Unlocking Your Dream Home

Step 1: Submitting the Agreement for Sale to the Bank

The first task is to submit the signed agreement for sale to your bank. Along with this agreement, you'll need to provide several important documents, including:

• Copies of Identification: Valid ID such as a passport or driver's license.
• Address Confirmation: Proof of your current address, which can be a utility bill or bank statement.
• Proof of Income: This may include recent pay slips, tax returns, or a letter from your employer.
• Valuation Report: A report that determines the market value of the property.
• Title Deed: The legal document that shows the property’s ownership history.
• Other Applicable Documents: Depending on your situation, the bank may request additional paperwork.

Step 2: Getting the Property Valued

The valuation of the property is a crucial part of the mortgage process. This must be done by a valuator who is listed on your bank’s approved panel. The valuation report will provide the approximate market value of the property, which is the amount the bank will consider for financing. Having an accurate valuation helps ensure that both you and the bank are making a sound investment.

Step 3: Legal Verification and Document Preparation

While you're working with the bank, your lawyer will be handling the legal side of the transaction. Their role is to verify that the property has a good legal title, meaning that it is free from any claims, disputes, or legal issues that could affect your ownership.

Your lawyer will also prepare all the necessary legal documents required to complete the transaction. These documents can vary depending on whether the property is a freehold or leasehold interest, and may include:

• WASA Clearance: Confirmation that the property is clear of any water and sewerage debts.
• Land & Building Tax Receipts: Proof that property taxes are up to date.
• Homeowner’s Association Consent to Assign: Approval from the homeowner's association to transfer ownership, if applicable.
• Homeowner’s Association Fees: Any outstanding fees owed to the homeowner’s association.
• Regional Certificates or Certificates of Completion: For leasehold properties, these documents certify that the property complies with regional regulations or building codes.
• Consent of Lessor: Required if the property resides on leasehold land.

Step 4: Finalizing the Mortgage

Once your bank processes your application and receives the green light from your lawyer, they will issue you a letter of offer. This letter outlines the terms of your mortgage, including the interest rate, repayment schedule, and any other conditions.

After you accept the offer, the bank will disburse the mortgage loan. The remaining purchase price is typically issued in the form of a manager’s cheque or cheques made out to the seller(s). This step officially completes the transaction, making you the new owner of the property.

The mortgage process can seem complex, but with the right guidance, it can be navigated smoothly. By staying organized and working closely with your bank and lawyer, you'll be well on your way to securing your new home