We receive the instruction from the bank
Our paralegals draft the documents
The file is presented to our conveyancer who checks to ensure that everything is in order
You are given the option to sign the documents at any of our offices (Ballito/Morningside/Amanzimtoti); alternatively, arrangements may be made at your request to have the documents brought to you.
Our paralegals will then send you the documents via email for your perusal only, advising when documents are ready for signature. There is no need for you to print the documentation as this will be presented at the appointment for the signature of documents.
Once you have signed and provided us with all the required FICA documents; the signed documents, as well as the requested FICA, will be submitted to the bank for approval.
- In terms of the Financial Intelligence Act (FICA Act), attorneys are required to verify the personal details of the people with whom we create a business relationship.
- Accordingly, the documents we request in terms of FICA is essential and vitally important to your transaction. It is crucial to take note of the required documents for your transaction, as to avoid delays and hindrances.
Banks take approximately 24 to 48 hours to check documents.
We are allowed to submit certain documents after the signed + FICA documents have been uploaded to the bank.
(NB: If no bond is being registered in the Deeds Office, there may not be any outstanding documents, and we will be required to wait for all documentation before submitting)
These documents include:
- Building Insurance Documents
- Conveyancers Certificate: we are required by the banks to certify that all your rates, taxes and levies are up to date. To attend to this, close to lodgement of your matter, we will request you to provide us with your latest rates/utility bills and levy statements together with proof of payment of the current charges.
- Building Documents (if applicable): mainly concerning developments and building bonds. With these documents, we cannot register your matter without a valuation sign-off provided by the valuations department of the bank.
Depending on the complexity of the transaction, there may be certain delays due to the numerous parties involved in many instances.
Waiting for the original title deeds from the bank may cause a potential delay
With transfers, there are three sets of attorneys involved (cancellation attorneys+ their agents, the transfer attorneys + their agents, the bond attorney + their agents. All the attorneys must be ready to lodge the transaction in the deeds office simultaneously. A hold-up from in transfer/cancellation will cause a delay in the registration of the bond.
CONSENT TO MORTGAGE
In some instances, we are required to obtain consents to mortgage from Homeowner’s associations etc. (Costing approximately R 600.00- R 1000.00) Dependent on the agency responsible for issuing consent on your matter and their backlog, delays may apply.
DEEDS OFFICE PROCESS
Once we have received the proceeds to lodge from the bank, we lodge the matter in the deeds office and the registration process takes about 7 to 10 working days.
As per your agreement, we require building documents if your matter is a building bond (before registration of the mortgage bond). These documents have to be approved/signed-off by the bank’s validation department.
Any delays in receiving these documents will result in delays in approvals – ultimately causing setbacks in registrations as we are not allowed to register without valuation approvals.