Buying a property? Here's how the sale process works…
Finding the perfect property to buy is only half the battle.
Once you've submitted your offer to purchase and the seller accepts, there are a number of things that need to happen before you'll get the keys to your property.
So what does this entail?
Read on to find out…
Get a bond for your property
Once the seller of the property
you want to buy accepts your offer to purchase, you need to get a bond approved. You can’t apply for this until the seller accepts your offer.
Instead of applying to different banks for finance, an easier way is to get a bond originator to do the job for you. They’ll look for the best deal for you.
Next comes the transfer of property
Once you have a bond approved, the next stage involves the transfer of property.
The property seller’s transfer attorney will contact you. This attorney is in charge of transferring the property from the current owner to you.
For this service you’ll have to pay transfer costs and some other fees. If the property is valued at over R600,000, you’ll also have to pay transfer duties.
The attorney will also arrange a clearance certificate from the municipality. For this, you’ll likely have to pay three months’ worth of levies and taxes.
The final stage in buying your property
Once the transfer is done and dusted, you’ll have to finalise the bond. You’ll need the services of an attorney to do the bond registration for you.
You’ll also have to pay the bank a bond initiation fee.
As soon as the bond is registered, the property is yours.
So there you have it. How the sale process works when you buy a property.
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