To whom do you pay the deposit?

This will depend on what your contract says. Your deposit can be paid either to the estate agency or the conveyancers appointed to handle the transfer. They both have trust accounts where your money is protected. Please ensure you receive the appropriate receipts. Don’t pay your deposit directly to the seller or to an estate agent.

Who gets the interest on the deposit?

Unless otherwise agreed, the interest is paid to you after registration of transfer. On your written authority, both your estate agent and conveyancer can arrange for it to be invested in an interest-bearing account, and will act in your interest by placing it in the best short-term investment available.

To whom do you pay the occupational rental?

Your occupational rent goes to the estate agent or the conveyancer. They will usually pay it into the seller’s bond account or directly to the seller, if he has paid off enough of his bond account. You could pay it directly into the seller’s bond account if so agreed, but you may be required to provide proof of payment each month.

When will you have to sign transfer documents?

This may only be a few weeks after the sale agreement is signed. Usually your conveyancer will wait until the bond is granted and they have received the cancellation figures for the seller’s existing bond. Only then can the guarantee authority forms be completed and signed. You can phone the conveyancer for an update at any time.

How long will the transfer take to register?

This depends on the circumstances and due dates for the bond grant, and on the guarantees stipulated in the deed of sale. The average for most sales is about three months from the date of sale. When there are no complications, registration can be effected within two months. In cases where there are complications, registration can be delayed. In such cases, you will need to stay in touch with your conveyancer.

When buying in an off plan development transfer will depend on the completion date.

What will my transfer and bond costs be?

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

Cost table

When must my transfer costs be paid?

This usually happens a few weeks after the sale, when you sign your documents. Your conveyancer will require payment, since he has to pay the transfer duty – the major charge on most transfers – in advance, as well as the rates or levies due to obtain a clearance certificate. Don’t delay making a payment – it will unnecessarily delay the transfer.

Who will register the mortgage bond?

The bank will have 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. The bond costs will be the same, though your transfer may go through faster if the same conveyancer does both.

Who will contact me on registration?

Your conveyancer’s secretary should contact you on registration to advise you. You will also be given a final statement of the account. Your 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 installment is payable.
Where will you get the keys to the property?

It is best to make an arrangement with your estate agent to pick up the keys from them on the agreed day of occupation.
Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Home Loan & Property Buying F A Q s

• To whom is my deposit paid?
Depending on the stipulation in the contract, the deposit is either paid over to the Estate Agency or the Transferring Attorneys as they both have trust accounts where your money is protected. Never pay the deposit directly to the seller or the individual agent and always insist on the relevant receipts.

• Can I claim interest on my deposit?
Interest on deposit is usually paid to you after registration of transfer. You can request that either the Estate Agency or Transferring Attorney holding the deposit act in your interest by arrange for the deposit to be invested in an interest-bearing account.

• To whom is occupational rental paid?
It is easiest to pay occupational rental to the Estate Agency or Transferring Attorney who will either pay it directly to the seller or into the seller’s home loan account. You can pay it to the seller directly but may then be asked to provide proof of payment.

• How long will the transfer take to register?
This usually takes about three months from the date of sale, depending on the circumstances and due dates for the home loan grant stipulated in the deed of sale. Registration can be completed within 6 weeks to 2 months from the date of sale if there are no complications or delays from any parties involved in the deal.

• What is the cost of transfer and home loan registration?
There are schedules of transfer and home loan registration costs available from both estate agents and conveyancing attorneys. Transfer costs are based on the value of the property and whether you are buying as a natural person or legal entity such as a Trust, close corporation or company. Home loan registration costs are based on the total registered value of the loan.

• When must my transfer costs be paid?
Transfer duty has to be paid in advance and is usually due a few weeks after the date of sale. Any delay in making this payment will unnecessarily delay the transfer.

• Who will register the home loan?
All the banks have panels of conveyancers that they use for home loan registration and one of these will be instructed to register your home loan. Your mortgage broker will have special rates with various attorneys on the banks’ panels and it is advisable to use one of those. Furthermore, if the transfer conveyancer is also on the bank’s registration panel it will be expedient to let them do the registration as well.

• Who will contact me on registration ?
Your conveyancer’s secretary should contact you on registration and provide you with a final statement of account. Your estate agent may also confirm registration. Finally, your bank will send you a letter advising you of the registration of the home loan and the date when your first installment is payable.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za