Offer to purchase question

[Sepeng]

What type of things must I be aware of during the handover? According to me the sellers/agent will need to handover the keys and all passcodes. Is there anything else that I need to specifically ask, anyone with lessons learned?

Maybe some random things like
- when the dirt is normally collected (and on that note - be prepared to be greeted by full bins as the sellers cleaned all their junk out)
- where is the main water stopcock - nothing like having a big leak and you've no idea where to turn the water off
- same with electrical mains and all that
- do they have any old tins of paint the same colour as the walls currently are, or at least know the exact colour
- in the same vein - do they have spare tiles possibly
- do they have manuals for the stuff still in the house - our old place had this fancy microwave and oven thing, but I had no idea what half the buttons did

Look some of these you might argue should be asked before buying the place but anyway.

 

[Erohann]

Maybe some random things like
- when the dirt is normally collected (and on that note - be prepared to be greeted by full bins as the sellers cleaned all their junk out)
- where is the main water stopcock - nothing like having a big leak and you've no idea where to turn the water off
- same with electrical mains and all that
- do they have any old tins of paint the same colour as the walls currently are, or at least know the exact colour
- in the same vein - do they have spare tiles possibly
- do they have manuals for the stuff still in the house - our old place had this fancy microwave and oven thing, but I had no idea what half the buttons did

Look some of these you might argue should be asked before buying the place but anyway.

Just checked the cupboard and found a tin of paint. Whoohoo. The seller repainted as part of sales agreement (bad job mind you). At least we know what paint.

Today is move in day. Occupational rent.
Signed OTP 29 May
Signed bond 24 June
Lodged 29 July
now we wait

I should get my occupational rent back pro rata for Aug for the rest of the month after Registration day right?

 

[bokka1]

Just checked the cupboard and found a tin of paint. Whoohoo. The seller repainted as part of sales agreement (bad job mind you). At least we know what paint.

Today is move in day. Occupational rent.
Signed OTP 29 May
Signed bond 24 June
Lodged 29 July
now we wait

I should get my occupational rent back pro rata for Aug for the rest of the month after Registration day right?

That is correct. The bond funds only shows in the attorney's trust account the day after registration, so you should get your pro-rata occupational rent refund the day after registration.

Cape Town Deeds Office is currently running at three weeks.

 

[APoc184]

Confirmed.

As per thread. We received balance of occupational rent the day after registration.

It paid for the tiles in the main bedroom!

 

[Gozado]

Somewhere I missed something? @Gozado

You have a credit score

Go to one bond originator, have them do their thing (a single application per institution) and get them to pit the banks against each other to get the best deal, as you wanted.

Accept that these applications could knock your credit score down a bit the next month, but you'll have your loan offer by then and hopefully accepted it.

I'm not sure why one would use multiple originators and apply by yourself as well? Please excuse the poor analogy but it's like you go to the shop, but you also sent your partner and you also sent your friend, to go buy a loaf of bread, but you know there is only one loaf on the shelves from the start....?

You either trust the bond originator to do their job, or you don't, so don't bother with them.

Just my 2c

Thank you.

As to your analogy, I think it's not a poor one, but works excellently. I'd be buying only one loaf, yes, but there are many different loaves to compare, on the many shelves of many shops. And if I wanted to find the best deal in bread then, yes, that's exactly what would seem logical, to me. Go out to all the possible different shops (and engage one's team to do part of the research), and then quietly compare their bread in quality and price, and then perhaps see if I could negotiate a lower price by showing Breadshop 1 that Breadshop 2 was willing to sell the bread for less, and then compare the final best/lowest offers, and then decide from which shop I wanted to buy.

Perhaps a part of my scepticism comes from that part: is it a good idea to trust a bond originator? They seem to me to be recommended, with hot, panting breaths, by the estate agents, and I suppose I've met a few too many of those I've learnt not to trust.

What is the advantage of a bond originator, not for them, and not for the agent who presumably gets a cut, but for the buyer? Perhaps I just don't understand what they actually do, other than be a middleman/woman and - one way or another - earn a commission.

If I'd had dealings and a track-record with a bank, would that bank offer the same deal to me, if I requested it directly, as they would have, had they been approached not by me but by the bond originator? (So that I needn't bother asking, myself?)

Do bond originators achieve better deals for buyers? Or faster? If so, why? Do they go backwards and forwards between banks, asking them to lower the rate? What, if anything, would motivate them to do this diligently on the buyer's behalf?

