Guarantee payments are made on the date the bond is registered. NOTE: The Transfer Attorney, Bond Attorney, and Cancellation Attorney may all be the same person. The registration process usually takes between 8 and 12 weeks.
How long does it take to register a bond?
It takes about three months for your bond to be registered after it has been accepted. Your first bond repayment will be deducted from your account one month after you register, on a date of your choosing. You can choose to pay more into your bond than the bank deducts from your account.
What happens once the bond registration forms are signed?
After the documents are signed, the bond attorney submits them to the bank for verification, and the bank approves the bond’s registration at the Deeds Office.
After the bond is recorded at the Deeds Office, what happens?
The Registrar of Deeds Office stamps off on it once it has been validated, and the title deed is formally lodged. When you submit the title deed, the bank keeps a copy until your house loan is paid off, at which point the title deed can be transferred to you.
How long does it take to register a property in South Africa at the Deeds Office?
Registration in the Deeds Office currently takes 7 to 8 working days. The typical process that a deed will go through when it is lodged at the Deeds Office is outlined below. South Africa has one of the greatest deeds registration processes in the world, ensuring maximal property owner protection.
Can a bank cancel a bond offer?
Yes. If you incur additional debt after the loan is authorized but before the mortgage bond is registered, the bank may opt to rescind the loan.
