First Time House buyer

[PhireSide]

Update: I signed the OTP today and the seller would have signed tonight. I'll probably hear by tomorrow if they accepted my additional terms.

To all who added their input here, thanks a lot! I used snippets here and there to make sure I am covered and I am hoping to be a homeowner before the end of the year

 

[yebocan]

Update: I signed the OTP today and the seller would have signed tonight. I'll probably hear by tomorrow if they accepted my additional terms.

To all who added their input here, thanks a lot! I used snippets here and there to make sure I am covered and I am hoping to be a homeowner before the end of the year

Congrats..!

 

[shooter69]

Update: I signed the OTP today and the seller would have signed tonight. I'll probably hear by tomorrow if they accepted my additional terms.

To all who added their input here, thanks a lot! I used snippets here and there to make sure I am covered and I am hoping to be a homeowner before the end of the year

Congrats. I am going through the same thing now. Bond approved and Transfer sitting with the attorneys. Actually moving in at the end of Sep

 

[PhireSide]

Congrats. I am going through the same thing now. Bond approved and Transfer sitting with the attorneys. Actually moving in at the end of Sep

Fantastic! Congrats man. I am still waiting for the approval and should move in beginning of October if all goes well

 

[jambai]

I really don't see a problem with the chicken.

I live in Somerset West. I know there are few people in my suburb who keep chickens and I'm pretty sure some of them would slaughter them every now and then. Keeping chickens in a residential suburb is really not that bad.

Kn[CODEm [/CODE]

 

[PhireSide]

We finally took occupation of the home we bought yesterday and moved most of the stuff in, but there are a few things that I am a bit worried about. The transfer has not gone through yet and I am paying occupational rent for the month of October, so are these things I need to raise with the seller?

-Severe water hammer when opening the bathroom tap and the scullery tap
-The lights circuit trips at the DB when turning the light inside the indoor braai on - haven't checked the actual bulb yet (COC was supposed to have been done last week)
-Possible damp in the cupboards in a room that was not disclosed as a known issue
-A metal safe that has been installed in the main bedroom for which I have no key
-Most of the doors not locking with the keys I have been given, or locks being hard to operate.

 

[yebocan]

We finally took occupation of the home we bought yesterday and moved most of the stuff in, but there are a few things that I am a bit worried about. The transfer has not gone through yet and I am paying occupational rent for the month of October, so are these things I need to raise with the seller?

-Severe water hammer when opening the bathroom tap and the scullery tap
-The lights circuit trips at the DB when turning the light inside the indoor braai on - haven't checked the actual bulb yet (COC was supposed to have been done last week)
-Possible damp in the cupboards in a room that was not disclosed as a known issue
-A metal safe that has been installed in the main bedroom for which I have no key
-Most of the doors not locking with the keys I have been given, or locks being hard to operate.

1 -You pay occupational rent, till transfer occurs....should be pro rata, confirm with the attorneys.
2 -Confirm with transferring attorney that Electrical /Plumbing Compliance Certificate has been received and advise of defects that you have noted.
I am in the final stretch of a transfer...whole experience has been a total eye opener.

Congrats and Good Luck

 

[ToxicBunny]

We finally took occupation of the home we bought yesterday and moved most of the stuff in, but there are a few things that I am a bit worried about. The transfer has not gone through yet and I am paying occupational rent for the month of October, so are these things I need to raise with the seller?

-Severe water hammer when opening the bathroom tap and the scullery tap
-The lights circuit trips at the DB when turning the light inside the indoor braai on - haven't checked the actual bulb yet (COC was supposed to have been done last week)
-Possible damp in the cupboards in a room that was not disclosed as a known issue
-A metal safe that has been installed in the main bedroom for which I have no key
-Most of the doors not locking with the keys I have been given, or locks being hard to operate.

1) Water hammer is a difficult one to assign blame for but I would raise it.
2 through 5) Definitely raise them, and demand that it gets fixed asap.

 

[Napalm2880]

Some tips:

Make certain you get the audited financials if you're moving into a complex or HOA.
Inspect the house thoroughly. Do not be shy!
Look in the roof - check for insulation, wiring, plumbing, geyser, etc.
Check all light switches
Check all taps - look for obvious leaks
Flush all toilets - make sure they're working
Check for damp - be prepared to spend thousands to fix any damp issues.
Check for wood rot - walk away from places where the trusses are warped or rotten
Put a condition into the OTP to get the approved plans - look for anything off plan.
Put a condition into the OTP for working remotes and keys for all doors and gates.
Put in deadline dates for each and every sale condition in the OTP

Buy yourself some DIY books and tools for plumbing, basic electrical work, etc. This will pay off next time you need to call a plumber and they charge you upwards of R1500 to fix a small leak on a bad copper join.

 

[shooter69]

1 -You pay occupational rent, till transfer occurs....should be pro rata, confirm with the attorneys.
2 -Confirm with transferring attorney that Electrical /Plumbing Compliance Certificate has been received and advise of defects that you have noted.
I am in the final stretch of a transfer...whole experience has been a total eye opener.

