Buying your first home can be daunting, anxious and confusing. We are here to help you better understand the bond registration process and costs. You spotted your dream first home, now what? Below are steps of understanding the home loan process to make it easier for you. You can always speak to our consultants to get a more in-depth perspective.
The Bond Registration Process For First Time Home Buyers
Step 1: Pre-Qualification
Obtain a pre-qualification certificate/letter to present to a real estate agent. We can help you with that.
Step 2 : Make An Offer To Purchase
The seller and the buyer agree to sign the offer to purchase. The first time buyer applies for a mortgage bond with banks or lenders
Step 3: Bond Approval
Once the bank/lender approves the mortgage bond they will then advise the bond attorney to register the bond.
Step 4 : Transfer Of Property
The seller instructs the transferring attorney to transfer the property. The cancellation fees (costs) and title deed are requested from the presiding bank which currently holds a bond over the property. Statements of taxes and rates are also required.
Step 5 : Bond And Transfer Attorneys Contact Each Other
The bond attorney lets the transferring attorney know about the amount available for guarantees and requests the draft deed of transfer and guarantee requirements.
Step 6 : Cancellation Attorney
Once a receipt of a guarantee for the amount owing is obtained, the cancellation attorney is then instructed to cancel the seller's bond.
Step 7 : Transferring Attorney
The transferring attorney forwards a copy of the cancellation fees, title deed, deed of transfer and the guarantee requirements to the bond attorney. Transfer documents need to be signed by both the seller and buyer. The buyer then pays the transfer costs and the transferring attorney then pays the taxes and rates as well as the transfer duty.
Step 8 : Bond Attorney
The bond attorney then prepares the bond documents. The buyer signs the bond documents and then pays the associated costs. The bond attorney then forwards the necessary guarantees to the transferring attorney and prepares the bond documents for lodging in the deeds office.
Step 9 : Transferring Attorney
When the transferring attorney receives the guarantees, they are then forwarded to the cancellation attorney.
Step 10 : Cancellation Attorney
The presiding bank which currently holds the sellers bond, then gives consent to cancel the seller's bond.
Step 11 : Preparation Of Documents For Deeds Office Lodgement
Respective attorneys then prepare all necessary documents for deeds office lodgment. All documents must be signed as well as all associated fees and costs paid respectively.
Step 12 : Deeds Office
The bond application with all documents are then lodged in the deeds office. The process takes 2 to 3 weeks before confirmation of successful registration.
Step 13 : Home Loan Payout
Once the bond is registered with the deeds office, the bank/lender then pays out the home loan.
Quick and Easy Form
Get the ball rolling, fill out the form below and a bond originator will contact you asap to discuss your bond requirements.
Lowest Interest Rates
You will be pleasantly surprised at prime less interest rates we can negotiate on behalf of our clients. We are commited in finding our clients the best rates in the current SA mortgage market.
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