Cash

On receipt of the transaction/Offer to Purchase by the transferring attorney, the attorney requests the funds to be paid to their trust account. The attorney invests the funds in an interest bearing account; interest to the benefit of the purchaser. You have the option to request that your bank issue a guarantee in favour of the transferring attorney agains your invested funds.

Deposit

The transferring attorney requests payment of the deposit, which forms part of the purchase price on receipt of the transaction. The transferring attorney requests the deposit to be paid to their trust account after which the deposit is invested in an interest bearing account; interest to the benefit of the purchaser. You have the option to request that your bank issue a guarantee in favour of the transferring attorney against your invested funds.

Note: Kindly ensure that the funds (cash and/or deposit) are paid within the time period as stipulated in the Offer to Purchase.

Bond Finance

If you need to register a bond in order to secure the purchase price, kindly ensure that:

1. You obtain a copy of the Offer to Purchase from your Estate Agent.

2. Your Estate Agent assists you, through the services of an originat or to obtain the necessary finance.

Alternatively:

Approach your nearest branch or private banker to obtain an approval for finance.

Note: Always have the following documentation ready before approaching a bank official/originator to assist with finance:

1. Last 3 months payslips from your employer. If you are a weekly salary earner – 6 months payslips and 6 month bank statements are required.

2. 3 months Bank statements if you are a salary earner If you are self employed – letter from accountant confirming monthly income, 6 months bank statements and a copy of your company financials for the past 3 years.

3. FICA (any proof of address not older than 3 months).

Transfer Costs

The transfer costs must be paid to the transferring attorney directly after signature of the transfer documents. The attorney attends to the change of ownership on your behalf.

Bond Costs

The bond costs must be paid to the bond attorney directly after signature of the bond documents. The attorney registers a bond in favour of a specific financial institution in order to secure your purchase price.

Note: You have the option to apply for a bond plus costs where the transfer and bond costs are included in the bond.

The Offer to Purchase will stipulate the time period within which you will have to secure guarantees (the full purchase price). If you are paying cash, you may ask your bank to issue a guarantee in favour of the transferring attorney. If you have obtained a final bond grant, the bank’s appointed attorney will issue guarantees to the transferring attorney after you have signed the bond documents.

Note: Always sign your bond documents immediately on request of the bond attorney as the guarantee needs to be issued within the time period as specified in the Offer to Purchase.

The Offer to Purchase usually specifies when occupation of the property may be taken.

Note: Occupation may be taken by the purchaser before successful registration of the property in his/her name which makes him/her liable for payment of occupational rent as per the Offer to Purchase. Should the seller want to occupy the property after successful registration in the purchaser’s name, the seller will be liable for payment of occupational rent as per the Offer to Purchase.

Transfer duty is payable when you purchase a property for more than R900 000.00. The transfer duty payable by a natural person is the same as a juristic person i.e. (Close Corporations, Companies and Trusts). The transferring attorney requests payment of the transfer duty with the transfer costs, after which they will make payment to SARS in order to obtain a transfer duty receipt necessary for successful registration. SARS will ensure that all parties (seller and purchaser) as well as Estate Agent’s taxes are up to date after which a transfer receipt will be issued to the transferring attorney.

· Copy of my identity document.

· FICA documents (municipal statement, not older than 3 months, alternatively any account reflecting your physical address).

· SARS reference number / Tax number.

· Antenuptial contract / marriage certificate (if applicable).