FINANCING THE SALE

There are two methods to secure the purchase price:

1. The purchase price may be paid in cash which is to be deposited into the conveyancing attorneys trust account where the money will be invested for the benefit of the purchaser.
2. The most common method when purchasing a property will be with the assistance of a bank who will provide the necessary bond finance. The bank will provide the finance and in return a bond will be registered over the property as security for the bank.

It is advisable to approach a well-established and reputable bond origination company who will apply for the necessary finance to all the major banks on your behalf.

It is important to provide the bond originator with all the necessary documentation required. Once all such documentation is provided it usually takes about 5 to 10 working days to receive feedback from the bank as to whether they will provide the finance.

BOND ATTORNEYS

Once the bank has approved your finance, they will appoint a bond registration attorney who will register the security in the form of a bond over the property.

You will now be dealing with the transferring attorneys who will transfer the property to your name, as well as the bond registration attorneys acting for and on behalf of the bank, they will register the bond over your property.

The transferring attorneys and bond attorneys have separate functions in the transfer process but will work in conjunction to achieve a common goal – to register the property in your name as soon as possible.

OCCUPATION & INSPECTION

The sale agreement will usually have a clause stipulating when a purchaser may take occupation of the property. It is usually an industry standard that this date will be the date of registration unless a specific date has been agreed between the parties.

It is important that you as a purchaser liaise with your transfer attorney and estate agent on the progress of the transfer and the estimated date of transfer.

It is advisable that you inspect the property thoroughly upon occupation against the property disclosure sheet.