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Preventing bond registration delays. The bond approval process. To email:. From email:. Optional Message:. Send Cancel. Buyers Guide 1. Become a first time home buyer 2. The hidden costs of owning a home 3. Your perfect home wish list 4. How to start house hunting 5. Make an Offer to Purchase 6. Lodgement is the process of electronically sending property instruments and other documents to a Land Registry Office with the intention of having them Registered. Lodgement may or may not include Financial Settlement.
Lodgement Case. The Lodgement Case is effectively a package of documents that define the transaction. Once your chosen Bank has received all the relevant documents, the approval process begins. Bond approval is always subject to a property valuation. The Bank can now officially grant the loan. Once accepted and signed off by you, it's off to the Attorneys for final signature and transfer of the property into your name.
The average conveyancing process can take from eight to 12 weeks, assuming there are no complications or issues raised on the sale price, survey results or searches, for example.
However, a purchase transaction can be completed in a shorter time. In- Deed solicitors do, on average, complete earlier than 12 weeks. With the old process the attorney received the outstanding figures within one day, but after payment it took between 10 and 20 days to get a rates clearance.
In some extreme cases it took up to six weeks. The Deeds Office is a government department responsible for the registration, management and maintenance of the property registry of South Africa. It is part of the department of Rural Development and Land Reform. This entire registration process typically takes between two to three months to complete. To obtain a copy of a deed or document from a deeds registry, you must: - Go to any Deeds Office deeds registries may not give out information acting on a letter or a telephone call.
Aside from prep notes, the Attorney must make sure they are ready to proceed. This usually means making sure all financials are in place and that there is no other reason to hold off on registering the matter. However, it can and does happen that one Attorney in the batch is not ready and can hold the others up.
If we do not register by this day, the batch automatically rejects. It is up to the Attorney to pick up the rejections, take them back to the Firm, correct the reason the deed was rejected and re-lodge the batch.
That means, if the batch is rejected, we start from step one, going back to lodgement, distribution, Level 1, etcetera. Black Booking is the name given to a process that allows us as conveyancers to register a batch the exact same day we get it back from prep. We first have to have a very good reason to do it as permission must be granted by someone with authority to do so.
They are actually placed, nice and gently, into the relevant execution box for the Firm instead of being thrown. Execution happens, usually, from the hours of AM to 11AM. The conveyancer will pick these up and take them to the Execution hall where they sit and face the Registrar and Assistant Registrars, after which they will then sign the deed of transfer execute. They hand these in for the Registrar or Assistants to countersign register.
Once the signature of the Registrar or assistants is affixed, by law, that Property has been transferred to the Purchasers and registration is complete. From this point on, Purchasers are legal owners of the Property and in principle can move in. Banks will be informed of the registration if there is a bond involved — the old Bond will be cancelled and the new bond registered. Banks will pay out monies due in terms of the Bond to the Attorneys. Even though it would seem that we have done everything we need to, there is still some admin left for the deeds office.
This includes updating of records and scanning all documents onto microfilm for record keeping. Written by: Sean Wynne Email: sean ngllaw. First examination are usually done by junior examiners. Senior exams may pass or reject deeds. Day 4: Final Checking Assistant Registrar monitors rejected deeds and decide whether to pass or reject the deeds.
When a Deed is rejected, it gets returned to the attorney and has to follow the entire process again. Deeds that have been passed are sent to the preparation room Prep Day 5: Preparation of Deeds Deeds are prepared by conveynacers and conveyancing clerks.
The preparation process takes about 3 days.
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