Offer to purchase question

maumau said:
She will be applying for transfer and registration. Are you saying I should pay her? I also thought she might delay if I don't.

Sent me the invoice this afternoon and asked if I had the funds.
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I am not saying. If she wants her cut (she will fight for it). Ask the transport attorneys for advice
 
derp90 said:
My bond registered yesterday, and I have an account number but no way to access the account yet. Does the bank contact me in the coming days to set this up? And can I just transfer money in to the account now to prepay the bond?
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Do yourself a favour: As soon as you have verified the account number with the bank, transfer at least your full monthly payment to it, immediately.
You are welcome :cool:
 
maumau said:
When do you pay the attorneys/conveyancers/notaries?

Transfer of my old house has not taken place yet and neither has transfer of my new place but the lady dealing with the purchase of my new house keeps asking for payment.
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What are the conditions on the OTP?
 
zerocool2009 said:
The biggest way to start saving/investing in yourself use your bond as a savings account.

Any money idle in your cheque/current account, put it in your bond
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True.
On a home loan of 1,000,000 at say 9%, paying a mere R70 extra every month will have the same net effect: 235 payments instead of 240, which is just under R45,000.
The reason why I recommend at least one full payment upfront is that many banks give a "payment holiday" and only require the first payment to be 45+ days after transfer. By prepaying only one payment in advance, the debtor's credit rating increases, there is a cushion for rainy days and the relationship starts of with a culture of savings.
Best of all: it's tax free :cool:
 
RonSwanson said:
The net effect of 1 month prepaid, on a loan term of 20 years, is that you will make 235 payments instead of 240, so 5 less payments in total.
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This sort of happened to me with Nedbank, my bond registered on the 27th and I was debited a mere few days later on the 1st. Decided to leave the money in there although I didn't quite plan for it to be debited so soon :p
 
prod said:
This sort of happened to me with Nedbank, my bond registered on the 27th and I was debited a mere few days later on the 1st. Decided to leave the money in there although I didn't quite plan for it to be debited so soon :p
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Make double sure on your statement that you are in advance, they may just have a nasty ogre working for them. Most banks require 45 days from registration of transfer.
 
RonSwanson said:
Make double sure on your statement that you are in advance, they may just have a nasty ogre working for them. Most banks require 45 days from registration of transfer.
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Yup - I checked. There was a tiny amount that went to interest - not really sure how they calculated that, but the rest became available in my bond account so I could've taken it out again.
 
They added the initiation fee to the total bond amount. On the original bond offer it says I can choose to pay it upfront. Do I just phone them and ask them to use the money I transfer in to pay the initiation fee?
 
derp90 said:
They added the initiation fee to the total bond amount. On the original bond offer it says I can choose to pay it upfront. Do I just phone them and ask them to use the money I transfer in to pay the initiation fee?
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Check your bond registration attorney invoice, they usually add it to the bond reg fees. So you pay it via the bank attorneys
 
Tman543 said:
Check your bond registration attorney invoice, they usually add it to the bond reg fees. So you pay it via the bank attorneys
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It's not added there. This is what it says in the bond offer:

Initiation Fee (charged to your Account on the day your Bond is registered and may be
paid upfront directly thereafter)

This is different from the registration fee.
 
RonSwanson said:
True.
On a home loan of 1,000,000 at say 9%, paying a mere R70 extra every month will have the same net effect: 235 payments instead of 240, which is just under R45,000.
The reason why I recommend at least one full payment upfront is that many banks give a "payment holiday" and only require the first payment to be 45+ days after transfer. By prepaying only one payment in advance, the debtor's credit rating increases, there is a cushion for rainy days and the relationship starts of with a culture of savings.
Best of all: it's tax free :cool:
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Such amazing advice, and so simple to do hey. Banks definitely won't like this advice either!
 
derp90 said:
It's not added there. This is what it says in the bond offer:

Initiation Fee (charged to your Account on the day your Bond is registered and may be
paid upfront directly thereafter)

This is different from the registration fee.
Click to expand...
Ok with FNB, it was added to the bond reg fees.

Have you received the bond reg fee invoice? You can follow up with your bank to confirm.
 
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