After your offer is accepted and property inspections are complete, securing financing and transferring property ownership are the next crucial steps. Your bond approval comes after you've made your offer and signed the agreement. This phase involves a few key processes that ensure the legal transfer of the property into your name and the arrangement of necessary financing to complete the purchase. 

Securing Financing

1. Finalise Your Home Loan: Contact the bank or financial institution that pre-approved your loan to move forward with the final loan application. Provide any additional documentation they may require to finalise the loan details.
2. Loan Approval: Once your loan is approved, the bank will issue a formal loan agreement for you to sign. This agreement details the loan amount, interest rate, repayment schedule, and other terms of your bond. Need expert support? Let Rawson Finance help you secure the best deal.
3. Bond Registration: The bank will appoint a bond attorney to handle the registration of the bond. This attorney is responsible for preparing documents that secure the bank's interest in the property, as it serves as collateral for the loan.

Transferring the Property

During this time, buyers should also complete property inspections and appraisals.

1. Appoint a Transfer Attorney: A transfer attorney, often chosen by the seller but paid for by the buyer, manages the legal process of transferring the property title from the seller to the buyer. This includes preparing and submitting various legal documents required to complete the sale.
2. Cancellation of Seller’s Bond: If the property is currently under a bond, the seller’s bond must be canceled. The transfer attorney coordinates with the bank to ensure that any existing loans against the property are cleared, thereby freeing the title for transfer. Selling your current home first? Get a free market valuation before finalising your next purchase.
3. Transfer Process: The transfer attorney will ensure all conditions of the sale agreement are met, prepare the transfer documents, and submit them to the local Deeds Office for registration.
4. Taking Ownership: Once the Deeds Office has registered the transfer, you officially become the owner of the property. The attorney will notify you when the process is complete, and the property is legally transferred into your name.

Pay Transfer Duty and Finalise the Sale

The final stages of purchasing your home involve paying transfer duty and ensuring the sale is properly recorded in the Deeds Office.

Transfer Duty

1. Calculation of Transfer Duty: Transfer duty is a government tax calculated based on the value of the property. Your conveyancer or transfer attorney will calculate the amount due based on the current transfer duty rates. Want to estimate your costs ahead of time? Use our transfer cost calculator to plan your budget.
2. Payment of Transfer Duty: This duty must be paid before the property can be transferred into your name. Typically, the conveyancer will arrange for the payment of this duty, which must be settled within a specified period from the date of acquisition to avoid penalties.

Finalising the Sale

1. Deeds Office Registration: Once transfer duty is paid, the conveyancer registers the property transfer at the Deeds Office. This process includes submitting all necessary documents that prove the sale has been conducted legally and that all financial obligations have been met. This is one of the final steps in the South African property buying process.
2. Receipt of Title Deed: After the registration process is complete, the Deeds Office issues a new title deed in your name, officially marking you as the new owner of the property.
3. Handover of Keys: Once everything is settled, and the property is registered in your name, the seller will hand over the keys, and you can take possession of your new home.

Tips for a Smooth Transition

• Stay Organised: Keep all your documents well-organised. You may need to refer to them throughout the buying process.
• Communicate Effectively: Maintain clear and constant communication with your conveyancer, bond attorney, and real estate agent to ensure you are informed at every step.
• Plan Financially: Ensure you have the necessary funds available for immediate costs, such as transfer duty and attorney fees.

Securing financing and handling the legal transfer of the property can be complex, but understanding each step helps you navigate the process smoothly. By knowing what to expect and preparing accordingly, you can look forward to the moment you step into your new home with confidence and security.