FICA Documents

FICA Documents

  1. Nominated conveyancers receive the sale document and call for
    deeds from current bondholder (bank).
  2. Current bondholder advises transferring attorneys of amounts
    required to settle the existing loan and instructs their own
    conveyancers to attend the cancellation of existing mortgage bond.
  3. New bondholder (bank) instructs their conveyancers to attend
    to registration of new bond.
  4. Conveyancers draw necessary documentation.Purchaser signs two
    sets of documents (transfer/bond). Seller signs one set of
    documents (transfer).
  5. Purchaser pays deposit and proforma conveyancing costs.
  6. Guarantees are issued by conveyancers of new bondholders to
    settle balance outstanding on seller’s loan, and for payment of
    the balance of available funds to the transferring attorney’s trust
    account for distribution on registration.
  7. Current bondholder signs consent to “cancellation of bond” upon
    receipt of guarantees.
  8. Municipal rates or levies and transfer duty are paid by
    transferring attorneys. Insurance certite costs and bank initiation
    fees are paid by bond attorneys.
  9. All conveyancers to the transactions(transfer, bond,
    cancellation) collaborate and lodge documents simultaneously
    in the Deeds Office.
  10. Registration of transfer! Final accounting done by transferring
    attorneys and proceeds of sale paid to seller, loans settled,
    commissions paid to estate agent, costs paid to electrician
    and entomologist.