. Addendums, Power of Attorney, etc.), or when simple legal advice is required – relationships is what makes it possible for us to easily contact an attorney (sometimes we need to contact them after hours) to get legal advice or get matters resolved quickly and efficiently.
We have built strong relationships with a few attorneys who provides us with excellent service and we HIGHLY recommend their services.
The services offered by these attorneys includes, but are not limited to:
- Late Estates
- Ante Nuptials
- Estate planning
Applying for a home loan can be a daunting task, especially if you are planning to do this yourself – running from bank to bank, submitting the same documents over and over and not always knowing what documents the different banks will ask for; this can be time consuming and frustrating…and why only apply to your own bank when often another bank will offer a better interest rate than your own bank.
It is advisable that you make use of a bond originator – it is a free service to home buyers.
Bond originators are online to the various home loan departments. They understand and know the different requirements and options offered by the various banks and are in the best position to assist you with a tailored solution. Bond originators will also write motivations and explanations to the banks when required to assist you in getting a home loan approved.
We have teamed with some of the best bond originating companies in South Africa and we STRONGLY recommend that you make use of this free service.
If you are going to take on the responsibility of buying property you must be prepared. Property should ideally be a long-term investment, so buyers should consider their future plans and where they see themselves over the next five to possibly 10 years.
Owning a home is a milestone that most people aspire to. It is also an opportunity towards growing personal wealth and owning an asset that appreciates in value over time.
Our mission is to “find you the sweetest hive”. The Property Bees team is capable, qualified and willing to assist you.
Talk to us – we are here to help you!