The Transfer Process: Part 2, Preparation Before the Bond
Category Home Buying/Selling Tips
Last month we discussed the first stage of the property transfer process, getting the property on the market, but there is still a ways to go once a buyer is found. The second stage of the property transfer process includes a conveyancer and bond attorney getting involved for a smooth transfer and bond preparation.
Read on to learn the second step in changing property ownership and the role a conveyancer and bond attorney play in preparing the bond.
Receiving an offer:
When a broad marketing plan and correct pricing from the estate agent has been successful and your property has been viewed by potential buyers, you can rest assured that an offer will come in. The estate agent will draw up an offer to purchase with the buyer and then present this figure to the seller. Once the seller accepts an offer to purchase, the process continues to move forward.
Choosing a conveyancer:
The seller will be given the opportunity to appoint a conveyancer, who will assist the seller and buyer with the transfer of the property deed from the one to the other. The conveyancer and estate agent will obtain the correct FICA documentation for both parties and apply for the seller's bond to be cancelled, allowing a new bond to be obtained by the buyer.
Getting a mortgage:
Once the conveyancer has obtained the FICA documents and helped the seller to cancel their bond, it is up to the buyer to get a mortgage loan. The buyer may do this either through their private banker or mortgage originator such as Ooba or Better Bond.
Valuation:
The buyer's bank or mortgage originator will evaluate both the income and expenses of the buyer as well as the property's value and price and work out a repayment plan with the buyer that includes a monthly interest rate. The loan will only be granted if the bank finds value in the property and the monthly repayment is a third or less of the buyer's monthly income before tax.
For both the seller, choosing the right conveyancer to handle the transfer process of your property will ensure your needs are met on time and at the correct rate. Buyers will need to look for the best mortgage rates possible, as falling behind on their payments will lead to them losing their property.
Look out for the next step in the property transfer process, where new owners take custody of their new home. If you are looking for a talented, insightful and skilled real estate agent to help you sell your property, click here and meet our team of amazing agents. http://ow.ly/jM4Z30nziHF
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Author: Lillian Rencken
