Buyers Journey - Beginners Guide to Buying Property
From the eyes of a beginner buyer, it may seem like just a reckless venture into the grips of confusion and a total lack of clarity of what is needed and to what there is to expect. See below for a basic understanding on the process you can expect and the steps which you will need to follow. Please allow us to clarify the journey you are about to take with a helping hand along the way.
Meet with the Lender/Property Practioner/Bond Originator
So you know the budget for your new home.
Meet with Your REALTOR
To find your new home or search on property websites.
Make an Offer
Find the type of home you are looking for, within your budget then make an offer.
The Contract is Accepted
Apply for Mortgage finance if required and offer to purchase sent to conveyancing attorney for further action.
Your Loan is Approved
Signing of Documents
Buyers to sign documents at verifying bond registration attorney and pay requested costs - now we move forward with Registration.
Go through the Registration Process
- Conveyancer applies for clearance figures from the municipality.
- Transfer duty of VAT (if seller is a VAT vendor) is paid by purchaser directly to conveyancer (if applicable).
- Conveyancer applies for levy clearence figures from managing agents of sectional title scheme (if applicable).
- Conveyancer applies for home owners' association consent if there is a home owner' association.
- Rate clearance figures recieved for 120 days (depending on municipality) in respect of advancing rates and services.
- Transfer duty paid by conveyancer to SARS on behalf of purchaser.
- Seller and purchaser usually pay pro rata amount of levies based on the date of transfer.
- Written consent to transfer issued for lodgements by home owners' association if levies of seller are up to date.
- Seller makes payment of amounts as per advanced rates figures to conveyancer for onward payment to the municipality.
- Transfer receipt, exemption or VAT receipt issued for lodgement.
- Levy clearance certificate issued for conveyancer's file.
- Rates clearance certificate issued by municipality (takes approximately 10 - 20 working days once paid, depending, depending on which municipality payment has to be made to).
- Conveyancer certificate is lodged with sectional title transfers stating that all monies owing to the relevant body corporate have been paid or provision has been made for payment thereof.
Get the Keys to Your New Home!
The deed is recorded at the Deads office, take out your buying finalization and finally get your keys to your new home!