Offer to purchase question

zerocool2009 said:
Yes! You can say you are making R500 000 in improvements. The debt was a bad example, but the bank would look at your offer, your plans, register R1 500 000, pay out R1 000 000 and give the R500 000 when needed over as your building upgrades progress!

All I am saying, you questioned the extra 2% or 5% in fees, all that I am saying, think bigger.
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When needed? Would they allow me if I say needed now?
 
6spdmanual said:
Then do the hell I want with the R500K?
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Like I said, think out of the box. R500 K made me R10 000 000 in 10 years. Everyone have different needs. From buying a new car, to going solar, to going on holiday, to pay of debt (and the list goes on and on)
 
Just a note, no transfer duty payable buying off plan as well (and that goes pas the R1 000 000 rule)
 
zerocool2009 said:
Just a note, no transfer duty payable buying off plan as well (and that goes pas the R1 000 000 rule)
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Perhaps this is where the first time buying concept discussed earlier originates from. The first time a property is purchased, not the first time an individual purchases property, it does not need to be transferred from a previous owner with a registered deed, thereby eliminating the transfer duty requirement.
 
Erohann said:
Perhaps this is where the first time buying concept discussed earlier originates from. The first time a property is purchased, not the first time an individual purchases property, it does not need to be transferred from a previous owner with a registered deed, thereby eliminating the transfer duty requirement.
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If im not mistaken transfer duty falls away but this is bought from a developer and VAT becomes relevant

FAQ: Can the sale of a property be subject to both VAT and Transfer Duty? | South African Revenue Service

No, the sale of property will be subject to either VAT or Transfer Duty. VAT takes preference over Transfer Duty. If the seller is a registered VAT vendor and
www.sars.gov.za www.sars.gov.za
 
If the seller is a VAT vendor then there is no transfer duty.

If the buyer is registered for VAT and pays transfer duties on a transaction then he will be able to claim back the transfer duty against his VAT return in certain instances.

Where both parties are VAT vendors and the property is being sold as a going concern then the transaction can be zero rated. This is quite common where factories etc are sold.
 
Probably answered before. My transfer went through on the 9th.
I have the docs for applying for utilities and electrical compliance certificate.
Is there any other docs / certificates that I need to request from the lawyer?

Its a sectional title
 
Moepa said:
Probably answered before. My transfer went through on the 9th.
I have the docs for applying for utilities and electrical compliance certificate.
Is there any other docs / certificates that I need to request from the lawyer?

Its a sectional title
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In which Municipality is the house? In the City of Cape Town all this is done online by the conveyancer.
 
Can a sectional title increase levies and then backdate it 2 months without notice? That seems very sketchy
 
MidnightZA said:
Can a sectional title increase levies and then backdate it 2 months without notice? That seems very sketchy
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If the reason is valid of course, and if communicated correctly. Lets take a basic example, under budgeted ...

The scheme could be in danger being flagged for non payment if things isn't getting paid.

Then the next question comes into play, who or what's the reason (trustees, please answer ....)
 
zerocool2009 said:
If the reason is valid of course, and if communicated correctly. Lets take a basic example, under budgeted ...

The scheme could be in danger being flagged for non payment if things isn't getting paid.

Then the next question comes into play, who or what's the reason (trustees, please answer ....)
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1671517099896.png

This is all the info I have. Only names blocked.

Edit: Seems it is just annual increase related, they sent the financials a few weeks ago. Complex is in good standing with all payments and a decent amount of reserves for maintenance.
 
Reading that, an additional expense comes into play, and reduced managing agent fee. Well, I would personally ask this :

1) How would the estate/complex benefit financially with this "move" ? Give me numbers.
a. Cost of the caretaker ? (How was he/she screened to be employed) ? Was there more than 3 to 4 parties at the interviews ?
b. Current cost of the estate managing firm ? (as in RAND value).
c. The estate now must take UIF out as its a permanent "job".
d. Ask if there is a trail period for the caretaker ? (as in how is performance rated).

Its one thing to save money with big managing agent firms. Remember its on site vs back office. I assume this is onsite only.

Be pro-active and ask questions. You own a piece of the development.
 
zerocool2009 said:
Reading that, an additional expense comes into play, and reduced managing agent fee. Well, I would personally ask this :

1) How would the estate/complex benefit financially with this "move" ? Give me numbers.
a. Cost of the caretaker ? (How was he/she screened to be employed) ? Was there more than 3 to 4 parties at the interviews ?
b. Current cost of the estate managing firm ? (as in RAND value).
c. The estate now must take UIF out as its a permanent "job".
d. Ask if there is a trail period for the caretaker ? (as in how is performance rated).

Its one thing to save money with big managing agent firms. Remember its on site vs back office. I assume this is onsite only.

Be pro-active and ask questions. You own a piece of the development.
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I don't have numbers on me at the moment on my phone. When I'm back on my laptop Ill go through the docs.

There is no caretaker yet. Doesnt explain backdating levies 2 months though
 
I think for something like this, a GM or SGM is needed, and a vote for all owners (and it needs to be approved or rejected)
 
zerocool2009 said:
Reading that, an additional expense comes into play, and reduced managing agent fee. Well, I would personally ask this :

1) How would the estate/complex benefit financially with this "move" ? Give me numbers.
a. Cost of the caretaker ? (How was he/she screened to be employed) ? Was there more than 3 to 4 parties at the interviews ?
b. Current cost of the estate managing firm ? (as in RAND value).
c. The estate now must take UIF out as its a permanent "job".
d. Ask if there is a trail period for the caretaker ? (as in how is performance rated).

Its one thing to save money with big managing agent firms. Remember its on site vs back office. I assume this is onsite only.

Be pro-active and ask questions. You own a piece of the development.
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That looks like minutes of an AGM or SGM so it's too late for him to start questioning the outcomes now. He should have been at the meeting where that was discussed and decided on.
 
Jehosefat said:
That looks like minutes of an AGM or SGM so it's too late for him to start questioning the outcomes now. He should have been at the meeting where that was discussed and decided on.
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They had the meeting on a Thursday at 5PM. I only get home from work just before 6PM.

Last year I left work early and went straight to the AGM, it ended close to 10PM.

That is crazy, I still had to get home and prepare for the next work day. If they had it on the Friday, I could have attended and not worried about work the next day.
 
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