 

[bokka1]

Thank you.

As to your analogy, I think it's not a poor one, but works excellently. I'd be buying only one loaf, yes, but there are many different loaves to compare, on the many shelves of many shops. And if I wanted to find the best deal in bread then, yes, that's exactly what would seem logical, to me. Go out to all the possible different shops (and engage one's team to do part of the research), and then quietly compare their bread in quality and price, and then perhaps see if I could negotiate a lower price by showing Breadshop 1 that Breadshop 2 was willing to sell the bread for less, and then compare the final best/lowest offers, and then decide from which shop I wanted to buy.

Perhaps a part of my scepticism comes from that part: is it a good idea to trust a bond originator? They seem to me to be recommended, with hot, panting breaths, by the estate agents, and I suppose I've met a few too many of those I've learnt not to trust.

What is the advantage of a bond originator, not for them, and not for the agent who presumably gets a cut, but for the buyer? Perhaps I just don't understand what they actually do, other than be a middleman/woman and - one way or another - earn a commission.

If I'd had dealings and a track-record with a bank, would that bank offer the same deal to me, if I requested it directly, as they would have, had they been approached not by me but by the bond originator? (So that I needn't bother asking, myself?)

Do bond originators achieve better deals for buyers? Or faster? If so, why? Do they go backwards and forwards between banks, asking them to lower the rate? What, if anything, would motivate them to do this diligently on the buyer's behalf?

They provide a great service and you don't have to use the one the agent suggests.

But nothing stops you to contact the banks yourself but using a Bond Originator just makes things easier.

 

[marysms]

Hi All, just a question on Electrical COC, an electrician has issued a COC for the property I am in the process of purchasing and the first thing on the COC is wrong, they have said that the supply is a single phase, yet its clear from just looking at the reading the meter at the gate that this is a 3 phase supply.

Contacted the Agent and she got back to say that they made a mistake, they will issue a new certificate, would it be safe for me to ask the attorneys for an addendum that says I am entitled to appoint an independent electrical inspector to validate the COC, should issues/faults be picked up, the seller/electrician at their expense shall fix the identified issues and the cost of the independent inspector. Should the COC be validated then I will be liable to pay the cost of the independent inspector?

The last home I fell in love with went up in flames due to electrical faults, so I am a bit worried when small things like recording single/3 phase are incorrect

 

[The_Mowgs]

Hi All, just a question on Electrical COC, an electrician has issued a COC for the property I am in the process of purchasing and the first thing on the COC is wrong, they have said that the supply is a single phase, yet its clear from just looking at the reading the meter at the gate that this is a 3 phase supply.

Contacted the Agent and she got back to say that they made a mistake, they will issue a new certificate, would it be safe for me to ask the attorneys for an addendum that says I am entitled to appoint an independent electrical inspector to validate the COC, should issues/faults be picked up, the seller/electrician at their expense shall fix the identified issues and the cost of the independent inspector. Should the COC be validated then I will be liable to pay the cost of the independent inspector?

The last home I fell in love with went up in flames due to electrical faults, so I am a bit worried when small things like recording single/3 phase are incorrect

Cant see why you cant do it, especially after this mistake. Im also getting an independent guy when I move into the new place.

 

[RonSwanson]

Hi All, just a question on Electrical COC, an electrician has issued a COC for the property I am in the process of purchasing and the first thing on the COC is wrong, they have said that the supply is a single phase, yet its clear from just looking at the reading the meter at the gate that this is a 3 phase supply.

Contacted the Agent and she got back to say that they made a mistake, they will issue a new certificate, would it be safe for me to ask the attorneys for an addendum that says I am entitled to appoint an independent electrical inspector to validate the COC, should issues/faults be picked up, the seller/electrician at their expense shall fix the identified issues and the cost of the independent inspector. Should the COC be validated then I will be liable to pay the cost of the independent inspector?

The last home I fell in love with went up in flames due to electrical faults, so I am a bit worried when small things like recording single/3 phase are incorrect

You don't need an addendum, just do it and raise any discrepancies with the conveyancing attorneys.

 

[Aeryn23]

We have found a house that we like - only problem is that the bathrooms are small. If we go forward with the house, we would like to extend the bathrooms. There is an empty courtyard space behind the bathrooms, with enough room to move the wall outwards by an addition 1 - 1.5m.

