Kim at Select a Bond

09/04/2023

30/03/2023

24/03/2023

Do you know who is responsible for the Certificates of Compliance when buying and selling a property?

To ensure that a property is in good order the following Certificates of Compliance are required when selling a property:

Electrical Certificate of Compliance: Ensures that all electrical work conforms to regulation standards and is valid for 2 years. This excludes appliances such as aircons, stoves, swimming pool motors etc.

Entomology Certificate: Confirms that there are no beetles eating into the wooden structures. Valid for 3 months only. This is generally requested in the purchase agreement and is recommended.

Electrical Fence Certificate: If there is an electric fence installed, it requires separate certification from the rest of the electrical grid.

Water Installation Certificate: Ensures that water regulation conforms to National Building Regulations which is valid for 6 months. This certificate is often omitted as legislation varies for different provinces.

Gas Certificate of Compliance: Ensures that all gas installations are in order, such as gas-powered stoves, fires and geysers and is valid for 5 years.

Municipal Approved Architectural Drawings: These are also required for any property where changes or additional buildings were erected on the property. These must be provided at the buyer's request and are very often demanded by the banks for bond approval.

The seller is required to obtain and pay for these certificates, before the transfer of the property. However, there may be exceptions when the buyer pays upfront, with the agreement that the costs will be deducted from the seller's profit. This can be organized through the transferring attorneys via a letter of undertaking.

To determine the value of a home loan you may qualify for and for excellent advice on the correct documentation required to ensure that the transfer is processed smoothly, please contact:

Martin 082 447 3463
Kim 079 835 1476

13/03/2023

Depending on the type of home loan you need will determine the documentation required to secure a loan:

Salaried individuals will require:

• Provide 3 latest payslips, if you earn a regular commission or overtime, you will need to provide the last 6 months' payslips.
• The last 3 months' personal bank statements, once again if you earn a regular commission or overtime, you will need to provide the last 6 months' bank statements.
• If you are married, and the ID surnames are different you will need to provide a copy of your marriage certificate, if applicable an ANC marriage contract.
• A signed sale agreement/offer to purchase.
• A copy of your ID and if you have a smart card, a copy of both the front and the back is required

Self-employed individuals or application in the name of “the company’’ will require:

• A signed offer to purchase - OTP
• Comparable two years' financials that have been signed by an Accountant and all the business owners.
• Management Accounts, not older than two months and signed as above.
• Accountants' letter confirming monthly earnings/emoluments/drawings and any benefits.
• A signed and dated personal statement of assets and liabilities and a statement of personal income and expenses.
• Latest 6 Months' personal bank statements that reflect the same 6 salary deposits
• Latest 6 months' business bank statements
• Your Company Registration document, and your latest *IT34 from SARS (*this may be requested)
• Company resolution if you have multiple shareholders as well as your shareholders certificate
• A copy of your ID and if you have a smart card, a copy of both the front and the back is required
• If there are multiple shareholders, a copy of all IDs is required

Applications for a Trust, Building Loan or Sole Proprietor
• It is recommended that these applications should be discussed with a Select a Bond Consultant prior to your loan application


Ensuring that you have the correct paperwork will secure you the best home loan for your needs. However, this can become complicated if you have not done it before. So before you start looking for a property, contact Select a Bond for advice, a Qualifying Buyers Certificate (QBC) or Prequalification Certificate (PQC) as well as a Credit Check and Affordability Check.



Martin 082 447 3463
Kim 079 835 1476

02/02/2023

Thank you for the recommendation Nompumelelo. We are happy that you chose Select a Bond to assist you with buying your home in Umkomaas.

As buying a house is an important long-term commitment, we are always willing to explain how things work so that you have peace of mind when you sign on the dotted line! And of course, it is not often that we get to teach a teacher!

Please keep Kim's number handy for when you need help with a home loan again. 079 835 1476