August 2008 will stick in the memories of many people for a long time. Lehman Brothers, one of America’s major banks, crashed and triggered an international financial recession of proportions not seen since the Great Depression of 1929. Its effects remain with us five years later, and there are still no real signs of recovery in sight. Locally, business confidence, quarterly growth, and other economic...
Section 3
The loan to value table sets out what percentage loan each bank is willing to offer a client based on their income qualification and the value of the property. The attached table is an example, please get an updated copy from your bond originator. Annexure 60 – LTV...
The bond repayment table assists you in calculating what the bond repayment will be based upon the loan amount and the current bank interest rate factor. Information is also available on the Ooba...
The bond repayment table assists you in calculating what loan amount the purchaser qualifies for based on their salary and the current bank interest rate factor. Also available on the Ooba...
The bond repayment table assists you in calculating what loan amount the purchaser qualifies for based on their salary and the current bank interest rate...
The Transfer Process In general, a transfer takes approximately 7 – 8 weeks to complete, and this is conditional on all suspensive conditions being fulfilled. For example, if the purchaser is still in the process of obtaining a bond, the time taken to secure the bond will be added to this time frame. On some occasions, it may take less time; however, this is the exception, not the rule. Do not let...
Who is Involved in the bond registration process? - The Seller - An Estate Agent - The Buyer - Transferring Attorney (appointed by the seller to transfer the property to the buyer) - Bond Attorney (appointed by the bank providing the bond) - Cancellation Attorney (appointed by the bank to cancel the seller’s bond) Note: One attorney may handle multiple roles in the process. Steps...
DAY 1: Lodgment Counter Documents lodged by all Attorneys. Documents (individually) captured on the system. DAY 2-3: Data and Sorters Documents are linked, and then batches are captured on the system. Printouts of both property and persons involved are made available for examiners. DAY 4: Examiners (Deed Controllers) Deeds are examined by the First Examiner (Junior). Deeds are endorsed,...
A rates clearance certificate is a certificate issued by the relevant local municipality on application by a conveyancer for the transfer of a property. The purpose of this document is to prove that all the outstanding debt on the property has been paid by the seller. It is the duty of the transferring attorney to apply to the local authority or council for a rates clearance certificate. For the...
When property transfer documents are lodged in the Deeds Office, a Transfer Duty Receipt or Transfer Duty Exemption Certificate must be included; otherwise, the transfer cannot be registered. Required Information on a Transfer Duty Receipt: - Full names and ID/registration numbers of the parties involved. - Date of the transaction. - Purchase price (not required in words and figures). -...