What does the law say?
Securing the funds to buy your first home is usually the most stressful aspect you go through during the buying process. However; the legal aspect is just as important because you want to make sure that you make informed decisions. We’ve laid out a step by step guide of what is legally required for you to become the official owner of your new home.
This part of the process may be mostly handled by your lawyers but its still important to know what’s going on. For example, there are four types of attorneys. These include; the transfer attorney who oversees the transfer of the property on offer by the seller. The cancellation attorney is in charge of ensuring the seller’s bond is cancelled. The bond attorney ensures the that the new bond is registered in the new owner’s name. Finally, the conveyancing attorney will receive the deed of sale as well as other documents that are required for the property registration. They will then oversee the signing of all the documents by all parties once the home loan has been approved.
The first document that needs to be signed is the power of attorney where the seller needs to authorise the conveyancing lawyer to appear before the Registrar of Deeds, on their behalf in order to register the transfer. You will need to declare if you’re Insolvent and/or if you’re married. Lastly, the transfer duty declaration will be sent to the Receiver of Revenue together with the payment of transfer duties
Once the different lawyers involved with the property liaise with each other to ensure that all documents are lodged simultaneously at the Deeds Office, they will be scrutinised to see if they comply with all the relevant legislation and regulations. When they are satisfied; the conveyancer will be informed, and the registration of the property and the bond will be done simultaneously. Once the purchase price is paid to the seller, the title deed will be released. At this point you will officially be the owner of a new home!