There are various players involved when an immovable property is sold, purchased and transferred to the new owner.

Estate agents, the seller, the purchaser, the home loan lender, transfer attorneys, bond cancellation attorneys and bond registration attorneys etc. While some of them perform their services on the fore e.g estate agent, the involvement of the others is largely in the background but nevertheless important and indispensable.

Not many understand the role played by bond attorneys, and this brief article seeks to clarify on that aspect i.e who are bond attorneys, what they do and how their role fits into the home buying process.

Who they are

Bond attorneys are the ones responsible for registering the bond, and are appointed by the bank that approves the bond. The bond attorney will be assigned by the bank, from their pre-approved panel of attorneys.

At what point do they come in?

Bond registration is done after the bond has been approved by the bank and usually takes up to 3 months, but could be delayed by lack of information provision by the seller and/or buyer, late payment of fees, lack of sequence amongst bond, transfer and cancellation attorneys. The reasons are diverse.

What do they do?

In the registration of the bond, a number of processes are involved which include:

1. Preparation of documents to be conveyed to the Deeds Office
2. Preparation of documents for the purchaser to sign
3. Providing information and documents to the transfer attorneys e.g warranty of funds
4. Securing the draft deed of transfer from the transfer attorneys

Advice to Home Buyers and Sellers

Phoenix Bonds advises that parties seek professional assistance in order to avoid hurdles and delays in the process. Further, the cooperation of the parties as well as compliance with obligations of the agreement will ensure that the process is hassle free and complete in the shortest possible time.

We specialise in bond origination and bridge financing. We have assisted many clients who have fond memories of the professional services they received. As Phoenix Bonds, we commit our work to higher standards so that our clients walk away secure in the services we offer.

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