Chapter Four: The closing process
Closing on a home: what to expect during the final homebuying process step.
The closing process
Closing on a home: what to expect during the final homebuying process step.
This is it. The final step in the homebuying process. After months of searching, budgeting and plenty of planning and prep work, it’s time to deliver your purchase payment, sign the bond registration and transfer paperwork, and get the keys to your brand-new home.
What to bring
By now, your lender should have all the information they need, with the exception of a few documents. Here’s what to bring to the closing appointment.
- S.A government photo ID book, driver’s license or passport
- Proof of any homeowners insurance
- Set up of the electronic debit order transfer for the monthly payment (or other approved method of payment)
- All purchasers who may be listed on the contract, including co-borrowers or co-signers
Signing the papers
Plan to spend approximately an hour to an hour and a half to sign all the papers required at closing. There are a lot, but don’t worry: the bond registration and conveyancing attorneys will walk you through everything, and explain as you go. Before signing each page, remember to double-check:
- All personal information, including ID numbers and dates
- Loan information, including final cost, monthly re- payments and interest rates
- Home information, including address and square meters
- Payment terms, due dates and late fees
- Your understanding of what you’re signing and what contractual terms you’re bound to
When you return home, be sure to place these documents in a safe place, because you may need to reference them again for any home warranty information or loan questions.
Getting the keys
Congratulations! You are now a new homeowner. Most of the time, you will receive the keys to your house immediately upon registration and transferring of title deed into your name. Once you have your keys, all that you have left to do is move in and enjoy your new home.
Snagging of workmanship
Once the occupancy certificates are issued by the City Council, you will be called in to take a look at your house to check for any default workmanship. Not to worry you will have three months provided for by the NHBRC to check for any repairs that need to be done. This will assure you that the highest quality product is strived towards.
Chapter 5: Moving guide
What to do, when to pack and how to plan.
