A Quick Guide To The Bond Registration Process

Aug. 19, 2010 - PRLog -- Step 1 – RECEIPT OF INSTRUCTIONS FROM BANK

Receipt of instructions from the Bank to register the bond.  Usually the instructions are received electronically.

Step 2 -  PREPARATION OF DOCUMENTS

If a transfer is involved request a flysheet from the transferring attorney, guarantee requirements and relevant FICA documents from the client.

Obtain a deeds office printout for the property and the client to check for any interdicts, insolvencies or other caveats that may be registered against the client or the property.

If a further advance is to be registered, obtain the title deed from the bank and prepare the bond documents for signature.

Step 3 – SIGNATURE OF DOCUMENTS

On receipt of the flysheet and other documents, prepare the bond documents for signature.

Contact the client and arrange for signature of the documents and payment of costs.

Step 4 – GUARANTEES AND FICA

After signature, the bond attorneys will advise the transferring attorneys that the bond documents have been signed.  Send guarantee, if requested or advice of the amount available under the bond.  Advise of position to lodge upon request or advise the transferring attorney of what is preventing lodgement.

Step 5 – LODGEMENT OF BOND DOCUMENTS

If a further bond is to be registered, proceed with lodgement.  If a transfer is involved, lodge on request of the transferring attorney.

The deeds take 7-10 days to be examined in the deeds office where after they come on preparation for registration.

The conveyancer has 6 days in total to register the bond.

If a further bond is to be registered, the bond is handed in for registration and registered on the following day.

If a transfer is involved then the transfer and bond attorneys arrange the date of registration.

Step 6 – REGISTRATION

On the day of registration, the bond with the other linked transactions are registered at the Dees Office.   The bond attorney advises the bank and client of registration and arranges with the bank to pay the bond proceeds.  The transferring attorney presents the guarantee for payment after registration has taken place.

In the case of a further bond, the bond proceeds are paid in terms of client’s payment instructions.

Step 7 – DELIVERY OF BOND DOCUMENTS

Once the bond has been numbered and micro-filmed, it is delivered to the bond attorney from the deeds office.  This can take up to 3 months.

The bond attorney then obtains the title deed from the transferring attorney, if applicable, and delivers the title deed, bond and other security documents to the bank.  If no bond is involved, the title deed is delivered to the purchaser.

By choosing Mortgage Plus for a loan, you will get that continual service to make sure you are getting the best deal possible.

CONTACT US

Speak to a home loan consultant about financing your new property or reviewing your existing mortgage. We are able to assist in lowering your bond repayments and securing attorney discounts.

Call us on 011.327.4489

http://www.mortgagepluscc.co.za

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Mortgage Plus Bond Originators specialises in Mortgages, Bonds, New Home Loans, Building Loans, Further Loans, Bond Switches and Debt Consolidation Home Loans, Personal Loans and Insurance in South Africa.
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