What to do while waiting for a transfer to go through
From shopping for new decor to organising packing, here's what you can do while you wait for the deed transfer to go through.
Finding the perfect property is an exciting process, but the journey does not end once the search is over.
After signing an offer to purchase (OTP), buyers have a long wait ahead before the property is transferred into their name.
Adrian Goslett, the regional director and CEO of RE/MAX of Southern Africa, explains the many moving parts that make up the sales process after the OTP has been signed by both parties.
“This is where transferring and bond attorneys take over to ensure the necessary paperwork and payments happen so that the title deed can be registered in the new owner’s name.
“It can take anywhere between one to three months to go from signing the OTP to acquiring the necessary certificates, signing the required paperwork, lodging the transaction at the Deeds Office, and finally taking occupation of the new home,” Goslett explained.
For those unable to wait, Goslett said buyers could take early occupation of the home if the seller agrees to it, but they will pay occupational rent until the home is transferred into their name.
However, in most cases, buyers must be patient and use their time wisely to help them prepare for the coming move.
Also read: Property valuation roll is out for public comment
To help buyers make this time fly by as quickly as possible, RE/MAX of Southern Africa shares these tips:
Draft a new budget
Your budget is likely to look very different in a new home. If you have not done so already, carefully consider all of the new expenses that must be covered once you have moved in. Ask the seller roughly how much they spend on rates and utilities monthly.
Get quotes for internet packages in the area. Factor in the monthly instalments if you have a home loan. Find out if your insurance premiums will be affected by the move – if you are moving to a place with increased security, your car and household insurance might be less.
Organise for the move
Two things are true when one plans for a move: (1) you have less available time than you think, and (2) you have accumulated more than you realise.
The sooner you start packing up cupboards, the better. You’ll likely find that you have many items to donate or dump. Allowing yourself ample time to go through your belongings makes the process less stressful. Also, moving companies can book up quickly. Use the time before the transfer to request quotes and provisionally book for the moving date.
Start window shopping
In all likelihood, you will have a list of items you want in your new home. Take the time before the move to shop for the best prices. If you have not decided how to decorate each room, go to online portals like Pinterest or flip through home décor magazines for inspiration.
Enjoy the last moments in your old home
If you are sentimental, take the time to say a proper goodbye to your old home. Host your last dinner parties and savour the time left in your home and neighbourhood.
Take photos of each room to remember the place – even if it was not your favourite home. It can still be good to one day look back and remind yourself where you started.
“Waiting for the transfer to go through can be challenging, but if you feel unsure of anything, ask your agent for clarity or assistance. There is a lot to organise during this time, but if you keep focused and busy, your moving date will arrive sooner than you think,” Goslett concluded.
