The bond registration process in South Africa involves several key role players, each with specific duties to ensure the successful transfer and registration of property. Here’s an overview of the main participants and their responsibilities at each step:

1. Buyer (Purchaser)

• Duties:
  • Apply for a Home Loan: Submit a bond application to a bank or financial institution.
  • Provide Necessary Documentation: Supply personal and financial documents required for the loan application.
  • Sign Legal Documents: Sign the Offer to Purchase and other necessary agreements.
  • Pay Required Fees: Settle transfer costs, bond registration fees, and any deposits as stipulated.

2. Seller

• Duties:
  • Provide Property Information: Offer accurate details about the property being sold.
  • Sign Transfer Documents: Execute the necessary documents to facilitate the transfer of ownership.
  • Obtain Compliance Certificates: Secure required certificates, such as electrical compliance, to meet legal standards.

3. Estate Agent

• Duties:
  • Facilitate the Sale: Connect buyers and sellers and assist in negotiating terms.
  • Prepare Offer to Purchase: Draft and manage the signing of the Offer to Purchase agreement.
  • Coordinate Communication: Act as a liaison between the buyer, seller, and attorneys throughout the process.

4. Transferring Attorney (Conveyancer)

• Duties:
  • Prepare Transfer Documents: Draft the necessary documents to transfer property ownership.
  • Obtain Clearance Certificates: Secure rates clearance and levy clearance certificates from local authorities.
  • Lodge Documents with Deeds Office: Submit all required documents to the Deeds Office for registration.
  • Manage Finances: Handle the financial aspects, including payment of transfer duties and disbursement of funds.

5. Bond Attorney

• Duties:
  • Register the Mortgage Bond: Act on behalf of the bank to register the bond over the property.
  • Prepare Bond Documents: Draft and arrange for the signing of bond documents by the purchaser.
  • Coordinate with Transferring Attorney: Ensure simultaneous registration of the bond and property transfer.
  • Issue Guarantees: Provide guarantees for the purchase price to the transferring attorney.

6. Cancellation Attorney

• Duties:
  • Cancel Existing Bonds: Handle the cancellation of the seller’s existing mortgage bond on the property.
  • Obtain Cancellation Figures: Request and provide the outstanding balance required to settle the existing bond.
  • Liaise with Transferring Attorney: Coordinate the cancellation process to align with the new bond registration.

7. Bank (Financial Institution)

• Duties:
  • Assess Loan Application: Evaluate the buyer’s creditworthiness and approve the home loan.
  • Appoint Bond Attorney: Select a bond attorney to register the mortgage bond.
  • Disburse Funds: Release the loan amount upon successful registration of the bond.

8. Deeds Office

• Duties:
  • Examine Documents: Review all lodged documents for accuracy and compliance.
  • Register Transfer and Bond: Officially record the transfer of property ownership and the registration of the mortgage bond.
  • Issue Title Deed: Provide the new title deed reflecting the purchaser as the registered owner.

Each role player performs specific functions to ensure a smooth and legally compliant bond registration process, culminating in the successful transfer of property ownership and the registration of the mortgage bond.