Private Wealth
We are grateful for the opportunity to provide you with our services and trust that it will meet and exceed your expectations.
Book a consultThe Process
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STEP 1
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STEP 2
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STEP 3
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STEP 4
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STEP 5
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STEP 6
Once you have signed and provided us with all the required FICA documents; the signed documents, as well as the requested FICA, will be submitted to the bank for approval.
Financial Intelligence Act (FICA Act):
- Attorneys are required to verify the personal details of the people with whom we create a business relationship.
- Documents requested in terms of FICA are essential and vitally important to your transaction.
- It is crucial to provide required documents promptly to avoid delays and hindrances.
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STEP 7
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STEP 8
We are allowed to submit certain documents after the signed + FICA documents have been uploaded to the bank.
NB: If no bond is being registered in the Deeds Office, there may not be any outstanding documents, and we will be required to wait for all documentation before submitting.
Required documentation includes:
- Building Insurance Documents
- Conveyancers Certificate: We are required by the banks to certify that all your rates, taxes and levies are up to date. We will request your latest rates/utility bills and proof of payment close to lodgement.
- Building Documents (if applicable): Mainly concerning developments and building bonds. We cannot register without a valuation sign-off from the bank.
Potential Delays
Depending on the complexity of the transaction, there may be certain delays due to the numerous parties involved in many instances.
Further Bonds
Waiting for the original title deeds from the bank may cause a potential delay.
Transfers
With transfers, there are three sets of attorneys involved. All must be ready to lodge simultaneously. A hold-up in transfer/cancellation will cause a delay in the registration of the bond.
Consent to Mortgage
In some instances, we are required to obtain consents to mortgage from Homeowner's associations etc. backlogs can apply.
Deeds Office Process
Once proceeds are received, we lodge in the deeds office. Registration usually takes 7 to 10 working days.
Building Bonds
We require building documents (before registration) which must be approved/signed-off by the bank's validation department.
Delays in receiving these result in setbacks as we cannot register without valuation approvals.