The Bond Registration Process
A Client will often require funds to assist in the purchasing of a property, or to improve their existing property, or to consolidate his/her debt. In order to cater for their needs, they will go to a Bank for a loan. Let’s describe the process:
Purchase of a New Home
The client will make an application for a loan to the Bank setting out full details of assets and liabilities. Once the Bank has approved the loan, the Attorneys (Conveyances) are instructed to attend to the registration by means of a letter of grant setting out the conditions of the grant of loan and requesting that as security for the loan a Mortgage Bond be registered in favour of the Bank over the property being purchased.
The Attorney attending to the transfer of property (Transferring Attorney) will be contacted by the Bank’s Attorney requesting from their a copy of their draft title deed. The Bank’s attorney will also make contact with the client (known as the Mortgagor) and request copies of their Identity documents and marriage certificates if applicable. When the Bank’s attorney receives the above mentioned documents he will draw the registration of the Mortgage bond. Payments thereof will be required immediately especially as the cost include the deeds office lodgement fee which must be paid upfront.
Documents to be Signed
A Power of Attorney to Mortgage – this document gives the attorneys the Authority to register a mortgage bond on behalf of the clients in favour of a Bank.
Authority for payment – this document instructs the Bank on registration to make payment of the borrowed funds.
Letter of grant – this is the terms and conditions of the Bank where upon signature the clients acknowledges it’s obligations to the bank.
Draft Mortgage Bond – this is the document that records the client’s financial obligations to the Bank in the deeds office.
Affidavits – this confirms the client’s personal particulars regarding marriage and insolvency.
Suretyship – is required when a client needs a guarantor for the loan.
Cession of Life Cover – should life cover be required by the Bank, the client cedes an existing policy or takes out a new policy
After signature and payment of costs have been received, the Attorneys prepare the necessary guarantees to secure the purchase price of the property. These guarantees are then forwarded to the transferring Attorneys. The Power of Attorney and draft Mortgage bond are forwarded to the Deeds Registration Office in Pietermaritzburg where the documents are systematically checked over a period of 6 days and registered on the 7th day. On registration the transferring attorney presents the guarantees to the Bank and receives payment of the funds. The New mortgagor’s loan is now operational and monthly payments will be due from the first day of the month following registration. monthly payments will be due from the first day of the month following registration.
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