Offer to purchase question

Banker said they will check up on the ebucks offers, but you do save 50% lawyer fees atm. and 0.25% rate reducution because I bank with them. The loan will also be Strutured Facility, so you can add more properties later to the same account. So you pay the same rate and only 1 monthly service fee.
 
Gtx Gaming said:
Banker said they will check up on the ebucks offers, but you do save 50% lawyer fees atm. and 0.25% rate reducution because I bank with them. The loan will also be Strutured Facility, so you can add more properties later to the same account. So you pay the same rate and only 1 monthly service fee.
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Yes, eb perk still active. Capped at R6000

You are then on private or PW, if the word comes up “structured”. I bought 3 properties with the same bond now. Just re-gear. But normal bonds are not available on gold or premier. I like to simplify things.

Structured facility = flexi bond (same thing).
 
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So i noticed my bond does not have main banked discount applied, will be calling today and checking up on that.
Also, I see the options of paying extra by "Add on amount" and "Offered amount" which is basically adding extra to you debit order.
My question is why would you do this if you can just do a inter account transfer? is there any benefit ?

Also, i intend on paying extra every month into the bond, Basically using the Flexi bond as a savings account, Is this a bad idea ?
 
Zuner said:
So i noticed my bond does not have main banked discount applied, will be calling today and checking up on that.
Also, I see the options of paying extra by "Add on amount" and "Offered amount" which is basically adding extra to you debit order.
My question is why would you do this if you can just do a inter account transfer? is there any benefit ?

Also, i intend on paying extra every month into the bond, Basically using the Flexi bond as a savings account, Is this a bad idea ?
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Clients are sometimes not disciplined! Thats why. Its tempting to spend money available.

Personally its the best saving method, and it snowballs in time! Start with R500 extra, or R200... and stick with it
 
Zuner said:
Great, so there isn't some big flaw in my thinking.
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No big flaw at all, you pay interest on the balance you owe per day (deducted per month). So if you pay more, you are saving in the long term.

The main issue is, people want to see action in day one, and its only visible after months actually ! (if you really prepay the bond)
 
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So Flexi - Bond is already active, even though i was told i need to apply after the bond is registered.
Also my Main banked discount applied overnight, so I got my Prime -1.83% Happy days.

Previous owner is renting from me for a few weeks so i won't get to move in yet.
 
I want to hear some comments on the following sentence guys.

"If you sell a section title unit, and need to pay 3 months upfront (as in clearance figures from the managing agent). Any credit left over is due to the new owner".

Anyone heard of that ? Apparently its an attorney clause.

I am speechless to say the least. If you sell an apartment or house, and its your money ... any credit due is due to the seller .... "right" ?
 
zerocool2009 said:
I want to hear some comments on the following sentence guys.

"If you sell a section title unit, and need to pay 3 months upfront (as in clearance figures from the managing agent). Any credit left over is due to the new owner".

Anyone heard of that ? Apparently its an attorney clause.

I am speechless to say the least. If you sell an apartment or house, and its your money ... any credit due is due to the seller .... "right" ?
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It doesn't sound right to me?

The 3 months is for a buffer incase there was money owed etc. Once reconciled any credit should go back to the seller since they are not incurring the ongoing costs.
 
zerocool2009 said:
I want to hear some comments on the following sentence guys.

"If you sell a section title unit, and need to pay 3 months upfront (as in clearance figures from the managing agent). Any credit left over is due to the new owner".

Anyone heard of that ? Apparently its an attorney clause.

I am speechless to say the least. If you sell an apartment or house, and its your money ... any credit due is due to the seller .... "right" ?
Click to expand...
1619179453731.png

Doesn't sound right at all. So the seller paid in advance, and from the monies owed to me (Interest on deposit money and pro-rata occupational rent from the seller to me), they deducted pro-rata the remaining days of the month's levy, and refunded the seller all the rest.
 
In respective of the above, I have a more generic question. As a purchaser, as part of the payment of transfer fees, do you have to pay the levies upfront? I received the transfer costs from the transferring attorneys a while back and said I’ll query it closer to the time payment is due, and now edging closer to that day I just wanted to hear from those of you with experience. How does it work, is it compulsory and what guarantee do I have that the payment will go to the payment of levies ONLY from date transfer happens? TIA
 
Joe505 said:
In respective of the above, I have a more generic question. As a purchaser, as part of the payment of transfer fees, do you have to pay the levies upfront? I received the transfer costs from the transferring attorneys a while back and said I’ll query it closer to the time payment is due, and now edging closer to that day I just wanted to hear from those of you with experience. How does it work, is it compulsory and what guarantee do I have that the payment will go to the payment of levies ONLY from date transfer happens? TIA
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A great question!

When you buy a sectional title or full title property (related to levies & rates and taxes), once the managing agent or council gets a request to give clearance figures (as in how much are owed or are you up to date), they issue a final bill to the attorneys. That bill is 3 months levies / rates and taxes. That must be paid upfront when the attorney send it to the buyer, to verify that everything is up to date or not.

If the seller owes levies or rates, it must be paid first before issued

After the transfer, follow up if you have credit left, and it must be refunded

Hope this answer your question
 
zerocool2009 said:
A great question!

When you buy a sectional title or full title property (related to levies & rates and taxes), once the managing agent or council gets a request to give clearance figures (as in how much are owed or are you up to date), they issue a final bill to the attorneys. That bill is 3 months levies / rates and taxes. That must be paid upfront when the attorney send it to the buyer, to verify that everything is up to date or not.

If the seller owes levies or rates, it must be paid first before issued

After the transfer, follow up if you have credit left, and it must be refunded

Hope this answer your question
Click to expand...

Thanks @zerocool2009 for the feedback. So just to confirm:
A. It’s normal for levies to be paid upfront as part of the transfer fee payment
B. The upfront amount should be based on the final bill issued by the Managing Agent (in my case, it’s a ST property)

Then given what you said, how can I ensure that my upfront levy payment does not go toward the sellers outstanding fees (if any)?

Also, I’m sure I could ask for some proof of payment for the amount I pay as upfront levy payment right? Maybe the attorney could send me the proof of payment/receipt to/from the body corporate?
 
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