Frequently Asked Questions

 
Question #: May I take occupation of my property before registration of transfer?
Provided that all construction is complete (if the property is a new development) or seller has agreed to this condition (if an existing property), you may take occupation once your bond is approved and accepted. Keep in mind that you will have to pay occupational rent to the developer / seller, which is usually set at 1% of the purchase price.
 
Question #: If a deposit is required from me, when will it be payable?
The deposit is payable as soon as your home loan is approved by the bank. It must be paid into the appointed transferring attorney’s trust account and will accrue interest for your benefit. The attorney cannot proceed with registration until the deposit is paid. Should your deposit be “tied up” in a fixed term account, you must notify the estate agent of this before signing the offer to purchase.
 
Question #: When will my first bond instalment be payable?
Your bond instalments are payable from when the property registers in your name at the deeds office. Depending on the day of the month this takes place (Ex. before the 15th), your instalment might be payable at the end of that month or only at the end of the following month. The banks do change their criteria from time to time. It is therefore your responsibility as the bond holder to phone the bank’s call centre and verify these details. The estate agent is not permitted to do this on your behalf.
 
 
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