4 Things that can delay the Transfer of Ownership
Category Expert Insight
Buying property isn’t as quick or simple as walking into a shop to buy, say, a pair of sunglasses. There’s a lot of paperwork involved, which is affected by a variety of factors. As a first-time buyer - or even if you’ve bought property before - you need to be prepared to go the distance. It may get a little frustrating, but knowing what’s causing the delay helps.
Every day, the Seeff team helps clients to buy and sell property, so we’re well aware of the myriad of things that could make the process take even longer. In this blog, we discuss the most common causes of a delay in the transfer of ownership. We hope this helps to calm those nerves.
#1 - Additional costs that you hadn’t planned for
In some cases, buyers aren't aware that they are expected to pay transfer and bond registration costs, on top of the property’s price tag. Research and open communication can nip this in the bud. Always do your homework and ask questions.
#2 - Miscommunication related to the transfer and occupation dates
It’s important to be clear about the difference between transfer and occupation. The former is when you officially become the owner of the property, while the latter is when you actually move in. Usually, this happens on the same day, but it doesn’t have to so make sure there’s a common understanding about it.
#3 - A municipal bill that hasn’t been paid in full as yet
In an instance where previous owners still owe rates and taxes, the transfer won’t go through. Communicate with the sellers about settling such costs so that your purchase proceeds without a glitch.
#4 - A lost or expired electrical compliance certificate
Any property that’s up for sale must meet the requirements of certain safety regulations. The only way to prove compliance is by having a valid compliance certificate on file, so sellers must keep such documents safe.
The transfer of ownership is one of the last steps in a lengthy purchasing process. Property is serious business, so the process requires each stakeholder to come to the party. If even one stakeholder falls short, it can cause a delay. The best way to avoid this kind of situation is by teaming up with real estate experts you can trust.
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Author: Seeff Head Office
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