In the home buying process, once the mortgage has been approved, then the property registration process needs to be done. This process can usually take some time and can become very frustrating for property buyers. In this article, I will describe the steps which are involved in the property registration process.
The first step would be after the mortgage has been approved, then the property purchase contract will be forwarded to the transferring lawyer who should confirm that the purchase is legally correct and legit. The lawyer will then go over the compliance and fulfilment of the suspensive conditions. After that is been put in place then the lawyer will set the cancellation figures and the title deeds to the mortgage holder. Then the lawyer will obtain municipal figures to establish the taxes and rates.
The next step will be for all the concerned parties to sign the transfer documents and to pay all the needed fees. When the transferring lawyer has received all the necessary payments, he will then only draw up the draft deed of the transfer. Then only will the transferring lawyer obtain the guarantees from the mortgage attorney.
Step three involves the transferring lawyer to send all the guarantees to the cancellation layer. Once the cancellation attorney has received all necessary guarantees, then only will he proceed with the cancellation of the house. It will then be the transferring lawyer’s responsibility to pay the outstanding taxes and rates to the local municipality to obtain the needed clearance certificates.
The fourth step in the process can only continue if all the necessary payments have been made. Once the payments are in order the transferring lawyer will inform all parties that they can go ahead with the process. All the needed documents are then lodged at the Deeds Office. The registration then usually takes about 2 weeks. The property will then be placed on the buyers’ name, making the buyer the legal owner of the property.
The final step in the process is that the transferring lawyer will then present the guarantees of the payments. The delivery of the deeds from the deed’s office will then make it official. The mortgage attorney will then send the bond titles to the new property owner, thus sealing the deal.
It is thus clear that all home buyers should be aware of this process and the duration of it. By understanding the process will help you to avoid any frustrations. And you should know that there is no other way to do this.