Publications
Partners
Shutterstock [http://www.shutterstock.com]
BUYING a home can be divided into 12 steps, according to Pam Golding Properties' Intellectual Property Magazine.
1. You and the seller must sign the offer to purchase.
2. The bank grants your bond and instructs the bond registration attorney to register it.
3. The seller appoints the transferring registration attorney and instructs them to transfer the property. The title deed and cancellation figures are requested by the bank where the current bond is held, and a statement of rates and taxes is requested from the local authority.
4. The bond attorney informs the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements.
5. The cancellation attorney is asked to cancel the seller's bond upon receipt of a guarantee for the amount owing.
6. The transferring attorney receives the title deed and cancellation figures and sends a copy of the deed of transfer and the guarantee requirements to the bond attorney. The transferring attorney asks the buyer and seller to sign the transfer documents. The buyer pays the transfer costs and the transferring attorney then pays the rates and taxes and the transfer duty.
7. The bond attorney prepares the bond documentation together with the relevant account. The buyer signs the document and pays the costs. The bond attorney prepares and issues the necessary guarantees, forwards them to the transferring attorney and prepares the bond documents for lodgement at the Deeds Office.
8. Once the transferring attorney has received the guarantees, they are forwarded to the cancellation attorney.
9. The cancellation attorney obtains consent for cancellation from the bank which holds the seller's bond.
10. All the documentation has been signed and the costs paid, the transfer, new bond and cancellation bond documents are prepared by the
respective attorneys for lodgement at the Deeds Office.
11. Once all documents have been lodged, the Deeds Office checks them. This can take up to three weeks before the documents are ready for registration simultaneously by the attorneys.
12. The last is that on the day of registration, the bank pays out the loan in accordance with the guarantees issued.
- Fin24
Add your voice to our Property Issue:
* Write a guest post
* Share a personal story
* Ask the experts
1. You and the seller must sign the offer to purchase.
2. The bank grants your bond and instructs the bond registration attorney to register it.
3. The seller appoints the transferring registration attorney and instructs them to transfer the property. The title deed and cancellation figures are requested by the bank where the current bond is held, and a statement of rates and taxes is requested from the local authority.
4. The bond attorney informs the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements.
5. The cancellation attorney is asked to cancel the seller's bond upon receipt of a guarantee for the amount owing.
6. The transferring attorney receives the title deed and cancellation figures and sends a copy of the deed of transfer and the guarantee requirements to the bond attorney. The transferring attorney asks the buyer and seller to sign the transfer documents. The buyer pays the transfer costs and the transferring attorney then pays the rates and taxes and the transfer duty.
7. The bond attorney prepares the bond documentation together with the relevant account. The buyer signs the document and pays the costs. The bond attorney prepares and issues the necessary guarantees, forwards them to the transferring attorney and prepares the bond documents for lodgement at the Deeds Office.
8. Once the transferring attorney has received the guarantees, they are forwarded to the cancellation attorney.
9. The cancellation attorney obtains consent for cancellation from the bank which holds the seller's bond.
10. All the documentation has been signed and the costs paid, the transfer, new bond and cancellation bond documents are prepared by the
respective attorneys for lodgement at the Deeds Office.
11. Once all documents have been lodged, the Deeds Office checks them. This can take up to three weeks before the documents are ready for registration simultaneously by the attorneys.
12. The last is that on the day of registration, the bank pays out the loan in accordance with the guarantees issued.
- Fin24
Add your voice to our Property Issue:
* Write a guest post
* Share a personal story
* Ask the experts
