10 STEPS TO PROPERTY OWNERSHIP

Category General

1. Nominated conveyancers receive the sale document and call for deeds from current bondholder (bank).
    
2. Current bondholder advises transferring attorneys of amounts required to settle the existing loan and instructs their own conveyancers to attend the cancellation of existing mortgage bond.
    
3. New bondholder (bank) instructs their conveyancers to attend to registration of new bond.
    
4. Conveyancers draw necessary documentation. Purchaser signs two sets of documents (transfer/bond). Seller signs one set of documents (transfer).
    
5. Purchaser pays deposit and proforma conveyancing costs.
    
6. Guarantees are issued by conveyancers of new bondholders to settle balance outstanding on seller's loan, and for payment of the balance of available funds to the transferring attorney's trust account for distribution on registration.
    
7. Current bondholder signs consent to "cancellation of bond" upon receipt of guarantees.
    
8. Municipal rates or levies and transfer duty are paid by transferring attorneys. Insurance certite costs and bank initiation fees are paid by bond attorneys.
    
9. All conveyancers to the transactions (transfer, bond, cancellation) collaborate and lodge documents simultaneously in the Deeds Office.
    
10. Registration of transfer ! Final accounting done by transferring attorneys and proceeds of sale paid to seller, loans settled, commissions paid to estate agent, costs paid to electrician and entomologist