The first thing that you need to prepare yourself for is that the next part of the process takes some time. "There is lots of paperwork and much communication between various intermediaries," said Careen McKinon, direct sales manager at ooba, the South African bond originator. "The good news is that you'll have lawyers acting on your behalf, so all you really have to do is wait."
According to ooba's statistics, it takes an average of 69 working days for your bond to go from granted to registered. The only action that should be required on your part is to pay the relevant costs and sign the transfer documents and the bond documents. The bank that grants your bond will put you in touch with the attorney who will let you know what you need to do.
In some instances, a buyer might want to move in before transfer has gone through, and in others, the seller might still be living on the property when it has gone through.
"In this case, the person in residence will have to pay occupational rent, which is agreed in the offer to purchase and calculated by the attorney on a pro-rata basis," said McKinon. "This rent should always be paid through the attorney so that there can be no room for a misunderstanding."
If you, as the buyer, move in before transfer goes through, it is advisable that you hold off on any major renovations until the property is registered in your name.
"It happens very rarely, but there have been instances where the transfer does not go through for whatever reason and then the buyer incurs losses on renovations or repairs, so it's best just to wait," said McKinon.
While you wait for the transfer to go through, the best thing that you can do is start putting money aside for your first bond repayment.
"You can significantly reduce the amount you end up repaying on your bond by putting in more than you are required to pay each month," said McKinon. "Once you're in a new home, your extra cash will be consumed with getting your house in perfect shape, so while you have a break, try to save."
Another piece of advice for new homeowners is that removal companies charge more at the end of the month than at any other time, so if you have any choice or flexibility about when you move into your property, try to avoid that end-of-the-month crunch.
"Buying a home is one of the most daunting and exciting things you'll ever do," said McKinon. "Waiting until you can truly call the property 'mine' can be frustrating, but if you use the time to budget and plan, moving in will go a whole lot more smoothly."
From making an offer to property transfer - all the steps