Offer to purchase question

[Tsepz_GP]

Lodging took place last week Wednesday for the place I am buying, hoping registration is done by the end of this week, already phoned the Fibre provider to come install for next week Friday,LOL!

Congratulations to all those who are now done with the process! Cannot wait to be in my place soon.

Got word this morning that registration is done.
I am moving in tomorrow morning!
What a process!

 

[Big-Mac]

So all my bond applications were declined even my own bank because i am negatively listed on SAFPS

 

[beefymoocow]

Wrong thread?

This section 12J relates to property. I’m starting to realise why government is scrapping this benefit. Essentially anyone can buy property and get up to 45% using the section 12 wrApper with very few conditions.

 

[Speedster]

This section 12J relates to property. I’m starting to realise why government is scrapping this benefit. Essentially anyone can buy property and get up to 45% using the section 12 wrApper with very few conditions.

Does it require an offer to purchase?

 

[zerocool2009]

So all my bond applications were declined even my own bank because i am negatively listed on SAFPS

Black listed?

Debt written off via a bank?

 

[Big-Mac]

Black listed?

Debt written off via a bank?

South African Fraud Prevention Services, was a victim of i.d theft, i sorted it out but 1 service provider listed me on this database and apparently banks just look at it once and decline because if you are listed there then it might mean that it is a fraudulent application, they don't even try to verify if it is the real person applying

 

[beefymoocow]

Does it require an offer to purchase?

Yep. So these 12J do require one. You buy the apartments. From an otp. The property gets moved into a SPV (special purpose vehicle). Usually your property goes into a rental pool for 5 years. And depending on the fund. At the end of 5 year term you fully own your property back and you can do what you please. So you get a huge tax deduction upfront and from borrowed money if you take out a loan.

 

[Koorsblaar]

I understood that S12J can't invest in immovable property except as a hotel or bed and breakfast.

 

[zerocool2009]

South African Fraud Prevention Services, was a victim of i.d theft, i sorted it out but 1 service provider listed me on this database and apparently banks just look at it once and decline because if you are listed there then it might mean that it is a fraudulent application, they don't even try to verify if it is the real person applying

My advice! Sort it out! As in it all!!!!

No one will give you credit! Nor a bond! Make time!

 

[beefymoocow]

I understood that S12J can't invest in immovable property except as a hotel or bed and breakfast.

That’s correct. You essentially buy a property they want and they use it as a hotel ie rental pool For 5 years. Then after the 5 years you get your property back and you can live in it. Depending on the fund.

 

[Gozado]

Got word this morning that registration is done.
I am moving in tomorrow morning!
What a process!

Hey, that's great news. All the best for the move. You are going to sleep sooooo well tomorrow night!

 

[Joe505]

Got word this morning that registration is done.
I am moving in tomorrow morning!
What a process!

Congrats! How long did lodgement take?

 

[Tsepz_GP]

Hey, that's great news. All the best for the move. You are going to sleep sooooo well tomorrow night!

Thanks a lot! Lol! Oh yes, today was one hell of a day, I am off to bed much earlier than most Fridays not planning to be useful at all for most of tomorrow morning, my legs, my arms, my back are all pretty much done, but I am so happy to be in my own place that I own!

Congrats! How long did lodgement take?

Thanks so much, it took 2 weeks, there was a COVID-19 outbreak at the Pretoria Deeds office which delayed everything by a few days, but after that it was smooth sailing.

 

[Tman543]

I just received the conveyancer attorney invoice, Attorneys always try there luck to suck you dry. I am the purchaser but they wanna charge for rates clearances fee (TWICE). And Tell me what postages and petties are that it cost R1200?

 

[zerocool2009]

I just received the conveyancer attorney invoice, Attorneys always try there luck to suck you dry. I am the purchaser but they wanna charge for rates clearances fee (TWICE). And Tell me what postages and petties are that it cost R1200?
View attachment 1079529

Why in heavens name are you listed for the the levy clearances too?

That for the seller!

That R632.50 and R500 aint yours! If the attorney say :”its for your interest, as they use a runner”, just reply, no runner needed! Use normal channels, “if they can prove you signed for it”....

 

[Ziadhorat]

I just received the conveyancer attorney invoice, Attorneys always try there luck to suck you dry. I am the purchaser but they wanna charge for rates clearances fee (TWICE). And Tell me what postages and petties are that it cost R1200?
View attachment 1079529

I had to pay R900 for postage and petties, for what it's worth

 

[zerocool2009]

I had to pay R900 for postage and petties, for what it's worth

That and clearance charges are 2 different things

 

[PhireSide]

Here's ours for our old place, for reference:

 

[zerocool2009]

Here's ours for our old place, for reference:

View attachment 1079769

Nice! Thats on par

 

[PhireSide]

Nice! Thats on par

Keen to see what our new place will be. If they dare charge me for the plans that they lost, there will be hell to pay!