How to Avoid Delays in a Transfer

Delays can be extremely frustrating for everyone involved and, what is worse, is that often delays can cause unexpected costs from arising – costs that nobody prepared for. In this article, we share some expert tips on how to minimize or avoid delays when transferring property from one person to another.

What can be done to avoid delays?

Although avoiding delays entirely is almost impossible, there are some things that can be done to make the process as smooth as possible.

These include but are not limited to:

• Once you decide to buy or sell a property, first do your homework to make sure you are capable of paying for all the costs, and have the means necessary to proceed with the transaction.
• Start saving for potential unexpected costs before you even officially put your house on the market.
• Sellers must ensure their rates, taxes, and levies are paid up to date.
• Sellers can give their bank notice, informing them in advance that they are preparing to sell their property.
• Both buyers and sellers can familiarize themselves with the contractual obligations of the Offer to Purchase. Doing so will avoid confusion and subsequently delays in the transfer process.
• Buyers can obtain a pre-approved bond grant before making an offer on a property.
• Sellers must give their bondholder 90 days’ notice to avoid late cancellation fees.
• Both buyers and sellers should go over the Offer to Purchase with a fine-tooth comb to make sure there are not inaccuracies.
• Buyers and sellers should prepare their FICA documents and have them ready before starting the transfer process.
• Buyers and sellers must ensure that they employ qualified and competent attorneys to manage the transfer and other legalities involved.
• Sellers must be proactive in obtaining the relevant compliance certificates as soon as possible.
• Buyers and sellers must try to be as involved as legally possible, encouraging open lines of communication and cooperation between all parties involved.
• Buyers and sellers must submit all the required documentation in time, as per legal requirements, and without any omissions.
• Be honest with attorneys and agents about your financial circumstances.
• Try to find a real estate and conveyancing attorney who already have a working relationship.

Although it is almost impossible to completely avoid delays in the transfer process, especially when there are other transactions linked to your transaction, it is possible to avoid unnecessary delays.