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How to buy a home – you can appoint your own attorney

How much do you really know about the home buying process? Sure, house hunting is fun and playing with online calculators does give you an idea of how much house you can afford. But what should you know before you even sign an offer to purchase?

Our friends at MC van der Berg Attorneys have kindly allowed us to republish their MC Purchasers Guide to help educate new and seasoned buyers on the legal ins and outs of home buying.

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4 Quotes, guarantees and attorneys

National Credit Act

In terms of the National Credit Act, the bank to which you apply for a loan must provide you with a quotation in which aspects such as the loan amount, the interest rate, the administrative costs, the monthly payment and the total costs of the loan are set out. The bank must keep this quotation open for 5 (five) days in order to give you a chance to accept it. On acceptance of the quotation the bank will issue the final approval. This final approval should be obtained before or on the deadline stated for this purpose in the purchase contract.


Guarantees are issued by the bond attorney or by the bank that has granted you a loan once you have signed all the bond documentation and complied with all the requirements of the bank.

It usually takes 10 to 14 calendar days after the bond has been approved for the guarantees to be issued.

Bond registration attorney

Should your current rental match your future bond costs or is it better to save the difference?

This is the firm of attorneys that will oversee the registration of the purchaser’s bond. Some of the banks allow the purchaser to nominate the attorney who should handle the registration of your bond (the attorney must however be on the bond registration panel of the bank involved).

If you would like MC van der Berg Inc to oversee your bond registration, you must give the instruction to your personal banker or bond originator to ensure that we are appointed as the bond registration attorney.

Not all firms of attorneys are on the banks’ panels. MC van der Berg Inc is on the bond registration panels of Absa, FNB, Nedbank, Standard Bank, Investec and HIP (Housing Investment Partners).

Next time: Selling your current home; what the transferring attorney does; and what are all these costs? 

¶ Contact MC van der Berg Attorneys on +27 (0)12 660 6000, email info@mcvdberg.co.za or visit their website



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