The Offer to Purchase (OTP)The Offer to Purchase (OTP) must include key details such as the Purchaser and Seller`s information, property description, purchase price, and any additional terms and conditions. It must be in writing and signed by all parties involved.Fulfilling Suspensive Conditions:Once the OTP is accepted, any suspensive conditions (like a bond approval or the sale of the Purchaser`s property) must be immediately addressed. This includes applying for a loan and/or marketing the Purchaser’s property (if applicable).Sending Instructions to the Transferring Attorney:A copy of the signed OTP should be forwarded to the transferring attorney.Payment of Deposits:The Purchaser will be asked to pay any applicable deposit within the specified time frame outlined in the Deed of Sale. The transferring attorney will also request cancellation figures from the Seller’s existing bondholder (if applicable).Bond Registration Attorneys Appointed:When the Purchaser’s bond is approved, the bank will direct the bond registration attorney to handle the registration process.Guaranteeing the Full Purchase Price:The bond attorneys will issue a guarantee for the approved bond amount. The transferring attorney will then request guarantees for the balance of the purchase price from the Purchaser.Cancellation Figures:The Seller’s bondholder will provide the cancellation figures for the existing bond and instruct their chosen attorneys to handle the bond cancellation. If no bond exists, the Seller must provide the Title Deed to the transferring attorney.Clearance Certificates:The transferring attorney will apply for necessary clearance certificates, including Rates Clearance from local authorities and Levy Clearance from the Body Corporate or Homeowners Association (if applicable). The Seller must make payments for these certificates. Transfer cannot proceed without these certificates.Signing of Documents by the Purchaser and Seller:The bond registration attorneys will request the draft Deed of Transfer from the transferring attorney to verify details like the purchase price and sale date. Once bond registration instructions are received from the bank, the transferring attorney will draft the necessary transfer documents for both parties to sign. FICA documentation will also be required from both parties.Transfer Duty Receipt:The transferring attorney will apply for the Transfer Duty receipt from SARS, which the Purchaser must pay. No transfer can proceed without this receipt.Guarantees:The bond attorney will issue guarantees in favor of the Seller or the existing bondholder. By now, the transferring attorney should have received all necessary documents, including the Clearance Certificates, Transfer Duty receipt, and Title Deed, enabling them to proceed with registration at the Deeds Office.Lodgement and Registration of Transfer:The transferring attorney will coordinate with the bond registration and cancellation attorneys for simultaneous lodging of the deeds in the Deeds Office. These deeds will undergo examination by the Deeds Office examiners, and any notes will be addressed by the attorneys.Once the documents are cleared, they are forwarded for registration. The entire process in the Deeds Office usually takes 7-14 working days, depending on the workload.Post-Registration:After registration, the guarantees for the purchase price will be presented. These funds will be allocated towards settling the existing bond, paying agents’ commission, and providing the Seller with the proceeds of the sale. The local authority will be informed of the registration.The Title Deed will be micro-filmed and delivered to the transferring attorney. If a bond was involved, the Title Deed will be forwarded to the Bond attorney. If there was no bond (in a cash sale), the Title Deed will go directly to the Purchaser.