Garlicke and Bousfield Incorporated (“G&B”) is a panel attorney for most of the financial institutions of South Africa. This allows us to keep abreast of the latest developments and processes for each one of these financial institutions, especially in respect of the vast variety of processes to be followed for each instruction received, whether it is from the commercial property finance division or from the home loans division of the financial institution.
G&B specialises in instructions from commercial property finance divisions within the financial institutions and in particular finance required for new commercial, retail and residential developments and existing commercial properties. G&B is usually involved with the development projects from inception and dealing with all transactions, including the finance required for the developments, under one roof is generally beneficial in obtaining a smoother, seamless and faster turnaround time.
A good knowledge of who to contact at each stage of the transaction and each financial institution’s escalation process is crucial as unnecessary delays and frustration may be caused for all parties if the correct processes are not followed or if incorrect documentation is obtained. Unnecessary delays may also be costly for the parties to the transaction. Having the necessary skills to navigate our way through even the most complicated of instructions can be challenging but it is our duty to make sure that all the documents and information required in respect of each instruction is legally correct and complies with the financial institution’s requirements.
Once the instruction is received, all necessary searches in respect of the mortgagor, property and any security providers are attended to and the conditions of the loan are inspected in order to compile a list of requirements. This list is sent to the client and the transferring attorney, if applicable, and once the required documents and information are received, the security documents are drafted, checked by a conveyancer and signed by the client. The signed documents are then sent to the financial institution for perusal and acceptance. All information and documents are to be received by the financial institution in order for it to grant permission to hand the documents in at the Deeds Office.
G&B prides itself on maintaining a good working relationship with the various levels of staff within each financial institution. This mutually beneficial relationship assists in ascertaining when a matter is urgent and what the clients’ expectations are. Both the financial institution and the clients’ expectations are to be managed at all times as clear communication between all parties generally leads to a better understanding and an informed expectation of the process involved.