A property is not ‘sold’ until the Agreement of Sale has been properly signed and initialled by all parties, all suspensive conditions have been fulfilled or waived, and transfer has been registered in the buyer’s name. The transfer process includes all the paperwork that has to be done to transfer ownership of a property.
THE TRANSFER PROCESS, STEP-BY-STEP:
The transferring attorney will…
Before documents are lodged with the Deeds Office…
Once the bond attorney and transferring attorney have everything ready, the documents are lodged with the Deeds Office about 10 to 12 working days before registration. If the Deeds Office rejects something (and there is always that chance), whatever it is must be amended and re-lodged. This can cause a delay of up to ten days.
HOW LONG WILL IT TAKE?
It can take up to three months from the date of sale for the property to be transferred into the buyer’s name. For this reason, your agent will normally recommend that a firm date for possession be included in the Agreement of Sale and that the buyer pays the seller an agreed monthly occupational interest from that date until transfer. (Should transfer take place during the month, occupational interest is charged on a pro-rata basis and is monitored by the attorneys.)
What can delay the process?
What can you do to speed up the process?