Offer to purchase question

[doubletrouble]

Max 10 days. 3 staff guys check it, to confirm they are happy. Once happy, its registeted

Is this 10 days at the deeds office? I have no problem waiting for the Deeds Office and I understand the environment we are currently in. My question relates to the transfer attorneys only wanting to submit on Thursday. This is what doesn't make sense to me... especially since they confirmed at an earlier occassion that all is in order from their side

 

[zerocool2009]

Is this 10 days at the deeds office? I have no problem waiting for the Deeds Office and I understand the environment we are currently in. My question relates to the transfer attorneys only wanting to submit on Thursday. This is what doesn't make sense to me... especially since they confirmed at an earlier occassion that all is in order from their side

Find out why the delay directly with the transport side. If everything is "ok", they should submit.

 

[Marsie27]

My OTP says as soon as possible and I move in on registration. If if went on prep today... why would the transfer attorneys say that they are "planning to hand in on thursday" I understand the deeds office may have delays... but I can't see why the transfer attorneys would only hand in on thursday if all is in order from their side. Today is monday

I don't know where you are, but in Cape Town, once it's lodged (is that what they mean by 'handing in'?) it takes about 10 working days. Provided all is in order.

 

[Steamy Tom]

My OTP says as soon as possible and I move in on registration. If if went on prep today... why would the transfer attorneys say that they are "planning to hand in on thursday" I understand the deeds office may have delays... but I can't see why the transfer attorneys would only hand in on thursday if all is in order from their side. Today is monday

the seller could possibly be trying to delay for one of many reasons, i.e for example to let his bond cancellation notice reach 3 months for an example - just a possible reason

 

[Tjoker]

the seller could possibly be trying to delay for one of many reasons, i.e for example to let his bond cancellation notice reach 3 months for an example - just a possible reason

most likely scenario...happened to me as well, the seller was upfront about it.

 

[calgal90]

What is a reasonable offer expiry period to specify as a buyer? 24 hours? Less? More?

 

[Steamy Tom]

What is a reasonable offer expiry period to specify as a buyer? 24 hours? Less? More?

I would say 48-72 hours, i would say though that in 90% of cases you should hopefully be getting an unofficial answer quicker

 

[beefymoocow]

Are agents allow to charge commission in perpetuity if I stop using them but have the same tenant.

I haven’t concluded a new agreement yet but the current lease is on month to month now. I’m assuming this provision applies if I renew the lease only.

 

[zerocool2009]

Are agents allow to charge commission in perpetuity if I stop using them but have the same tenant.

I haven’t concluded a new agreement yet but the current lease is on month to month now. I’m assuming this provision applies if I renew the lease only.

View attachment 1097149

If its month to month... contact the existing tenants, sign a private new contract. And go forward

 

[doubletrouble]

the seller could possibly be trying to delay for one of many reasons, i.e for example to let his bond cancellation notice reach 3 months for an example - just a possible reason

The seller made an error when we did the offer to purchase. he put down occupation is as soon as registration goes through, but the home he is moving to he can only access after the 2nd, so he is trying to avoid paying storage and having to move twice... but now I am the one who has to move twice and pay storage. I just hate being messed around. If it legitametlly takes longer and I have to end up paying storage then so be it... but if the lawyers are purposely delaying to do him a favor then this would upset me.

 

[Steamy Tom]

The seller made an error when we did the offer to purchase. he put down occupation is as soon as registration goes through, but the home he is moving to he can only access after the 2nd, so he is trying to avoid paying storage and having to move twice... but now I am the one who has to move twice and pay storage. I just hate being messed around. If it legitametlly takes longer and I have to end up paying storage then so be it... but if the lawyers are purposely delaying to do him a favor then this would upset me.

If he is buying then it is very likely they want to sync the registrations at the deeds office, fairly standard imo

 

[marysms]

What is a reasonable offer expiry period to specify as a buyer? 24 hours? Less? More?

Depends on the situation, on a house brand new to market or that has not received any other offers before, put in as short as possible, 48hrs max, to avoid the possibility of the Agents using your offer to pressure other potential buyers. For a house that has been on the market for longer (30+ days) this does not really matter much, depends on your patience but always put at most 72hrs

 

[Caldo]

just received a sms that it went on prep today. Contacted the transfer attorneys they say they are planning to hand in on thursday for registration on Friday. The owner has been pushing to only move out on 2nd which I couldn't assist him with because it would mean I have to send my things to storage, pay for transport of things to storage and get a air bnb for a couple of days (which he was not willing to pay for)

This is just too convenient. How long does prep usually take?

The 'usual' time lines.
Lodge - Day 1
On prep - Day 7
Register - Day 10

Give or take a day
Also subject to positive COVID case which will result in the office closing for a day or 2.

If yours is up for prep Monday, registration will be Thursday or Friday

 

[Caldo]

What is a reasonable offer expiry period to specify as a buyer? 24 hours? Less? More?

I would say 48 hours.
If you are a willing buyer and there is a willing seller, why still waste time with waiting.
Also with longer times, the agent uses your offer as a calling card to get other 'higher' offers.

The recent offer I signed, I gave the sellers 3 days, only because they were in the Netherlands.

 

[Gtx Gaming]

Received electronic bond instructions from ABSA Bank on 28 June.

Seems absa bond instructions was the wrong attorneys lol, so thats finally fixed, hopefully everything is fine going forward.

 

[PhireSide]

Wow, but how the time flies.

It's been eight months since we've signed the OTP. I've been told that July will be THE month where it finally happens.

See you all in thirty days to see whether this oracle was correct

 

[Sinbad]

Still waiting for my mortgage approval

Quite a heavy process on this side. The conveyancers have to do all sorts of checks before they give the go-ahead - including checking all plans/permissions, drainage, mining, flooding, future developments in the area, and even church chancel maintenance obligations that the new property owner may have...

 

[Big-Mac]

Does this look right? It's the rates and levy I'm not sure about on the OTP it said the seller would pay rates and levies up until transfer is done

 

[Sinbad]

Rates and levies should be paid by the seller up until transfer happens.

 

[Big-Mac]

Rates and levies should be paid by the seller up until transfer happens.

So those shouldn't be charged on this invoice?