Sale Procedure

The parties involved in the purchase or sale of a property are:

• The Seller;
• The Buyer;
• The Transferring Attorney/conveyancer (appointed by the seller in the sale agreement to transfer the property to the buyer's name);
• The Bond Attorney (appointed by the bank who granted the bond);
• The Bond Cancellation Attorney (appointed by the bank canceling the bond of the seller)

The same attorney could be dealing with more than one or all the above transactions.

Step 1 - Find a Property:

• Decide on the best property according to your needs.

Step 2 - Purchase the Property:

• The buyer and the seller sign the Deed of Sale, drawn by a conveyancer
• The buyer applies for a bond with the bank.

Step 3 - Bond Approval:

• The bank approves the bond and advises the bond attorney to register the bond.

Step 4 - Property Transfer:

• The seller advises the transferring attorney to transfer the property;
• The title deed and cancellation figures are requested by the transferring attorney from the bank which currently has a bond over the property; and
• A statement of rates and taxes is requested by the transferring attorney from the local authority.

Step 5 - Bond Attorney Contacts Transferring Attorney:

• The bond attorney advises the transferring attorney of the amount available for guarantees and requests the draft deed of transfer and guarantee requirements.

Step 6 - Bond Cancellation Attorney:

• The bond cancellation attorney is requested to cancel the seller's bond upon receipt of a guarantee for the amount owing.

Step 7 - Transferring Attorney

• The transferring attorney receives the title deed and cancellation figures and sends a copy of the new drafted deed of transfer and the guarantee requirements to the bond attorney;
• The transferring attorney requests the buyer and seller to sign the transfer documents; and
• The buyer pays the transfer costs and the transferring attorney then pays the rates and taxes and transfer duty.

Step 8- Bond Attorney:

• The bond attorney prepares the bond documentation together with the relevant account;
• The buyer signs the documents and pays the costs; and
• The bond attorney prepares and issues the necessary guarantees, forwards them to the transferring attorney and prepares the bond documents for lodgment in the deeds office.

Step 9 - Transferring Attorney:

• Once the transferring attorney has received the guarantees, they are forwarded to the cancellation attorney.

Step 10 - Bond Cancellation Attorney:

• The bond cancellation attorney obtains consent to cancellation from the bank which holds the seller's bond.

Step 11 - Documents prepared for the Deeds Office:

• After 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 lodgment in the deeds office.

Step 12 - Deeds Office:

• All the documents are lodged simultaneously in the deeds office by arrangement with all the attorneys concerned.
• The deeds office takes approximately two weeks to check the documents before they are ready for registration by all the attorneys on the same day.

Step 13 - Bank pays out Loan On the day of registration:

• The bank pays out the loan in accordance with the guarantees issued. (Allow at least two months for the registration and transfer of the bond)

Step 14 - Buyer takes Occupation:

• The buyer can occupy the property by prior arrangement or on the day of registration, when the buyer becomes the registered owner of the property.