Does anyone know how much it costs per m2 to add on to a room? I know it's difficult to tell, but I am looking for rough estimates. Note - this is not knocking down an internal wall, it's extending one of the walls outward, thereby increasing the actual size of the house.

 

[Steamy Tom]

You don't need an addendum, just do it and raise any discrepancies with the conveyancing attorneys.

AND report that electrician to the ECA

 

[Ghost02]

Who do you guys use for insurance?

I've received a quote from AON (Investec's provider) for R600, I did a quotation request on the Naked app and got a quote for around R200. The cover seems the same from my perspective.

The insurance is for just over R3mil in suburbs around Cape Town. Is Naked a dodgy deal here or is AON just overpriced?

 

[bokka1]

Who do you guys use for insurance?

I've received a quote from AON (Investec's provider) for R600, I did a quotation request on the Naked app and got a quote for around R200. The cover seems the same from my perspective.

The insurance is for just over R3mil in suburbs around Cape Town. Is Naked a dodgy deal here or is AON just overpriced?

I use the same short term insurer that covers all my other assets.

 

[deweyzeph]

Who do you guys use for insurance?

I've received a quote from AON (Investec's provider) for R600, I did a quotation request on the Naked app and got a quote for around R200. The cover seems the same from my perspective.

The insurance is for just over R3mil in suburbs around Cape Town. Is Naked a dodgy deal here or is AON just overpriced?

I use Naked for my car insurance. I've claimed once and never had a problem. They are underwritten by Hollard, so pretty solid.

 

[Mike Hoxbig]

Who do you guys use for insurance?

I've received a quote from AON (Investec's provider) for R600, I did a quotation request on the Naked app and got a quote for around R200. The cover seems the same from my perspective.

The insurance is for just over R3mil in suburbs around Cape Town. Is Naked a dodgy deal here or is AON just overpriced?

Building insurance or life?

Building - R4.5m for R450 from FNB

Life - R3m for R1200 also from FNB. But I get 40% of this back in eBucks. Chose to cede it against my bond of R1.8m, balance to go to wife and kid...

 

[Ghost02]

Thanks guys, I’ll ask my current insurer too. I was planning on moving away from them to naked for car insurance though.

 

[Speedster]

Thank you.

As to your analogy, I think it's not a poor one, but works excellently. I'd be buying only one loaf, yes, but there are many different loaves to compare, on the many shelves of many shops. And if I wanted to find the best deal in bread then, yes, that's exactly what would seem logical, to me. Go out to all the possible different shops (and engage one's team to do part of the research), and then quietly compare their bread in quality and price, and then perhaps see if I could negotiate a lower price by showing Breadshop 1 that Breadshop 2 was willing to sell the bread for less, and then compare the final best/lowest offers, and then decide from which shop I wanted to buy.

Perhaps a part of my scepticism comes from that part: is it a good idea to trust a bond originator? They seem to me to be recommended, with hot, panting breaths, by the estate agents, and I suppose I've met a few too many of those I've learnt not to trust.

What is the advantage of a bond originator, not for them, and not for the agent who presumably gets a cut, but for the buyer? Perhaps I just don't understand what they actually do, other than be a middleman/woman and - one way or another - earn a commission.

If I'd had dealings and a track-record with a bank, would that bank offer the same deal to me, if I requested it directly, as they would have, had they been approached not by me but by the bond originator? (So that I needn't bother asking, myself?)

Do bond originators achieve better deals for buyers? Or faster? If so, why? Do they go backwards and forwards between banks, asking them to lower the rate? What, if anything, would motivate them to do this diligently on the buyer's behalf?

Bond originator helped me structure my finances to get the best deal. If it is just about the application you can do it yourself, for me the big win is the BO knows how to apply. They know what the banks are looking at so can provide invaluable assistance ito making your application present as well as possible.

 

[Speedster]

Who do you guys use for insurance?

I've received a quote from AON (Investec's provider) for R600, I did a quotation request on the Naked app and got a quote for around R200. The cover seems the same from my perspective.

The insurance is for just over R3mil in suburbs around Cape Town. Is Naked a dodgy deal here or is AON just overpriced?

I'm with Naked too

 

[Solitude]

Going to sign an offer to purchase this evening. I feel so stressed I feel out of breath the whole time.

 

[Mike Hoxbig]

Going to sign an offer to purchase this evening. I feel so stressed I feel out of breath the whole time.

That's the easiest part...