When you decide to start house hunting, find out from your bank or a bond originator what documents are required to apply for the bond. Make a file with all these documents, as well as a copy of your Id and ante nuptial contract if you are married out of community of property.
If you are self employed, instruct your bookkeeper or auditor to finalise your financial statements if it has not been done yet, and prepare a set of management statements as a back up.
Do a credit search on yourself as well as your partner/spouse if they will be involved in the transaction. If you have a judgement on your name or a bad credit rating, take steps to have this fixed and attended to, as this will create a problem with your bond application.
Make sure what you marital status is, are you married in or out of community of property, or according to the laws of another country such as Zimbabwe, Swaziland or the United Kingdom. If you are married in community of property, the bond will be applied for in both your names, and thus all the information required by the bank will be applicable to both parties.
If you are married out of community of property or according to the laws of another country, the property will be registered in the name of the person who signed the offer to purchase, which can be one or both of the marriage partners. This is also the case with partners in a relationship but not married, or married according to a civil union.
In case of a traditional marriage, all such marriages concluded are regarded as in community of property, and the offer to purchase as well as the bond will have to be signed by the husband as well as the wife.
We will also require a certificate of the Department of Home Affairs confirming that the marriage was registered
If your property is registered in the name of a Company or Close Corporation, ensure that the Company or Close Corporation is still active and has not been deregistered by SARS
If you want to buy the property in the name of a company or trust, make sure that you have an updated Letter of Authority that reflects the correct Trustees, and that the correct persons are registered as directors of the company or members of the Close Corporation.
It can take more than 6 weeks to register a company or Trust, which can severely delay a transfer. It is thus recommended that you immediately attend to any registrations of trusts and companies if you decide to start hunting for a property.
Ensure that your tax returns and Vat returns are filed up to date and that you are registered as a tax payer, unless you are exempted from registration.