Offer to purchase question

Just contact a lawyer, they will help you free of charge if they do the transfer.
 
Steamy Tom said:
a bit late to be adding onto the OTP now...

it would ahve had to be for your cost any way so timeline isn't really an issue.

Unless you mean the buyer of your property wants one? I would give them a week tops.
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We added within 10 working days. Also, I can highly recommended Home Inspection Services, Jean-Marc was amazing!

You offer is only accepted when the seller signs the OTP. We have been caught by this before - the seller said they would accept our offer verbally and when it came down to signing the paperwork, they wanted more money. Needless to say, we walked away.
 
Have any self-employed people managed to get a home loan with no credit record? Or one that's only a few months old.
 
derp90 said:
Have any self-employed people managed to get a home loan with no credit record? Or one that's only a few months old.
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Any bank would ask this:

1. Why no credit record?
2. More important, give ITA34 docs for years, as in are you paying tax?
3. Business statements for the last year, maybe 2...

The odds.... below zero (my 2c)
 
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zerocool2009 said:
Any bank would ask this:

1. Why no credit record?
2. More important, give ITA34 docs for years, as in are you paying tax?
3. Business statements for the last year, maybe 2...

The odds.... below zero (my 2c)
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Sad days.

Could you apply for a loan with 3 people, 2 with no/little credit record due to not having credit and being self-employed and 1 that's already bought 2 houses with a healthy credit record?
 
Praemon said:
The OTP hasn't been created or signed yet (I'm the buyer). They've just said they are willing to go ahead with my offer. I spoke to someone at HouseCheck and they said generally 7 days, and also include wording on their website which is helpful ( https://www.housecheck.co.za/pre-purchase-inspection/ ), so will go with that.
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Be sure to add in a suspensive clause stating that your offer is also subject to the seller providing approved building plans, although a home inspection would do this. Make sure to place the responsibility of this onto the seller.
 
The Darkness said:
Be sure to add in a suspensive clause stating that your offer is also subject to the seller providing approved building plans, although a home inspection would do this. Make sure to place the responsibility of this onto the seller.
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Unfortunately the OTP is already signed now, but worth noting for future endeavours. Hopefully doesn't become an issue.
 
Praemon said:
Unfortunately the OTP is already signed now, but worth noting for future endeavours. Hopefully doesn't become an issue.
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Was there any clause from the seller where they at least warranty that the house is up to date and approved?
 
What are the essential clauses to put in an OTP?

I want to put subject to satisfactory home inspection, but is there anything else?
 
derp90 said:
What are the essential clauses to put in an OTP?

I want to put subject to satisfactory home inspection, but is there anything else?
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The obvious stuff that is sometimes neglected by agents.
1. Your finances being in order. - Read of a couple that wanted to finance via selling shares, prices tanked last minute and sale was not subject to share price.
2. Registration subject to all certificates and approved plans.
 
derp90 said:
What are the essential clauses to put in an OTP?

I want to put subject to satisfactory home inspection, but is there anything else?
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Subject to getting a bond at a reasonable interest rate. Some agents insist that you put in a range, like 5-8%.
 
Does anyone know the average time it should take to receive a rates clearance certificate in Cape Town?
 
Since the last 2 rate hikes my minimum repayment has increased 5 times. Is that normal?
It doesnt really matter to me since each month I pay close to 200% of my repayment (sometimes more) but it seems strange the way they are increasing the min repayment
 
MidnightZA said:
Since the last 2 rate hikes my minimum repayment has increased 5 times. Is that normal?
It doesnt really matter to me since each month I pay close to 200% of my repayment (sometimes more) but it seems strange the way they are increasing the min repayment
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With what is your interest rate linked to?
 
We (wife and I) already own 2 properties but just purchased our first property in maitland specifically for rental income.

Bond was approved at prime - 0.25%(FNB) and already have a tenant lined up.

Repayments is R6 050
Rates and levies is R2 050
Total R8 100

Rental income is R7 500

Should break even from a cash flow point after year 2 with annual rental escalation.
 
AchmatK said:
We (wife and I) already own 2 properties but just purchased our first property in maitland specifically for rental income.

Bond was approved at prime - 0.25%(FNB) and already have a tenant lined up.

Repayments is R6 050
Rates and levies is R2 050
Total R8 100

Rental income is R7 500

Should break even from a cash flow point after year 2 with annual rental escalation.
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Sars will make up the difference if you show a loss!
 
MidnightZA said:
Since the last 2 rate hikes my minimum repayment has increased 5 times. Is that normal?
It doesnt really matter to me since each month I pay close to 200% of my repayment (sometimes more) but it seems strange the way they are increasing the min repayment
Click to expand...

Did you empty your flexi bond? Now repayments are up with less months remaining maybe?
 
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