Step 1: Offer to Purchase and Bond Application

The journey begins with the signing of the Offer to Purchase (OTP) and securing a bond if required.

1. Real Estate Agent/Agency:

- Facilitates the signing of the OTP, which serves as a legally binding agreement between the buyer and the seller.

- Ensures the OTP includes all essential clauses, such as suspensive conditions (e.g., bond approval) and details like occupational rent if the buyer takes possession before transfer.

2. Bond Originator (if not a cash purchase):

- Assists the buyer in applying for a home loan with multiple banks, ensuring the best possible interest rate.

- Communicates loan approval to all parties, including the buyer, seller, and real estate agent, setting the stage for the next steps.

Step 2: Appointing the Conveyancer

Once the OTP is signed and the bond is approved, the focus shifts to legal processes managed by the conveyancer.

1. Seller’s Role:

Appoints a conveyancer - a specialized property lawyer - to oversee the property transfer process.

2. Conveyancer’s Role:

Prepares and requests key documents from both the buyer and seller, such as identification, proof of residence, and tax clearance certificates.

Works closely with the bond attorney (if applicable) to align timelines for the bond registration and property transfer.

3. Compliance Requirements:

Arranges for legally required inspections and certificates, which may include:

- Electrical Compliance Certificate
- Gas Compliance Certificate (if gas installations exist)
- Water Installation Certificate (in certain municipalities)
- Beetle Clearance Certificate (typically required in coastal areas).

Step 3: Bond Registration and Payment Preparation

With the groundwork laid, attention turns to securing financing and preparing for transfer payments.

1. Bond Attorney:

- Drafts and registers the bond on behalf of the bank.

- Collaborates with the conveyancer to ensure the loan funds are ready for the property transfer.

2. Real Estate Agent:

- Maintains communication with all parties, addressing outstanding issues such as access for inspections or additional documentation.

3. Buyer’s Role:

- Pays the deposit (if not previously done).

- Ensures funds are available to cover costs such as transfer duties, conveyancing fees, and the remaining purchase price.

Step 4: Lodgement and Registration at the Deeds Office

The final stage involves official registration of the property.

1. Conveyancer:

- Submits transfer documents and bond registration documents (if applicable) to the Deeds Office.

- Monitors the process, which typically takes 7–10 working days.

2. Deeds Office:

- Examines and officially registers the transfer, updating the title deed to reflect the new owner.

Final Handover:

- The real estate agent ensures the buyer receives the keys to their new property.

- The seller is paid the proceeds from the sale, minus any outstanding liabilities or fees.

Navigating the property registration process doesn’t have to be daunting. With a trusted partner like PropWiz, you can rely on expert guidance every step of the way. Ready to start your home-buying journey? Contact PropWiz today for personalized advice and support.