We are a newlywed couple, we are looking to buy a house have children and start a family in a house that we can call home, but where do we start, what is the process and how long will it take…
The process will begin at whether you will buy with a bond or cash. If you buy with a bond, your home loan needs to be approved at the bank and that could take up to 8-10 weeks. The transfer attorney will help you apply for the bond cancellation figures and clearance figures from the municipality - this process will take between 2-6 weeks and signing of the deed of sale will also take place during this period.
With the finances in place the bank will send instructions to the bond attorneys to register the bond.
The transfer documents will be discussed with both the seller and purchaser as well as the suspensive conditions. If both parties accept the terms and conditions in the transfer documents, this will also be signed.
The bond documents will be discussed with the purchaser and signed by purchaser.
The transfer attorney will apply for transfer duty at SARS, and whether you as purchaser needs to pay transfer duty(TAX)
If the bank is happy with everything, bank proceed is received and guarantees are issued to the transfer attorneys, the municipal clearance certificate is then paid…
And now for the final stretch, your application and deed documents are sent to the deeds office for lodgement and registration, this will take about 7-10 working days.
CONGRATULATIONS!!!! YOU ARE NOW A HOME OWNER
As you can see, it is very difficult to put a time cap on this process, because there are a lot of different parties involved and one can’t proceed if one party is still busy with the documents needed, but all in all, if all the parties work diligently and quickly, you will have your first house you can call home!