Offer to purchase question

Joe505 said:
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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A. Yes it is
B. Correct, its 3 months levies summed up

Just ask for a recon, as simple as that. I assume you are buying ....
 
zerocool2009 said:
A. Yes it is
B. Correct, its 3 months levies summed up

Just ask for a recon, as simple as that. I assume you are buying ....
Click to expand...
Great thank you man. Yup I am buying. Seems like the attorneys got a copy of the title deed. Guess docs will now be prepared and the transfer papers signed soon
 
This has been a good read, I am in the middle of my first property purchase and I am literally just waiting for the lodging to be done now, transfer documents were signed in early March and Bond documents in late March. All I have received all April is updates from transfer attorney to let us know how far we are in the process, 2 weeks ago they said they were preparing to lodge so we’ll see, hopefully it happens this coming week.
 
Man, now I've got a problem. So the Seller paid the rates, taxes, water and and and for 2 months upfront before the deal can go through, as usual. However, Tshwane didn't allocate this to the account, or something like that. So now the account is in arrears according to them (can't be), and now I can't load electricity on the prepaid meter. For every R100 I put on, I get only power for R40, the rest goes toward these arrears that aren't arrears.

Seller is on holiday, so can't sort it out right now, and I can't load electricity unless I want to pay R6,25 per unit. FFS.
 
Toxxyc said:
Man, now I've got a problem. So the Seller paid the rates, taxes, water and and and for 2 months upfront before the deal can go through, as usual. However, Tshwane didn't allocate this to the account, or something like that. So now the account is in arrears according to them (can't be), and now I can't load electricity on the prepaid meter. For every R100 I put on, I get only power for R40, the rest goes toward these arrears that aren't arrears.

Seller is on holiday, so can't sort it out right now, and I can't load electricity unless I want to pay R6,25 per unit. FFS.
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I would personally contact Tshwane's customer care line (and follow up). That is now sad that the transaction was lodged ! (or someone didnt do their work on the council's side).

Message the seller, and say you would recoup costs against him (as in elec charges)
 
The seller has no idea on who's name the prepaid meter is. It's a total screwup. He built the house 15 years ago and during this time numerous people rented it. Someone during this period installed the prepaid meter there, and nobody knows on who's name it is. All we know is that it's linked to the seller's trust account, which has a credit with the municipality (I saw the paperwork), yet Tshwane thinks the account is in arrears and I can't load electricity. The lawyers are dead, I'm not getting through to them and they're ignoring my emails. It's a nightmare.

Got like 41 units of power remaining on the meter, and I'm not getting any answers.
 
OK next question. House is now on my name, apparently, but apparently that also means that water, power, etc. and whatnot is not included with that registration? Do I have to now move all that to my name myself? How do I do that?

This whole process is soooo unfamiliar isn't not even funny, and there's no go-to guide or anything one can follow to show or tell you what to do?
 
Toxxyc said:
OK next question. House is now on my name, apparently, but apparently that also means that water, power, etc. and whatnot is not included with that registration? Do I have to now move all that to my name myself? How do I do that?

This whole process is soooo unfamiliar isn't not even funny, and there's no go-to guide or anything one can follow to show or tell you what to do?
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I had to do my own municipal account registration. My transfer attorney gave me a letter confirming registation, I had take that letter to the municipal office here and they opened a new account on my name. It is different in different municipalities.

Maybe there is someone from Tshwane municipality here that can give you the steps. I do believe there was something mentioned earlier in this thread about Tshwane but to find it will be difficult

EDIT: Seems like @McGuywer went through the process in Jan
See his posts below (Not sure if linked correctly)

Offer to purchase question

We're ready to lodge too. Waiting for the go-ahead from the seller as the house they've bought first has to register before we can lodge. That is very strange, usually it is the other way around. And what is stopping them from lodging simultaneously and registering simultaneously?
mybroadband.co.za mybroadband.co.za

Offer to purchase question

OK I got a new question. All my paperwork is in order with the lawyers now, it seems, so we're just waiting for the paperwork to be drafted so I can go sign. However, the owner called me the other day and mentioned something about paying his municipal account up-front for a few months before...
mybroadband.co.za mybroadband.co.za
 
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I'm going to get someone to do it for me. R500 and he does those account openings for me. My time and soul is worth more than that, so easy pay for me.
 
Toxxyc said:
I'm going to get someone to do it for me. R500 and he does those account openings for me. My time and soul is worth more than that, so easy pay for me.
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Its a 5 min job! Just take your letter that registration is done to the municipal offices, as they have a department for it. Its quick an easy
 
im waiting to do this, a buddy bought a few month ago, he said attorney registered for him and he did something online to link the account to him, no need to go in.
apparently Tshwane upped their online game when covid hit
 
CPT Update:

15/04/2021: We confirm that the transfer was lodged.
22/04/2021: We confirm that the transfer is on preparation for registration in the deeds office.

How long does it take to go from prep to registration normally? Feels like a lifetime...maybe the public holiday messing with it all?
 
Tjoker said:
CPT Update:

15/04/2021: We confirm that the transfer was lodged.
22/04/2021: We confirm that the transfer is on preparation for registration in the deeds office.

How long does it take to go from prep to registration normally? Feels like a lifetime...maybe the public holiday messing with it all?
Click to expand...

Max another week at most
 
Tjoker said:
CPT Update:

15/04/2021: We confirm that the transfer was lodged.
22/04/2021: We confirm that the transfer is on preparation for registration in the deeds office.

How long does it take to go from prep to registration normally? Feels like a lifetime...maybe the public holiday messing with it all?
Click to expand...

Got an update from the attorneys, registration is happening tomorrow :)
 
morning all,

A buddy of mine wants to buy a new place but he has cash and needs a bond. Its his 1st house so he doesnt know much about the way the banks work

whats the best option when taking out a bond for this below ?

R2m would be the purchase price
Say +-R1m would be cash
Reason for this is he can only afford a bond of +-R12k and a R2m bond is around R16-20k

How much deposit would you put down ?
When would you put the rest if you dont put the R1m as a deposit

What happens if he goes in debt and the bank wants to sell his place

he would owe the bank R1m. Would he get back his R1m if the bank has to sell cause say for instance he owes that mil the bank would sell for R1m and take that R1m yet the value of the property would be +-R2m

So now he would lose the R1m deposit

Is that right ?
 
I.am.Sam said:
morning all,

A buddy of mine wants to buy a new place but he has cash and needs a bond. Its his 1st house so he doesnt know much about the way the banks work

whats the best option when taking out a bond for this below ?

R2m would be the purchase price
Say +-R1m would be cash
Reason for this is he can only afford a bond of +-R12k and a R2m bond is around R16-20k

How much deposit would you put down ?
When would you put the rest if you dont put the R1m as a deposit

What happens if he goes in debt and the bank wants to sell his place

he would owe the bank R1m. Would he get back his R1m if the bank has to sell cause say for instance he owes that mil the bank would sell for R1m and take that R1m yet the value of the property would be +-R2m

So now he would lose the R1m deposit

Is that right ?
Click to expand...

I would personally apply for a bond, putting MAX 10% down (to see what the bank offers).
If he gets a bond granted, registered, I would just prepay the bond (putting all available cash into it).

Sadly, if he stops paying the bank would take the house back, as the bank own's it until its paid off !

So he must make SURE he can afford it, with all the extra costs !
 
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