Marketing Process
Seller - PROTEA agent - Purchaser. Offer to purchase.
Offer accepted and agreement of sale completed.
Agent sends copy of agreement to the purchaser, seller, transferring attorney and in certain instances to the financial institution(s) or bond consultant if requested by the purchaser.
The attorney requests all documents required to prepare the transfer documents from the purchaser and seller.
Purchaser pays a deposit in terms of the agreement, applies for a bond and/or arranges cash or guarantees for the balance of the purchase price. Bank approves client and carries out valuation of the property. Purchaser signs acceptance of the bond. Bank appoints attorney to register the bond.
Seller obtains all required certificates, including electrical and gas clearance certificates.
Seller continues with bond payments until registration of the property in the deeds office.
Bond attorney calls on purchaser to sign bond documents and pay costs involved. Also liaise with transferring attorney regarding guarantees to secure the purchase price.
Transferring attorney calls for the title deed, existing bond cancellation figures and rates and levies clearance figures from the municipality and body corporate, if applicable, respectively.
Once bond is granted, transferring attorney draws up transfer documents to be signed by the purchaser and seller. Purchaser pays transfer costs and balance of purchase price, if any.
Transferring attorney pays relevant transfer duty to Receiver of Revenue and obtains a receipt; also pays clearance amount(s) to the municipality and body corporate respectively and awaits clearance certificate(s).
Ready to lodge transfer of property from seller to purchaser.
Ready to lodge cancellation of seller's existing bond.
Ready to lodge purchaser's new bond.
All attorneys involved lodge their documents at the deeds office at the same time. Deeds office examines and processes documents for a minimum of between 7 and 10 working days.
Registration takes place. Attorney notifies purchaser, seller and agent and pays the seller and agent their respective monies due. THE PURCHASER IS NOW THE NEW OWNER OF THE PROPERTY!
