Don’t Let Anything Go Wrong with your Bond Application – Trust Professional Bond Registrations in Pretoria
There are so many things that can delay bond registrations in Pretoria – postponements at the registration office or the tax certificate that shows that all relevant taxes has been paid on the property, to name a few. These are the things that can delay a bond registration and cause you to have to pay occupation rent on your property that could have instead gone into your bond.
There are certain steps that need to be followed in order to see a successful bond registration in Pretoria through to the end. This is where the services of a real estate professional can come in real handy. They know all of the pitfalls to avoid in order to help you see your bond registration through as soon and as painlessly as possible. Nothing can be more annoying or frustrating than having to wait far longer than anticipated for a sale of a property to go through.
Who are the Parties Involved in a Property Sale?
By knowing the steps involved in bond registration it will help to make the process much easier for everyone involved. There are specific parties involved in the sale of a property in South Africa. This includes the:
- The seller;
- The buyer;
- The estate agent;
- The transferring attorney – this attorney will be appointed by the seller to take care of transferring the property to the buyer’s name.
- Bond attorney – usually appointed by the bank who will cancel the bond of the seller.
Under guidance of the estate agent the seller and buyer will come together and sign the Offer to Purchase, upon which time the buyer will then apply for a bond with a bank, should the buyer not have the cash funds to purchase the property in cash. The bank will then need to approve the bond and advise the bond attorneys of to go ahead with the bond registration in Pretoria.
After this step the seller will then instruct the transfer attorney to start with the transferring of the property. Cancellation figures and title deed is requested from the financial institution which holds the property’s bond and a statement of taxes and rates is sourced from the local municipality.
Following this, the bond attorney will contact the transferring attorney, informing them of the amount which is available for guarantee requirements. Upon receipt of a guarantee for the owning amount, the cancellation attorney will then be requested to cancel the seller’s bond. The transferring attorney will then be presented with the title deed and cancellation figures and provides a copy of the guarantee requirements and deed of transfer to the bond attorney.
The transfer attorney will then require the seller and buyer to sign the transfer documents. At this stage the buyer will transfer the transfer costs and the transfer attorney will pay the transfer duty and rates and taxes of the property. Now the bond attorney will be able to prepare the bond documentation together with the relevant account in order for the buyer to pay all the relevant costs and sign the required documents.
This is just a broad overview of how bond registrations in Pretoria works. There are many other elements that come into play and if you are unsure about any of it, it will stand you in good stead to rather opt going with professional conveyancers to help you see your bond registration through.
At The Beyer Group we aim to provide our clients with a holistic approach to all of their requirements. Our team of experienced attorneys and conveyancers will guide your bond registration in Pretoria through from start to finish and help to keep the transfer time to a minimum. This will also help you by limiting the time you are required to pay occupational rent on your new home.
Don’t be caught off guard with minor details that can delay the entire transfer. Leave it in the hands of the professionals to guide the bond registration through from beginning to end.
For those looking to learn more about our fantastic bond registration services or those looking to learn more about our other services like chartered accountants, registered auditors or property development and bonds and insurance, contact The Beyer Group today.