When it comes to buying and financing a home, it is important to be as informed as you can be. Here is a list of 10 questions to ask your solicitor.
Who Gets the Deposit?
Whom you pay the deposit to will depend on what the contract says, but typically it can be paid either to the conveyancers or the estate agency. Both will have trust accounts where the money will be protected.
Who Receives the Interest on the Deposit?
The interest will be paid to you after registration of transfer, unless another agreement has been made with your conveyancing solicitor. If you wish, you can give your solicitor or estate agent permission to invest in an interest-bearing account.
When Will the Transfer Documents Need to Be Signed?
Transfer documents are signed a couple of weeks after the sale agreement has been signed. The conveyancer typically waits for the bond to be approved, and to receive the cancellation figures for the seller’s current bond. Then the guarantee authority forms can be completed.
Who Is the Occupational Rent Paid to?
The occupational rent will go to the solicitor or estate agent. They will pay it into the seller’s bond account, or even directly to the seller.
How Long Does a Transfer Take to Register?
This will depend on the due dates for the bond grant and other applicable circumstances, and the guarantees that are stipulated in the deed of sale. Most sales take about three months from the date of the sale, but if everything goes smoothly it can take just two months. Complications can result in registration being delayed.
Who Registers the Transfer Bond?
The bank’s local conveyancers will deal with registering the bond.
What Will the Bond and Transfer Costs Be?
Your estate agent and solicitor can answer this question based on a schedule for transfer and bond costs. The transfer fees typically depend on the purchase price of the house. The bond costs will depend on the total home loan and whether or not you are buying your home in your own name, or in a trust, a company or a close corporation.
When Should the Transfer Costs Be Paid?
This happens a couple of weeks after the sale, when you complete the documents. The conveyancer will require payment, as he or she has to pay the transfer duty in advance along with the levies and rates due to acquire a clearance certificate. A delay in payment can further delay or postpone the transfer.
Who Will Contact You When Registration Is Done?
The conveyancer or his or her secretary will contact you for registration. You will then receive a final statement of account, and the bank will send you a letter to let you know your bond has been registered along with the date the first payment needs to be made.
Where Can You Get the Keys to the Property?
Homeowners usually make an arrangement with their estate agent to collect the keys on the agreed upon the day of occupation.
These steps should help you to understand the registration process.