Here are some questions you should ask your Attorney.

1. To whom do I pay the Deposit?

The deposit can either be paid to the estate agency or the conveyancer appointed. It all depends on what your contract says. Both of them have trust accounts where your money is protected. Please make sure you receive a receipt!

2. What happens to the interest received on the Deposit?

The interest will be paid to you after registration of transfer, unless otherwise agreed. Both your estate agent and conveyancer can arrange, on your written authority, that the money be invested in an interest-bearing account and will act in your interest by placing it in the best short-term investment available.

3. To whom do I pay the Occupational Rental?

You can pay the Occupational Rental either to the Estate Agent or the conveyancer and they will pay it into the seller’s bond account or directly to the seller. You could pay it directly into the seller’s bond account if so agreed, but only if he has paid off enough of his bond account. You may be asked to provide proof of payment each month in this case.

4. When do I sign the Transfer Documents?

It depends on the circumstances and may be a few weeks after the sale agreement is signed. Usually the conveyancer will wait until the bond is granted and he has received the cancellation figures from the seller’s existing bond. The conveyancer will only then ask you to come in to the office so that the guarantee authority forms can be completed and signed. You can however contact the conveyancer at any time for an update.

5. How long does the transfer take to register?

The time it takes for the transfer to register depends on circumstances and due dates for the bond grant and on the guarantees stipulated in the deed of sale. The average for most sales are plus minus three months from the date of sale. If there are no complications, registration can be affected within two months. If there are complications registration can be delayed. In such cases you need to stay in touch with your conveyancer.

6. What will the transfer and bond costs be?

The estate agent or attorney should be able to answer this question based on a schedule of transfer and bond costs. The purchase price indicates the actual transfer fees. The bond costs depend and the total loan registered- and whether you are buying in your name or in a trust, close corporation or company. Your attorney will provide your exact costs.

7. When do I have to pay the transfer costs?

Usually you pay the transfer costs when you sign the documents. Your conveyancer will require payment, since he has to pay the transfer duty (the major charges on most transfers) in advance, as well as the rates or levies due to obtain a clearance certificate from the municipality. Try to make payment as soon as possible as this will ensure a swift transfer.

8. Who registers the transfer bonds?

The bank has a local panel of conveyancers for bonds, and one of these will be instructed to register your bond. If the transfer conveyancer is one of those on the panel, he will probably do the bond registration as well. Remember that the bond costs will be the same, but the transfer may go through faster if the same conveyancer handles both.

9. Will someone contact me on registration?

Yes. Your conveyancer’s secretary should contact you on registration. You will also receive a final statement of the account. Sometimes the estate agent may also phone you to confirm registration. The bank will send you a letter advising you of the registration of your bond, and the date when your first instalment is payable.

10. Where and when do I get the keys to the property?

You have to make the necessary arrangements with your estate agent to pick up the keys from them on the agreed day of occupation.

By choosing Mortgage Plus for a loan, you will get that continual service to make sure you are getting the best deal possible.

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