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When purchasing your property there are many parties involved, they are the seller, the estate agent, the buyer, the transferring attorney (appointed by seller to transfer the property to the buyer's name), the bond attorney (appointed by the bank granting the bond) and the cancellation attorney(appointed by the bank cancelling the bond of the seller) The same attorney could be dealing with more than one or all of the above transactions. You have identified your property and are ready to start! This could have been with the help of an estate agent or a private sale. Step 1: Purchasing a property The buyer will sign an offer to purchase at the price he/she/they are prepared to pay if accepted by the seller, the buyer then needs to apply for a bond by with a bank. Wizard will take over the hassle for you and apply on your behalf. Step 2: Bond Approval After the loan has been approved, it takes approximately 3 days for the bank to instruct the attorney to proceed with the registration of the bond. Step 3: Property Transfer The seller advises the Transferring Attorney to transfer the property. The title deed and cancellation figures are requested from the bank which currently has a bond over the property. A statement of rates and taxes is requested from the local authority. Step 4: Bond Attorney contacts Transferring Attorney The Bond Attorney advises the Transferring Attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements. Step 5: Cancellation Attorney The Cancellation Attorney is requested to cancel the seller's bond upon receipt of a guarantee for the amount owing. Step 6: Transferring Attorney The transferring Attorney receives the title deed and cancellation figures and sends a copy of the deed of transfer and the guarantee requirements to the Bond Attorney. The Transferring Attorney requests the buyer and seller sign the transfer documents. The buyer pays the transfer costs and the Transferring Attorney then pays the rates and taxes and the transfer duty. Step 7: Bond Attorney The Bond Attorney prepares the bond documentation together with the relevant account. The buyer signs the documents and pays the costs The Bond Attorney prepares and issues the necessary guarantees, forwards them tot he Transferring Attorney and prepares the bond documents for lodgement in the Deeds Office. Step 8: Transferring Attorney Once the Transferring Attorney has received the guarantees, they are forwarded to the Cancellation Attorney. Step 9: Cancellation Attorney The Cancellation Attorney obtains consent to cancellation from the bank which holds the seller's bond. Step 10: Documents prepared for the Deeds Office On completion of compilation of the documents by the attorneys, the documents are lodged simultaneously for registration. After +/- 10 Working days, the transaction is usually registered. Step 11: Deeds Office All the documents are lodged in the Deeds Office by arrangement with the attorneys concerned. The Deeds Office takes approximately 2 - 3 weeks to check the documents before they are ready for registration by all the attorneys on the same day. Step 12: Bank pays out the loan On the day of registration, the bank pays out the loan in accordance with the guarantees issued. Allow at least 3 months for the registration and transfer of the bond. Pitfalls that delay the registration of your bond. - Failure by the seller and/or buyer to provide personal information |
