Buying a Home Privately

[KarenMuller]

A friend wants to sell me their duplex privately, we've agreed on a price that is below market value. Does anyone have advice on how to proceed? Do I hire a conveyancer? Where can I get an offer to purchase document?

 

[Steamy Tom]

smh... contact a local estate agent and agree to a very small cut for them to handle things rather, if you aren't sure what you are doing this might not end well, especially for your friendship.

 

[themba990]

Estate agent's job is to find a buyer, that's already taken care of so getting a conveyancer would be the next logical step and they should be able to assist with an OTP.

 

[SafariTin]

People should really refrain from commenting with bad advice.

Technically the seller gets to choose the conveyancing attorney, but if they're comfortable with you doing the groundwork, then so be it.

Some useful information on these two links:

What Do Conveyancing Attorneys Do, Who Appoints Them, and What are You Paying For?

Learn about the importance of conveyancing attorneys.

www.privateproperty.co.za

Steps to selling

Everything you need to know when selling a home with FNB Home Loans. Selling a home can be complicated and lengthy. FNB Home Loans will assist you every step of the way with practical guidelines on how to sell your home.

www.fnb.co.za

 

[MachoPants]

Process is simple.

Purchaser and seller fill out details of the OTP. Price, deposit dates, certifications, rates, body corporate stuff, all the usual BS.

Go to sellers conveying attorney, EVERYTHING goes through them.

 

[MachoPants]

People should really refrain from commenting with bad advice.

Technically the seller gets to choose the conveyancing attorney, but if they're comfortable with you doing the groundwork, then so be it.

Some useful information on these two links:

What Do Conveyancing Attorneys Do, Who Appoints Them, and What are You Paying For?

Learn about the importance of conveyancing attorneys.

www.privateproperty.co.za

Steps to selling

Everything you need to know when selling a home with FNB Home Loans. Selling a home can be complicated and lengthy. FNB Home Loans will assist you every step of the way with practical guidelines on how to sell your home.

www.fnb.co.za

My mom is busy doing it all herself through her conveyancing attorney.

 

[KarenMuller]

Perfect thank you everyone! We've just found a conveyancing attorney we're both happy with and she is handling everything!

 

[furpile]

Perfect thank you everyone! We've just found a conveyancing attorney we're both happy with and she is handling everything!

You can also buy generic OTP at CNA or the like, or download them off the internet. The conveyancer should also be able to give you a generic one, just make sure to add as many details as possible. Read up and discuss with the conveyancer as well. Especially the clauses regarding finance approval and dates need to be clearly stated.

 

[zerocool2009]

Gets super easy, but let me recap :

1) Download a offer to purchase document (Or go to the CNA and get a hardcopy)
2) Sign it both with details, ID's, proof of residence / banking details
3) If you bank with FNB, go through FNB Homeloans (NAV), and they will give you a massive kickback in ebucks
4) Apply via your bank (homeloan), and shop around for the best rate (that is important)
5) You need to get attorney's who will do the work (the bond side and transfer side)

BUT its important to have a pre qualified homeloan ready (it will make things easier)

Thats the long and short, if you have questions, PM me please

 

[beefymoocow]

Don’t know how big the discount is. But try cover yourself against SARS. They might query why you transferring the property at a low price.

SARS queried one of my purchase since it was below market. The agent handled it though.