Congrats and Good Luck

Same here. Moved in on Thursday.
Found the 1 stove plate trips the power. A bit of googling shows that this is not up to the seller to fix.

The reality is that the certificate of compliance only certifies that the property complies with the safety standards as specified in the Electrical Installation Regulations 1992, and will not necessarily mean that the oven, stove, lights and plug points actually work, he says. The same is true about the plumbing certificate.

https://www.property24.com/articles/property-defects-after-transfer-whos-responsible/22160

Luckely have some tools so I started my list of DIY stuffs that I found like loose handles ect.

 

[PhireSide]

Hmmm. But surely a light switch that trips the main circuit breaker for the lights shouldn't be compliant?

I'll pop in a new bulb tonight and see if it happens again.

 

[ToxicBunny]

Same here. Moved in on Thursday.
Found the 1 stove plate trips the power. A bit of googling shows that this is not up to the seller to fix.

https://www.property24.com/articles/property-defects-after-transfer-whos-responsible/22160

Luckely have some tools so I started my list of DIY stuffs that I found like loose handles ect.

Se vokken moer its not... thats not a defect he "didn't" know about, thats a defect that was purposefully not exposed to you... its his baby to fix.

 

[shooter69]

Se vokken moer its not... thats not a defect he "didn't" know about, thats a defect that was purposefully not exposed to you... its his baby to fix.

Well I contacted the Estate agent and they are now tasking the seller to fix the stove. So hell yes.

 

[The_Ogre]

Don't do anything to the house!

Should the transfer fail for whatever reason you'll be required to return the house to the exact state it was in when the keys were handed to you.

I'm in a similar boat, except I'm buying a brand new house from the developer. Currently the house is standing empty and I've been advised by the transferring attorney that sometimes, though very rarely, the transfer fails to go through - for example one of you or your SO loses your job.

 

[PhireSide]

Update: Bond registered this morning

Now the hard work begins!

 

[yebocan]

Update: Bond registered this morning

Now the hard work begins!

Congrats....-...!!

 

[Zenbaas]

BUMP for this thread. Any proper home inspection companies you guys can recommend...?Also in the process of looking into an house but there are definite issues that I would like to have looked over that are beyond my level of expertise.

 

[Steamy Tom]

BUMP for this thread. Any proper home inspection companies you guys can recommend...?Also in the process of looking into an house but there are definite issues that I would like to have looked over that are beyond my level of expertise.

where are you?

i used one almost 2 years ago on a house I had some bad feelings about but still liked, so i put in the offer that it was subject to a satisfactory inspection at my cost and choice of agent, turned out to be a great idea, they picked up tons of really serious issues, even some the owners clearly knew about, such as buckets in the roof to catch water when it rained....

 

[Sputnik100]

Something I wish I'd known when I did this - if buying together, it's worth considering whether to do it in a trust.

If for some reason, you want to remove one person from ownership later on (break-up, bankruptcy, she gets a cat, etc.) , it's easy to do in a trust (just change trustees), but if you co-signed the bond as individuals, removing a person later on means paying registration fees and legal fees all over again.

Yes, well, not exactly. A trust comes with massive other headaches, such as:
1. If you ever rent out the house, your tax could be far more as income tax for the trust is 45% (the max for individuals).
2. When you sell the house, you pay more tax. Unlike individuals, you don't get a primary residence exclusion and don't get an annual capital gains exclusion of R40 000 if it is not your primary residence.
3. You'll have annual paperwork with the trust.
4. It could be expensive to set up.
5. It complicates your personal tax affairs as the trust is merely a conduit for your own interests.
6. "Removing a person" as a trustee still doesn't solve a split in ownership issue. Will you be prepared to simply walk away from the house while you've helped to service the bond and contributed to the house for x number of years? Didn't think so... The one will still have to "buy" the other out to some extent.

The biggest one: Doesn't help you at all with the financing part. The bank will not borrow money to a "trust" with no income or assets. The bank will expect you and your partner to sign surety in your personal capacity for the "trust's loan" -- which leaves you in exactly the same predicament if you want to "split" the ownership later...

 

[Steamy Tom]

Yes, well, not exactly. A trust comes with massive other headaches, such as:
1. If you ever rent out the house, your tax could be far more as income tax for the trust is 45% (the max for individuals).
2. When you sell the house, you pay more tax. Unlike individuals, you don't get a primary residence exclusion and don't get an annual capital gains exclusion of R40 000 if it is not your primary residence.
3. You'll have annual paperwork with the trust.
4. It could be expensive to set up.
5. It complicates your personal tax affairs as the trust is merely a conduit for your own interests.
6. "Removing a person" as a trustee still doesn't solve a split in ownership issue. Will you be prepared to simply walk away from the house while you've helped to service the bond and contributed to the house for x number of years? Didn't think so... The one will still have to "buy" the other out to some extent.

The biggest one: Doesn't help you at all with the financing part. The bank will not borrow money to a "trust" with no income or assets. The bank will expect you and your partner to sign surety in your personal capacity for the "trust's loan" -- which leaves you in exactly the same predicament if you want to "split" the ownership later...

That's quite an old post sir