So you’ve signed the Sales and Purchase Agreement, congratulations! You have now officially bought a piece of property! Now what happens? When do you actually get the keys to the property? Basically your lawyers do most of the work from here on and you just have to keep yourself updated on the process.
If the vendor has yet to have a title in their name, developer’s consent will be needed to proceed. If the property is leasehold or freehold with limitations, then state consent is needed to proceed. Nevertheless, the S&P only takes effect once the consent is given. Ie: the Sales and Purchase Agreement becomes unconditional. If consent is not given, in most cases you can appeal, or the deal has to be aborted. There will be clauses and time limits stated in the S&P.
Once the S&P becomes unconditional, you now have 90 days + 30 days extension (with penalty of interest 8% per annum, daily rest) until The Completion Date, ie; the date the bank (if you are taking a loan) releases the balance of the purchase price to the seller.
The first 30 days will find you signing a facilities agreement with the bank of choice (if you are taking a loan) and the S&P will be stamped. Within the next 30 days, the relevant documents will then be presented to the land office for the transfer to take place. The last 30 days is to account for any delay in the land office and 2 weeks for the bank to release the money to the vendor’s lawyer. Once the release has been done, you can contact the vendor to view your new place, sign the release letter and take the keys. You are now officially the proud owner of your new place!