Alert Express

Purchasing a home and registering a bond can be a lengthy and stressful process. Your Zevoli FS consultant will be on hand to advise and guide you through all the important steps in the home buying process, to make your property transfer as easy and hassle-free as possible

Bond Registration

Who is involved?

- Seller
- Estate agent
- Buyer
- Transferring Attorney (appointed by the seller to transfer the property to the buyer’s name)
- Bond Attorney (appointed by the bank granting the bond)
- Cancelling Attorney (appointed by the bank cancelling the bond of the seller)

The same attorney could be responsible for dealing with more than one of these transactions (which can help speed up the process)

The steps involved

1. Offer to purchase? Signed by both buyer and seller. Buyer applies for a bond with a bank, your Zevoli FS consultant will help you get the best possible home loan deal.

2. Bond approval? Bank approves the bond and instructs bond attorney to begin registering the bond.

3. Property Transfer? The seller advises the Transferring Attorney to transfer the property. Title deed and cancellation figures are requested from the bank currently holding the bond. Rates clearance certificate requested from local authority.

4. Bond Attorney contacts Transferring Attorney - The Bond Attorney informs the Transferring Attorney of the amount available for guarantees, requests draft transfer deed and guarantee requirements.

5. Cancellation Attorney? Requested to cancel the seller’s bond on receipt of a guarantee for outstanding amount.

6. Transferring Attorney? Receives title deed and cancellation figures. Buyer and seller sign the transfer documents. Buyer pays transfer costs and Transferring Attorney then pays rates, taxes and transfer duty.

7. Bond Attorney? Prepares bond documentation. Buyer signs these documents and pays the costs. The Bond Attorney then prepares the Bond document to be lodged at the Deeds Office.

8. Transferring Attorney? Receives guarantees from Bond Attorney and forwards to the Cancellation Attorney.  

9. Cancellation Attorney? Gets consent for bond cancellation from the bank which holds the seller’s bond.

10. Deeds Office? After all documentation has been signed and costs paid, new bond and cancellation documents are prepared for lodgement at Deeds Office.

11. Deeds Office - All documentation lodged and checked before they are registered by all the attorneys on the same day.

12. Bank pays out loan? On the day of registration the bank pays out the loan.

13. The process of registration and transfer can take over 3 months, your Zevoli FS consultant will do everything in their power to speed up this process for you.

What can you do to speed things up?

- Get pre-approval for a loan, your Zevoli FS consultant will assist you   
- Provide all requested personal and financial information
- Pay your deposit (if any) and other bond and transfer costs on time
- Supply all relevant documentation (such as government capital subsidy approval or employee subsidy documents) when requested and comply with all bank requirements
- Sign all documents when requested.

Homeowners who previously sold properties in Pretoria’s "old East" in order to move to secure developments on the city’s periphery are now returning to the long-established more central suburbs.

Elsa van Schalkwyk, office manager at RealNet office in Waterkloof, said many of the buyers returning back to Waterkloof, Brooklyn and Lynnwood cite convenient location as the main reason.

Returning buyers also said that access to the N1 and N4 highways are easier from the old East while fuel prices that increase commuting costs are also an important consideration, she said.

A high percentage of prospective buyers now insist that they do not want to live east of the N1 highway. They want to live closer to top schools and tertiary institutions such as Tuks, Unisa and Varsity College because of substantially increased traffic flows in Pretoria’s eastern sectors said Van Schalkwyk.

"Another new trend we are starting to see is that existing residents in the old East would rather renovate and modernise their existing properties than upgrade to other areas," she said.

She said those selling  to downsize also tend to look for smaller properties in their immediate area and staying in the old East, with its established infrastructure, is non-negotiable for many of these buyers.

Van Schalkwyk added that most buying activity takes place in the lower price ranges. The entry level is around R1,5m in Lynnwood and about R1,8m in Brooklyn. 

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