Offer to purchase question

Erohann said:
From a legal perspective you can’t be expected to pay rent to a then previous owner for the days following transfer. With the uncertainty of actual transfer it is reasonable to expect to pay full occupational rent to the lawyers and receive pro-rata refund where required.
In addition, depending on your bank, in my case, if the registration occurred after the 10th, first repayment only occurs in the month end that follows the month, i.e. end Jan, which is a pleasant reprieve with your planned renovations
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that is also useful to know about after the 10th reprieve… just assumed end of the month…
 
Moepa said:
There was none set. I had a lease that was only expiring in Feb, so didnt think I needed to take occupational rent. however it was estimated that transfer would conclude end of November, so I took early termination of my lease at the end of December.
I am now told that they are still busy with some clearance certificates and eta for transfer is 1st week of December.
I need to fix some things in the place I am currently renting and install blinds & aircons etc in the new place which I need to do before everything closes around mid December. So was hoping to move around mid December but sort things out in the first two weeks.
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If no date of occupation was set then you only have to move on date of registration.

But you have a practical issue.

If you can stay where you are then there is no need to move or pay occupational rent.
 
bokka1 said:
If no date of occupation was set then you only have to move on date of registration.

But you have a practical issue.

If you can stay where you are then there is no need to move or pay occupational rent.
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The occupational rent and my current rent is about the same, so that is not an issue.
Was more concerned about paying occupational rent for the whole month, if the transfer occurs within the first week. As I was told even if I take occupation on the 2nd week of Dec I would have to pay for the whole month.

I have also read in several places that it is not advisable to make alterations to the house until transfer has been completed. In order for me to stay in the new place I would need to install blinds (which would also be cut to size), at least install an aircon with the Durban heat im purchasing a developer property in a sectional title so not sure likelihood of transfer not being successful.
 
Moepa said:
The occupational rent and my current rent is about the same, so that is not an issue.
Was more concerned about paying occupational rent for the whole month, if the transfer occurs within the first week. As I was told even if I take occupation on the 2nd week of Dec I would have to pay for the whole month.

I have also read in several places that it is not advisable to make alterations to the house until transfer has been completed. In order for me to stay in the new place I would need to install blinds (which would also be cut to size), at least install an aircon with the Durban heat im purchasing a developer property in a sectional title so not sure likelihood of transfer not being successful.
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Occupational rent is paid pro-rata, the conveyancers will refund you.

But if I am you I will wait for transfer to take place and then take occupation, you have time on your side.
 
Moepa said:
The occupational rent and my current rent is about the same, so that is not an issue.
Was more concerned about paying occupational rent for the whole month, if the transfer occurs within the first week. As I was told even if I take occupation on the 2nd week of Dec I would have to pay for the whole month.

I have also read in several places that it is not advisable to make alterations to the house until transfer has been completed. In order for me to stay in the new place I would need to install blinds (which would also be cut to size), at least install an aircon with the Durban heat im purchasing a developer property in a sectional title so not sure likelihood of transfer not being successful.
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They would have to refund you, don't let them try pull a fast one there.
What you could do though, is simply ask if you could take measurements beforehand or even arrange with the agent that they meet you there one afternoon with the blinds installation people to get things measured and ready for when you do move in.
 
Sepeng said:
They would have to refund you, don't let them try pull a fast one there.
What you could do though, is simply ask if you could take measurements beforehand or even arrange with the agent that they meet you there one afternoon with the blinds installation people to get things measured and ready for when you do move in.
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Its already been measured - but it takes two weeks to size , aircon also bought but delivery delayed u til transfer
 
bokka1 said:
Occupational rent is paid pro-rata, the conveyancers will refund you.

But if I am you I will wait for transfer to take place and then take occupation, you have time on your side.
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I only have to sign for occupational rent toward end of November…
 
Looking at buying my first property and I have a question regarding the bond. Is it possible to get a loan to cover the transfer costs so essentially 105-110%? Will the bank release the 5-10% to cover the costs before the release of the remainder or is this something I would need to cover myself?

Also, with new development where you need to pay a 5% deposit can you still apply for 100% loan or not?
 
Nickster said:
Looking at buying my first property and I have a question regarding the bond. Is it possible to get a loan to cover the transfer costs so essentially 105-110%? Will the bank release the 5-10% to cover the costs before the release of the remainder or is this something I would need to cover myself?

Also, with new development where you need to pay a 5% deposit can you still apply for 100% loan or not?
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My honest advice, pay all fees in cash!

Most banks give 100% only. You can try, but the more you apply for, the higher the fees.

And go direct with applications, avoid using a MO
 
Can anyone recommend some clauses to add into an OTP that is favorable to a purchaser? I see that a pre-inspection clause is recommended. Should this be made the seller's responsibility? What else can you recommend.
 
Nickster said:
Can anyone recommend some clauses to add into an OTP that is favorable to a purchaser? I see that a pre-inspection clause is recommended. Should this be made the seller's responsibility? What else can you recommend.
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If there are defaults, you can list them to be fixed (and agreed apon). PM me, I have a 200 point checklist
 
How long does it take for a municipal clearance certificate?
its been 2 weeks already, I’ve been told once thus is acquired they will lodge at deeds office.
When I ask the agent she says transfer likely to only take place end of December, from initial estimation of end of November.
 
So the new place was lodged at the deeds office on the 1st of December, which is the good news.

however a question about the place I am currently renting. I gave the landlord around 2 and a half months notice that I was going to terminate my lease early at the end of December. It was originally due to expire on the 28th of February.
On the first of November he listed the place, however he has listed it with a rental price that is R2k more than what I am paying and that is listed in other similar properties.
As a result he has not found a tenant.
According to my lease I am liable to pay one months penalty for terminating the lease early should they not find a tenant.

What recourse do I have?
 
Moepa said:
So the new place was lodged at the deeds office on the 1st of December, which is the good news.

however a question about the place I am currently renting. I gave the landlord around 2 and a half months notice that I was going to terminate my lease early at the end of December. It was originally due to expire on the 28th of February.
On the first of November he listed the place, however he has listed it with a rental price that is R2k more than what I am paying and that is listed in other similar properties.
As a result he has not found a tenant.
According to my lease I am liable to pay one months penalty for terminating the lease early should they not find a tenant.

What recourse do I have?
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2k is relative. How much is it in terms of percentage. And usually people put a higher amount so when the negotiate they have room to go down.

It’s also a nuisance for landlord when tenants early terminate their leases because sometimes they paid the agent commission for a year and the tenant only honours to the agreement for a few months.

You might not have to pay the full amount if you negotiate.
 
Moepa said:
that is also useful to know about after the 10th reprieve… just assumed end of the month…
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You can avail of it, or you can just pay it in anycase. One payment in advance can take tens of thousands off your home loan in interest, the investment is well worth it, provided of course that you can afford it.

Moepa said:
How long does it take for a municipal clearance certificate?
its been 2 weeks already, I’ve been told once thus is acquired they will lodge at deeds office.
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It can take very, very long sometimes :(
 
beefymoocow said:
2k is relative. How much is it in terms of percentage. And usually people put a higher amount so when the negotiate they have room to go down.

It’s also a nuisance for landlord when tenants early terminate their leases because sometimes they paid the agent commission for a year and the tenant only honours to the agreement for a few months.

You might not have to pay the full amount if you negotiate.
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I am waiting to see if he does charge me a penalty.
there is also a claw back clause so I have to pay the agent their commission
I stayed in this place for almost 2 years (22 months to be precise)… so not for a few momths
14% increase is what the increase is
 
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