Offer to purchase question

Interesting to hear that FNB gives a nice 0.25% off for green houses! But only in certain estates! Thats the fine print in the t’s and c’s
 
The_Donkey said:
They can pretty much do what they please.

At Buh-Rein Estate here in CT, if you sell within 5 years, the HOA can make claim to 10% of the selling price.

It's a load of BS to be honest!
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that is absolute nuts!! I assume no one is regulating these stipulations....
 
The problem is people have been giving these HOA too much power. That's also the reason I will never buy in a complex. I'd rather pull out my nails with a pair of pliers than have a bunch of uptight twats tell me I can't paint my house, or I can't fit an AC, or I can't get a jungle gym for my kid, etc. etc.
 
I'm in the process of applying for my first bond and have used a bond originator who has provided offers from FNB, Absa, Nedbank and Standard Bank.

I am an existing FNB client and currently have a Premier Cheque/Credit account.

FNB originally offered a 100% bond at 7.15% interest (less the 0.25% for existing clients), so 6.9%.

They have come back with a revised offer for the above at 6.9% less 0.25%, so 6.65% BUT they stipulate that I need to move to a Private Client account.

What's the catch here?
 
Tjoker said:
Got a call yesterday from the lawyers asking me to come in and sign additional papers. Apparently, there is a HOA condition in my title deed:

AND SUBJECT FURTHER TO THE CONDITION THAT THE PROPERTY MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE HOME OWNERS ASSOCIATION.

I was not aware of this from the start...I don't mind it to be honest, but question the legality of this? If the chairman of this HOA was a poephol and in charge for 20 years, he can block anyone from selling right?
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That's usually to ensure that there are no outstanding levies / fines /fees from the previous owner and to ensure that the HOA is informed about the change in membership. Whatever their reasons, they have to be reasonable.
Are you saying that you have put in an OTP on a property without reviewing the HOA's MOA (and rules etc.)?
 
Vades said:
I'm in the process of applying for my first bond and have used a bond originator who has provided offers from FNB, Absa, Nedbank and Standard Bank.

I am an existing FNB client and currently have a Premier Cheque/Credit account.

FNB originally offered a 100% bond at 7.15% interest (less the 0.25% for existing clients), so 6.9%.

They have come back with a revised offer for the above at 6.9% less 0.25%, so 6.65% BUT they stipulate that I need to move to a Private Client account.

What's the catch here?
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Higher fees on the banking product.
 
RonSwanson said:
That's usually to ensure that there are no outstanding levies / fines /fees from the previous owner and to ensure that the HOA is informed about the change in membership. Whatever their reasons, they have to be reasonable.
Are you saying that you have put in an OTP on a property without reviewing the HOA's MOA (and rules etc.)?
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From that perspective it makes sense. I did review all the documents and nowhere does it state anything about what I posted, only that levies must be paid up at all times, which is obvious. The fact that the attorneys was caught off guard, discovered it in the title deed, a week before they lodge, is what had me worried me initially. I will have a chat to the HOA chairman to get this added in their documents.

Bad on my part for always assuming the worst intent, but then again, we live in South Africa where anything is possible.
 
Vades said:
I'm in the process of applying for my first bond and have used a bond originator who has provided offers from FNB, Absa, Nedbank and Standard Bank.

I am an existing FNB client and currently have a Premier Cheque/Credit account.

FNB originally offered a 100% bond at 7.15% interest (less the 0.25% for existing clients), so 6.9%.

They have come back with a revised offer for the above at 6.9% less 0.25%, so 6.65% BUT they stipulate that I need to move to a Private Client account.

What's the catch here?
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Has your BO fought a bit ?
FNB was my second worst offer then after fighting was my second best offer.
Edit: They dropped another 1% to become competitive. not a small amount.
 
Zuner said:
Has your BO fought a bit ?
FNB was my second worst offer then after fighting was my second best offer.
Edit: They dropped another 1% to become competitive. not a small amount.
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Yes, BO has gone back to them. Not sure that a better rate than this will be negotiated but waiting to see.
 
lunch said:
I got my ooba certificate today, the start of this process
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If it's your first time, I suggest take that to a Bond Originator(Obaa or wherever, I can recommend someone if you in CT), and make sure they calculate(and explain to you) your affordability properly before submitting to banks.
 
Do you get the house plans somewhere in the process of buying a new house? I don't see it listed anywhere in the process or mentioned. Just thought about it today...

Is there a cost involved in getting it from the municipality?
 
Tjoker said:
Do you get the house plans somewhere in the process of buying a new house? I don't see it listed anywhere in the process or mentioned. Just thought about it today...

Is there a cost involved in getting it from the municipality?
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You usually specify it in OTP that you require it
 
Tjoker said:
Do you get the house plans somewhere in the process of buying a new house? I don't see it listed anywhere in the process or mentioned. Just thought about it today...

Is there a cost involved in getting it from the municipality?
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Does R80 seem right? Pretty cheap...

"
Good day all

Note our offices remain closed under lockdown, thus the full copies of the plans process are handled electronically. Please allow two working days for a response to your request.

Checklist for submission of copies of plans

  1. Copy of identity document/s.
  2. Copy of rates account.
  3. Consent letter from owner (if applicable).
  4. Application form (completed and signed).
  5. If there is a new owner – letter from Attorney regarding transfer/registration details.
A service charge of R80 is payable. Please note and follow the below payment instructions. For EFT payments, as below, please use the payment reference number on the invoice, as both the Account number for City of Cape Town, as well as the beneficiary reference. For further assistance, please contact 021-4441057 or [email protected].
"
 
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