Buying a house can be a long and complicated process, with the closing being especially challenging. Even in a bustling market like Durbanville, several things can slow down the registration process. However, with the right guidance, many of these delays can be avoided. In this blog post, we’ll discuss six things that can slow down the registration process when buying a house in Durbanville and what you can do to avoid it.
1. Financing Delays Holding Up the Sale
Financing is a critical aspect of the home buying process, and financing delays can cause significant delays in the whole buying process. If you’re taking out a home loan to purchase a home, it’s essential to have all your financial documents in order before you start the process. This includes pay slips, bank statements, tax returns, and any other financial documents your lender requires.
One of the most common causes of financing delays is missing or incomplete documentation. If your bank requests additional information or documentation during the loan process, it’s important to provide it promptly to keep the process moving. Any delays in providing the required documents can slow down the loan approval process and delay the sale and registration.
By being organized and proactive, you can help ensure that the financing process goes smoothly and the closing is not delayed. Working with a reputable bond originator can also help ensure that the process proceeds as planned and any issues are addressed promptly.
2. Title Deed Conditions Causing Delays
Title deed conditions can be a major cause of delay in the registration process. When you’re purchasing a home, it’s important to ensure that you know if there are any restrictions in the title deed, as this can limit the use of the property without you knowing it: An example is a condition in the title deed prohibiting the building of a second dwelling on the erf. A title deed search is a critical step in the home-buying process that can help identify any potential issues and ensure that the title is without any limiting conditions.
To avoid title issues and potential delays in the registration process, it’s important to work with a reputable real estate agent and conveyancer. They can coordinate the title search and ensure that any issues are resolved before the sales agreement is signed. By taking this proactive approach, you can avoid unnecessary delays and ensure a smooth and successful sale and registration.
3. Home Inspection Issues
Compliance inspections( Plumbing, Electricity, Beetle, Electric fence, Gas) are a critical part of the home-buying process. Inspectors can identify issues with the home that you may not have noticed during your initial walkthrough. If there are issues found during the inspection, they’ll need to be addressed before the registration can take place. This can include repairs or further inspections to ensure the problems have been resolved. Costs are for the seller’s account but it can cause a delay in the registration process. If you wanted to move in on registration, that date might be later than you have anticipated.
4. Bank Valuation Issues That Arise
Bank valuations are another critical aspect of the home-buying process. The valuation determines the value of the home and ensures that the bank’s security is safe. If the valuation comes back lower than the agreed-upon price, it can cause significant delays in the sale and registration process. This is because your lender may require a new valuation(2nd opinion) or ask you to come up with additional funds to make up the difference.
5. Errors in the Transfer Documents
Transfer documents are a crucial part of the registration process, and errors can cause significant delays. It’s essential to review all of your registration documents carefully and ensure that everything is accurate.( names, surnames, id numbers, etc) This includes your loan documents, title deed, and any other paperwork required for registration. If there are errors, it can delay the process as the documents will need to be corrected and most probably the transfer will be stopped by the Deeds Office. After correcting the info, the conveyancer can re-submit the documents in the Deeds Office for registration.
6. Updating of building plans
Finally, sellers should update their building plans before selling a property, otherwise this can and will delay transfer. There are many buyers who demand that changes to the building plans need to be approved by the local authority before the registration goes through. Whether you are buying or selling a house in Durbanville, reach out to Team Pieter Kotze @ RE/MAX Property Associates to find out how we can help you! +27832601932 / +27829540874