What does the transfer process look like?

What does the transfer process look like?
2019-02-15 SuproNet

I looked at homes with or without an agent, signed an offer to purchase and received bond finance. The bank pays the seller and now the house is mine, right? Wrong

At transfer can take up to 3 months to finalize.

Here are the steps involved:

  1. Receive Instruction – Send out initial letters diaries file until bond is granted (usually purchaser has 30 days to get bond)
  2. Request cancellation figures from bond holder (usually 5 working days for response, a further 3 – 5 working days until cancellation attorney receives instruction).
  3. Request rates clearance figures from City Council & levy clearance from the relevant HOA or body corporate.
  4. Receive cancellation figures/guarantee requirements and copy of title deed from cancellation attorney
  5. Contact purchasers bond attorney. Request guarantees. Guarantees are only sent once the bond attorney has signed the client and received an ok from the bank (this can take up to a month)
  6. Draft preliminary documents (this can only be done if clients have provided necessary FICA as requested in initial letters). Then arrange for signature of transfer documents.
  7. Bond attorney to send guarantees to transferring attorney and transferring attorney to send same to cancellation attorney.
  8. Receive costs from Purchaser. Pay SARS. Rates Figures received and payment requested from seller.
  9. TDR received from Sars (this is issued 1 working day after payment is made). RCC received (7 working days after payment) and Levey clearance certificate.
  10. Once we have City Council consent, HOA consent/levy clearance and transfer duty receipt, we arrange lodgement.
  11. Submit to Deeds Office for registration. (7 – 10 working days, this varies in each Deeds Office).