You’ve navigated the viewings, accepted a great offer, and signed the Offer to Purchase (OTP). Your house is officially sold. It’s an exciting time, but it’s often followed by a frustrating and lengthy waiting period. While the deal is legally done, the actual cash from your sale can take months to land in your bank account, locked away in the conveyancing process.
This delay can be more than just an inconvenience; it can stall your life. You might need that money for the deposit on your next home, to settle debts, or to invest in a new business venture. So, what is the fastest way to get property sale proceeds?
For years, sellers had no choice but to wait. Today, however, a powerful financial tool exists that allows you to access your money almost immediately after the sale is secure. At New Heights Finance, we specialise in arranging this solution, known as an advance on your property seller’s proceeds.
Understanding the Standard Delay
To appreciate the solution, it’s important to understand the problem. The South African property transfer process is thorough and involves multiple steps and institutions, each contributing to the timeline. After an OTP is signed and all conditions are met, the process typically involves:
- Bond Cancellation: The conveyancer must get the cancellation figures for your existing home loan.
- Clearance Certificates: Acquiring rates, water, and levy (if applicable) clearance certificates from the municipality or body corporate is mandatory.
- Document Lodgement: All necessary documents are lodged at the Deeds Office for review.
- Registration: The property is officially registered in the new owner’s name, and only then are the funds released to you.
This entire process, on average, takes between 60 and 90 days. During this time, your equity is legally yours but practically inaccessible.
The Solution: Advancing Your Property Seller’s Proceeds
The fastest, most effective way to bypass this waiting period is through a specialised form of bridging finance. Our Property Seller’s Proceeds product is specifically designed for this situation.
In simple terms, it is a cash advance against the guaranteed proceeds of your property sale. A lender provides you with a significant portion (typically up to 80%) of your net equity upfront. It’s not a traditional loan based on your income; it’s an advance secured by the money that is already on its way to you.
How It Works in 3 Simple Steps
The process is designed for speed and efficiency because the risk is very low.
- Application with a Secure Sale: You apply once you have a signed and unconditional Offer to Purchase. This means the buyer has secured their bond and all other suspensive conditions have been met.
- Verification with the Conveyancer: We work directly with your appointed conveyancing attorney. They confirm the net proceeds available to you after settling your bond, agent’s commission, and other costs.
- Fast Payout: Once the figures are confirmed, the application is typically approved within 24 to 48 hours, and the funds are paid directly into your account.
When the property transfer is complete, the conveyancer simply settles the advanced amount plus the associated fees directly with the lender before paying the remaining balance to you. You don’t have to make any monthly payments.
Why Would You Need to Access Your Proceeds Early?
Accessing your funds early isn’t just about convenience; it provides significant strategic advantages. Sellers use this service to:
- Pay the Deposit on a New Home: Secure your next property without being a contingent buyer, giving you a stronger negotiating position.
- Cover Moving and Relocation Costs: Fund your move without having to dip into savings or take on expensive personal loans.
- Settle Urgent Debts: Use your own money to clear high-interest debts like credit cards or vehicle finance immediately.
- Make Renovations: Start renovations on your new home before you even move in.
- Take Advantage of an Investment Opportunity: Seize a time-sensitive business or investment opportunity that arises.
Why Use a Broker Like New Heights Finance?
Navigating the world of bridging finance can be complex. Partnering with an expert broker like New Heights Finance is the fastest way to get your property sale proceeds because we handle everything.
- Expertise: We live and breathe these transactions. We know exactly what is needed to ensure a fast and smooth process.
- Lender Network: We have access to a panel of reputable, specialist lenders, ensuring we can find you the most competitive rates and terms.
- Streamlined Process: We liaise directly with your conveyancing attorney to get the required guarantees, saving you the administrative headache and speeding up the entire timeline.
Don’t Wait for Your Money
The sale of your property is one of the biggest financial transactions of your life. Waiting up to three months for the proceeds is an outdated necessity. The fastest way to get your property sale proceeds is to proactively unlock them.
If you have a confirmed property sale and need access to your funds now, don’t let the calendar dictate your financial future.
