Buying a house can I still cancel?

[Anti-Chris]

I am sitting with a problem.
I applied for a homeloan in July.
All was approved at the end of July. But since then the seller has been stalling everything.
First it was an issue with her FICA documents, then she had to apply for a new marriage contract which took almost a month.
On monday she informed us that she will be going in to the attourneys on Thursdat to sign the transfer documents. The atttourneys called me on Tuesday and I went to sign the documents yesterday (Wednesday). This morning she infforms us that she filled in the adress wrong and will have to go to the Municipality to see if they can correct it???????????????
I am fed up and just want this behind me. Can I still cancel the agreement? There is no time limit for the Seller in the offer to purchase but my bond approval documents state that the guarantee is only valid for 6 months.
What am I to do?

 

[mattrudlles]

I am sitting with a problem.
I applied for a homeloan in July.
All was approved at the end of July. But since then the seller has been stalling everything.
First it was an issue with her FICA documents, then she had to apply for a new marriage contract which took almost a month.
On monday she informed us that she will be going in to the attourneys on Thursdat to sign the transfer documents. The atttourneys called me on Tuesday and I went to sign the documents yesterday (Wednesday). This morning she infforms us that she filled in the adress wrong and will have to go to the Municipality to see if they can correct it???????????????
I am fed up and just want this behind me. Can I still cancel the agreement? There is no time limit for the Seller in the offer to purchase but my bond approval documents state that the guarantee is only valid for 6 months.
What am I to do?

What is the time limit for obtaining approval for finances in the OTP? Does the clause say anthing about it lapsing or terminating should approval fall through?

Sorry for the edits, but this can become very technical as there is case law which strictly specifies the facts surrounding your different options in these situations. I would advise consulting with your conveyancer, not the sellers.

 

[Alton Turner Blackwood]

You both already signed the OTP, so you are compelled to complete the transaction.

Your only way out of this is if both you and the seller agree to render the OTP void.

 

[Anti-Chris]

What is the time limit for obtaining approval for finances in the OTP? Does the clause say anthing about it lapsing or terminating should approval fall through?

Sorry for the edits, but this can become very technical as there is case law which strictly specifies the facts surrounding your different options in these situations. I would advise consulting with your conveyancer, not the sellers.

I had until mid October to obtain bond approval. Which was all approved end of July. The issue is not on my side (purchaser) but rather on the seller's side. The seller is the one stalling, I believe because I am renting the house and she is trying to stall the process to get as much rent as possible.

 

[Anti-Chris]

You both already signed the OTP, so you are compelled to complete the transaction.

Your only way out of this is if both you and the seller agree to render the OTP void.

This is what I am thinking as well... However there must be some way to force the seller to submit the rrequired documentation by a certain date? Or can she just drag this on for years?

 

[3WA]

This is what I am thinking as well... However there must be some way to force the seller to submit the rrequired documentation by a certain date? Or can she just drag this on for years?

She can drag it on until your bond offer expires. Doesn't sound like there's any deadlines in the contract for her.

 

[buyeye]

I had until mid October to obtain bond approval. Which was all approved end of July. The issue is not on my side (purchaser) but rather on the seller's side. The seller is the one stalling, I believe because I am renting the house and she is trying to stall the process to get as much rent as possible.

Is your rent higher than the bond that you will be paying if not then I would just take my tin foil hat off and relax.

 

[Kosmik]

You both already signed the OTP, so you are compelled to complete the transaction.

Your only way out of this is if both you and the seller agree to render the OTP void.

They can raise penalties though for delaying the sale. Check your OTP.

 

[Anti-Chris]

Is your rent higher than the bond that you will be paying if not then I would just take my tin foil hat off and relax.

My rent is slightly lower, however, I have to buy prepaid electricity from a 3rd party at almost R4 per unit and the property has a flat that is let out for R5000 per month, so in effect I am losing about R5500 every month this drags on... But the biggest problem is that I had to sell my car to cover the Registration and Transfer costs and cant buy another one before registration since apparently they do another credit check on you right before registration and if you added any other debt, it might affect the interest rate charged or they can opt to withdraw altogether.

 

[Steamy Tom]

I am sitting with a problem.
I applied for a homeloan in July.
All was approved at the end of July. But since then the seller has been stalling everything.
First it was an issue with her FICA documents, then she had to apply for a new marriage contract which took almost a month.
On monday she informed us that she will be going in to the attourneys on Thursdat to sign the transfer documents. The atttourneys called me on Tuesday and I went to sign the documents yesterday (Wednesday). This morning she infforms us that she filled in the adress wrong and will have to go to the Municipality to see if they can correct it???????????????
I am fed up and just want this behind me. Can I still cancel the agreement? There is no time limit for the Seller in the offer to purchase but my bond approval documents state that the guarantee is only valid for 6 months.
What am I to do?

erm wtf does the municipality have to do with the transfer documents? is there an estate agent involved?

 

[Anti-Chris]

They can raise penalties though for delaying the sale. Check your OTP.

No mention of penalties for delays in the OTP

 

[Anti-Chris]

erm wtf does the municipality have to do with the transfer documents? is there an estate agent involved?

Nope. Private sale... Doesn't make sense to me either, but something to do with the municipal account statement that has the adres in Afrikaans rather than English.

 

[Alton Turner Blackwood]

My rent is slightly lower, however, I have to buy prepaid electricity from a 3rd party at almost R4 per unit and the property has a flat that is let out for R5000 per month, so in effect I am losing about R5500 every month this drags on... But the biggest problem is that I had to sell my car to cover the Registration and Transfer costs and cant buy another one before registration since apparently they do another credit check on you right before registration and if you added any other debt, it might affect the interest rate charged or they can opt to withdraw altogether.

An overdraft doesn't affect the outcome of the transaction. Speaking from experience and I bought a new house last year. This was on the advice of my banker as it is not visible on your credit record. My bond is held at a different bank.

 

[Steamy Tom]

Nope. Private sale... Doesn't make sense to me either, but something to do with the municipal account statement that has the adres in Afrikaans rather than English.

1 piel street vs 1 piel straat? really? really all that matters anyway is the erf number

imo you have to have a registered estate agent on the deal legally?

 

[3WA]

apparently they do another credit check on you right before registration and if you added any other debt, it might affect the interest rate charged or they can opt to withdraw altogether.

There's your way out right there. Misbehave until your bank cancels the loan.

 

[Steamy Tom]

There's your way out right there. Misbehave until your bank cancels the loan.

you never disappoint with your nuggets of wisdom

 

[Anti-Chris]

There's your way out right there. Misbehave until your bank cancels the loan.

Problem is, that I will then still be liable for all the costs... Not really keen on losing R50k

 

[Alton Turner Blackwood]

No mention of penalties for delays in the OTP

Surely your OTP stipulates an occupation date? When is it?

All my paperwork and approvals were done in August already, but we could only move in in November because I asked for that date as that was the date that my lease ended. So if I moved in in August, I'd have to service both my lease agreement as well as the occupational rent for the new house.

 

[WaxLyrical]

Attorneys

 

[Rocket-Boy]

I had until mid October to obtain bond approval. Which was all approved end of July. The issue is not on my side (purchaser) but rather on the seller's side. The seller is the one stalling, I believe because I am renting the house and she is trying to stall the process to get as much rent as possible.

Yeah I figured she was stalling to either stay in the house longer herself while her new property is finalized or to drag out more occupational rent from you.
I would have a chat with the lawyers and make some demands. She also needs to substantiate the claims she is making.