09
TITLE DEED IS RECEIVED
THE PROCESS
The bank sends the title deed and any bonds to be cancelled to the cancellation attorneys.
The bond cancellation attorney gives the transfer attorney the title deed to draft the new deed against and for lodgement.
A copy of the new draft deed is given to the bond attorney to draft bond documents against.
If there is no bond on the property, the Sellers deliver the original title deed to the transfer attorney.
ROLE PLAYERS
SELLER
BANK
BOND
CANCELLATION ATTORNEY
TRANSFER
ATTORNEY
THE
SELLER
POTENTIAL DELAYS
The bank or Seller misplacing a title deed or bond to be cancelled. Should the title deed be misplaced, damaged, or destroyed, a lost deed application process is to be followed which can cause approximately 3 weeks’ delay. Advertisements must be placed in a local newspaper and an official copy of the deed must be obtained from the Deeds Office; this also incurs additional expenses.