Once your offer to purchase on your new home has been accepted, there is a long list of steps you need to take to make the property your own.

Process involved

"Buying a property can be a complex and bewildering process, especially for first-time buyers," says Carla de Abreu, business development manager at South African fintech specialist e4.

"To avoid getting bogged down or inadvertently hampering the process, it's important to have the right people on your side, advising you and helping you navigate the conveyancing process."

Conveyancing is the all-encompassing term for the legal process of transferring a property from seller to buyer and involves a number of steps, some of which are mandatory requirements, whereas others are optional. Many optional steps are highly recommended by experts and professionals, though, as they provide financial protection.

Proptech innovations are designed to streamline the conveyancing process for buyers, sellers, attorneys, estate agents, banks and the deeds office - all of whom have a role to play in bringing a purchase to its legal conclusion.

Buying process

The bank or financial institution granting your bond will conduct a financial assessment and standard credit check to establish your creditworthiness. This requires no action on your part - except to ensure your credit record is healthy before you start house hunting.

Before making an offer to purchase, De Abreu recommends that prospective buyers undertake a property assessment.

"This includes an independent valuation of the property to ensure that the price has not been overinflated and that it matches prevailing market values. Structural assessments are a good idea, especially for older properties. Once your offer has been accepted, you don't want to find out the property has a damp problem or the roof needs major repairs."

To avoid any nasty surprises after you move in, you should also do a full property search which can turn up restrictions on building regulations, for example relating to the heritage status of a property.

If the property is in a complex, you should find out whether there are any additional homeowners association or body corporate terms and conditions that could influence your decision to buy.

Once your offer to purchase has been accepted, there are a number of steps involved before transfer can take place. This is where the expertise and experience of an estate agent is invaluable, says de Abreu.

"There is a lot of administrative work concerning transfer duties, legal fees, bond registration fees and related taxes, so keeping abreast of each step is time-consuming for buyers. A well-designed proptech platform helps smooth the process, providing a workflow everyone can follow," she says.

Proptech platforms are a means of centralised communication for all parties involved in a property purchase. They enable verification, digitisation and filing of documents related to the purchase, eliminating the need for piles of hard-copy documents. Platforms enhance the buyers' experience by providing a safe and secure environment where highly confidential files, such as financial statements, can be uploaded and authenticated. In addition, proptech systems offer audited transaction logs that track and report the progress of a purchase in real time while keeping all parties updated through automated notifications.

Steps

Although hitches and delays can occur at any stage of the transaction, they are most common during bond approval, bond cancellation, the signing of transfer documents and obtaining valid compliance certificates. There may also be delays at the deeds office over which you have no control.

Being aware of what to do and when can help buyers navigate the process with ease, says de Abreu. She suggests the following practical steps to expedite the property transfer process:

• Gather all necessary documents before starting the registration process. This includes identification documents, proof of address, financial statements and any other paperwork the bank or attorney requires.
• Choose an experienced and efficient attorney specialising in property transactions.
• Respond promptly to requests for action on your part to ensure the process keeps moving forward without unnecessary delays.
• Stay informed about the property registration process and familiarise yourself with the key steps involved. Understand the roles of different parties, the timelines, and the potential challenges that can arise.

Above all, it's important to communicate with other parties involved in the process, including the sellers, the sellers' attorney and the bank. This will help resolve any issues or discrepancies more efficiently.