Steps to buy and register your property

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STEP 1: CHOOSE THE FINANCIAL INSTITUTION TO APPLY FOR FINANCING

Herewith list of required documents needed:

1. Proof of income - copy of your latest salary advice (pay slip).
2. Valid identity document or valid passport.
3. Marriage certificate + ANC contract where applicable. If divorced, copy of final order of divorce.
4. Proof of residence.
5. Deed of Sale of Property, if applicable.
6. Signed income and expenditure statement and copy of you and your spouse’s balance sheet.
7. Six months’ bank statements (only applicable if you do not apply to the bank where your account is held). No internet statements accepted.
8. Foreign customers: Work contract & valid work visa

STEP 2: SEND DEED OF SALE TO ATTORNEY OF CHOICE
Your attorney will acknowledge receipt of Deed of Sale and carry out a deeds search at the Deeds Office and obtain a copy of the title deed (from the seller if the property is unbonded or bank if the property is bonded).
(A building compliance certificate must be applied for, if not in place.)

STEP 3: FULFILMENT OF SUSPENSIVE CONDITIONS
The next step is to follow up on the fulfilment of suspensive conditions, e.g. the bond approval from the purchaser’s bank and deposit of cash deposit into trust account, if applicable. On confirmation of fulfilment, the issue of cancellation instructions to the seller’s bondholder takes place - if the property is bonded.
Then necessary documents for transfer and FIA documents from the seller and purchaser must be collected, where after transfer documents are drafted.

STEP 4: FIA
Check FIA compliance.

STEP 5: GUARANTEES
Ensure satisfactory guarantees are in place for the purchase price.

STEP 6: COMPLIANCE CERTIFICATE
Seller must now provide the building compliance certificate.

STEP 7: SIGNATURE OF DOCUMENTS & PAYMENT OF COSTS
Seller and purchaser must sign transfer documents.
Purchaser must sign bond documents (if applicable).
Purchaser must pay transfer costs and bond cost (if applicable).
The applications for the transfer duty receipt from the Receiver of Revenue plus the Rates Clearance Certificate from the municipality must be done.

STEP 8: LODGEMENT OF DEEDS AT THE DEEDS OFFICE
Upon obtaining the transfer duty receipt, as well as the rates clearance certificate and the original title deed, the linked bonds must be simultaneously lodged at the Deeds Office. Arrange this with the bond attorneys.
Deeds are then lodged at the Deeds Office and deeds are examined.
After approximately 7 to 10 working days, the deeds are available for registration. The conveyancer has 3 working days to finalise anything outstanding and register the transaction.

STEP 9: REGISTRATION
Registration takes place at about 9:00 on the day of registration. On that day ownership passes from the seller to the purchaser. The purchaser’s new bond (if applicable) is registered. The seller’s existing bond (if applicable) is cancelled.
Final accounts are drawn up for the seller and purchaser after which the attorney pays out the net dues to the seller.
Agent’s commission is then paid out.

STEP 10: DELIVERY OF DEEDS
Once registered, the deeds are numbered and scanned in the Deeds Office and it can take up to three months for the Deeds Office to deliver the original title deed and mortgage bond back to the attorney. Once delivered, the conveyancer will send the original title deed to the relevant bank (if the property is bonded) or purchaser (if unbonded).
Adapted from info received by Rightmove Properties, Windhoek.

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