Offer to purchase question

[ToxicBunny]

What I added was "at an interest rate of no higher than the Prime lending rate minus one percent".

If the agent refuses to take that to the buyer then tell them to stop being a c**t and do their f**king job. The agreement is between you and the seller and they are just there to facilitate it. They don't get a say on what you put in to the offer to purchase.

There is also this, if an agent gets stroppy about an OTP that you are wanting to present to the seller because of a clause like that then get stroppy right back with the agent. They are there to present the offers, not to make judgement calls on what is and isn't acceptable, that is for the seller to decide.

 

[doubletrouble]

Bank doesn't have the OTP as far as I'm aware...

Hmmm... I see that they do, tricky then.

I put in my offer to purchase prime. FNB came back at 6.95. Nedbank offered 6.5. I eventually got fnb down to match Nedbanks offer

 

[Forza]

I mean I get it but not sure why they'd refuse; the property will still be on the market and surely it would be for the sellers to decide if they accept those terms or not. I think we simply changed "loan granted in principle" to "loan accepted".

That's exactly what I did.

Initially I said "approval to be at least prime lending rate" then changed to wording that stated "loan to be accepted by purchaser" to cover myself incase the interest rate was not favorable.

 

[FluxZA]

I went to sign the transfer documents this week, and the clerk at the lawyers basically said the Estate Agent instructed them not to
move forward with lodging because the sellers are not yet ready to move from the property, so essentially they are trying to avoid having to pay
me occupational rent.
There was a clause in the OTP with regards to the delays. I have forwarded that to the lawyers and asked them what the current delays are for lodging
to happen, so that I can have a record of it.

 

[beefymoocow]

Does anyone know why why levies have to be paid by the seller.

 

[zerocool2009]

Does anyone know why why levies have to be paid by the seller.

Levies are payable until its registered. Once that happens, the seller must ask a recon and get a refund for surplus levies paid.

Hope this answer your question.

In your example, the R5000 goes towards future levies, until registered onto the buyers name.

I can personally recall on my transactions aswell, levies was charged, going towards future levies... as a buyer.

The most important part .... after registration, follow up (as a seller) for a refund. (As in a recon)

 

[beefymoocow]

Levies are payable until its registered. Once that happens, the seller must ask a recon and get a refund for surplus levies paid.

Hope this answer your question.

In your example, the R5000 goes towards future levies, until registered onto the buyers name.

I can personally recall on my transactions aswell, levies was charged, going towards future levies... as a buyer.

The most important part .... after registration, follow up (as a seller) for a refund. (As in a recon)

So for me as a buyer once it’s registered I need to check how many months extra the seller paid after the transfer date because the seller would pay like 3 months in advance.

 

[RonSwanson]

Levies are payable until its registered. Once that happens, the seller must ask a recon and get a refund for surplus levies paid.



The most important part .... after registration, follow up (as a seller) for a refund. (As in a recon)

I always had it that the task of recovering levies paid in advance was that of the conveyancer? I know that they are generally very lazy, but it's what you are paying fees for.

 

[zerocool2009]

I always had it that the task of recovering levies paid in advance was that of the conveyancer? I know that they are generally very lazy, but it's what you are paying fees for.

I now discovered the managing agent isnt refunding owners! Which is just sad! You must ask for it, confirm who you are.... and almost beg!



So please sellers, once the property are transferred, make sure to follow up! Its your money afterall

 

[zerocool2009]

So for me as a buyer once it’s registered I need to check how many months extra the seller paid after the transfer date because the seller would pay like 3 months in advance.

Dont think it like that! The buyer are responsible from day 1 (as it was registered). The seller would get “change” pre-paying upfront for future levies

 

[Gtx Gaming]

Signed docs came back, now for fnb to sort out the bond. Went with fnb direct for the extra benefits and discounts.

 

[Dark Agent]

@zerocool2009 I finally got my ebucks. Took 2 months and 1 week.

 

[zerocool2009]

@zerocool2009 I finally got my ebucks. Took 2 months and 1 week.

Awesome ! As per the rule, it will be given after the second debit order was processed, within that month (as in the last week) !

Congrats ! Spoil yourself

 

[marysms]

Hi All, maybe this has been asked before please pardon me.

What is the correct time to pay deposit (The OTP I have says 14 days after acceptance, I want to pay it as close as possible to registration), I do not want a situation where I just pay my deposit and the process takes forever on the sellers side and I loose the benefit of getting better returns, I want to put in about a R1M Deposit.

Tx

 

[zerocool2009]

Hi All, maybe this has been asked before please pardon me.

What is the correct time to pay deposit (The OTP I have says 14 days after acceptance, I want to pay it as close as possible to registration), I do not want a situation where I just pay my deposit and the process takes forever on the sellers side and I loose the benefit of getting better returns, I want to put in about a R1M Deposit.

Tx

Give warrantees of the money! 48 hours before they lodge, pay it over. Put that in your otp as a condition

 

[Mawirepower]

Joining the thread. Place was listed for R1.4m, offer of R1,25m accepted. Applied for R900k bond via OOBA and directly at Nedbank. Currently awaiting response from banks!

5/5/2021- Nedbank offered prime rate. Waiting on OOBA now.

11/5/2021 - Nedbank came back with Prime less 0.49%. Still nothing from the other banks. Nedbank offer accepted!

 

[MidnightZA]

11/5/2021 - Nedbank came back with Prime less 0.49%. Still nothing from the other banks. Nedbank offer accepted!

Dont you think you accepted prematurely? Was there a deadline for bond approval?
You didnt get a chance to play the banks against each other.

 

[Jehosefat]

Hi All, maybe this has been asked before please pardon me.

What is the correct time to pay deposit (The OTP I have says 14 days after acceptance, I want to pay it as close as possible to registration), I do not want a situation where I just pay my deposit and the process takes forever on the sellers side and I loose the benefit of getting better returns, I want to put in about a R1M Deposit.

Tx

If the OTP states within 14 days of acceptance and the offer has been accepted then you have to pay it by then.

If you want to pay it over later, you will need to get an addendum to the OTP that the seller has to accept (and they are not obliged to accept the change at all). In that addendum you can say that instead of a deposit, you will provide a guarantee for that amount within a certain time period. Then you will need to chat to your bank to get them to encumber your cash and issue a guarantee off the back of it. Chat to the conveyancing attorney, they will be able to give you the details that you need.

 

[Mawirepower]

Dont you think you accepted prematurely? Was there a deadline for bond approval?
You didnt get a chance to play the banks against each other.

Yeah, deadline is next week Monday. But the originator used by the Agent, called me and admitted that her chances of beating Nedbank were slim as my wife is on a passport.

 

[Toxxyc]

OK so it's been almost a month since the registration of my house went through, and I still don't have the paperwork of anything from the lawyers. What should I receive, and what should they supply? What are my options here, as I believe I need to get something like the title deed and proof of registration and rates and taxes stuff, but I have nothing. I've queried them twice now with no response.