Offer to purchase question

zerocool2009 said:
My ohhhh my! All I am saying, if the guy applies at 5 banks, and the MO at 4 (I am sure the same guy would apply then at 4 banks).
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But that's not what happened. Why create hypothetical scenarios that are completely different to the poster's question?
 
zerocool2009 said:
My ohhhh my! All I am saying, if the guy applies at 5 banks, and the MO at 4 (I am sure the same guy would apply then at 4 banks).
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Lol
Speedster said:
But that's not what happened. Why create hypothetical scenarios that are completely different to the poster's question?
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Yes, this.
The poster clearly said he is applying to a bank 5....
 
Wish buyers would start to think do the admin their selfs. You will score big time in the longrun! Trust me I know
 
zerocool2009 said:
In my view, not obligated. Once you sign and accept, its another story.

Back in the day SA homeloans stole clients with cheaper rates. But then SA HL started changing rates not in sync with the reserve bank (in their t&c’s.... they can).

Just be careful
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SA Home Loans were never linked to Reserve Bank rates. They used LIBOR.
 
Update time.

Credit Life clause will not be waived for us. Not a train smash.

But FNB has however accepted our own life cover we arranged via our broker. Which is more than 50% cheaper than the FNB Life quote.

So all our stuff is in place now. Just waiting for attorneys to make appointment for signing.
 
Do you get occupation on transfer, or was a date set in the OTP? I am just wondering how things work when the Deeds Office is so behind where they should be (at least the Cape Town one appears to be).
 
Personally I think the deeds office is ok! Major issues at coj and tswhane for clearance figures
 
Marsie27 said:
Do you get occupation on transfer, or was a date set in the OTP? I am just wondering how things work when the Deeds Office is so behind where they should be (at least the Cape Town one appears to be).
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We will probably take occupation close to or on transfer depending on how long things take.

The old people are pretty much ready to move to the retirement home and will probably do so when everything is signed.

If things do take longer. We will most probably pay occupational rent. Would like to move in as soon as we can. Agreed with agent and owners to leave the section blank in the OTP and can be amended when it needs to be added.
 
Marsie27 said:
Do you get occupation on transfer, or was a date set in the OTP? I am just wondering how things work when the Deeds Office is so behind where they should be (at least the Cape Town one appears to be).
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Keep a lookout for an Early Occupation clause in the OTP.
If there is none, add one.

In addition, at the very least agree on a rate <0.8% of prop value per month (try for lower at first and neg up) and all other non-consumable items remain the responsibility of the the seller until date of transfer.

NB: Do not forget to insist the seller is still responsible for the insurance, legally you are renting and if anything happens which might affect the value of the property the bank might re-consider your bond which could render your OTP null and void (due to the fact that most OTPs should include a suspensive condition surrounding this).

/notAdvise
 
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TheBadMadMan said:
Keep a lookout for an Early Occupation clause in the OTP.
If there is none, add one.

In addition, at the very least agree on a rate
NB: Do not forget to insist the seller is still responsible for the insurance, legally you are renting and if anything happens which might affect the value of the property the bank might re-consider your bond which could render your OTP null and void (due to the fact that most OTPs should include a suspensive condition surrounding this).

/notAdvise
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The occupation and possession clause will state that all risk goes to the purchaser on date of occupation. Get that clause amended at your own peril.
 
bokka1 said:
The occupation and possession clause will state that all risk goes to the purchaser on date of occupation. Get that clause amended at your own peril.
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Luckily our OTP does say that seller is responsible for insurance, rates & taxes and maintenance until the date of transfer. Whether the property is occupied by the seller, unoccupied, or even in the event of the purchaser taking occupation before transfer date and paying occupational rent.
 
APoc184 said:
Luckily our OTP does say that seller is responsible for insurance, rates & taxes and maintenance until the date of transfer. Whether the property is occupied by the seller, unoccupied, or even in the event of the purchaser taking occupation before transfer date and paying occupational rent.
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Its common sense actually.
 
Midnights_Ghost said:
So it's not illegal in a sense to approach your own bank and do an new application while the bond originator is also applying on your behalf?

In other words, can you got to bank x and apply for a bond and they can come back with an amount less than the originators, can you pick which one you will go with or are you obligated to go with the originator?
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Nothing to do with legality last I checked.

The bank’s just see there is already an application against your name and then tell you they can’t do another alongside it.
 
APoc184 said:
Update time.

Credit Life clause will not be waived for us. Not a train smash.

But FNB has however accepted our own life cover we arranged via our broker. Which is more than 50% cheaper than the FNB Life quote.

So all our stuff is in place now. Just waiting for attorneys to make appointment for signing.
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Quite likely your employer’s cover would do the job as well if the value is high enough of if over time the loan is reduced and it balances out.

Regardless the earlier you get onto life insurance the cheaper it remains so I still have the life cover in place from ten years ago when buying my first house as it’s now comparatively cheap and since I recently switched back to a job where I need to cater for it myself I’m glad I kept it.

I never ever needed to name the bank as a beneficiary though, I just needed to have the cover in place.

I also wouldn’t be surprised if this only ever gets checked at inception and then never again as was the case for me.
 
zerocool2009 said:
Wish buyers would start to think do the admin their selfs. You will score big time in the longrun! Trust me I know
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The issue here is that the client will have to fill in different applications per bank and then follow up individually per bank on the progress. If the client has sufficient time to do this then it will work.
 
How is it possible that someone sells your property, it gets registered without you knowing?

I know now if 3 cases like this!

Its fraud in a new scale!
 
Is it common for nothing new to happen for a week?

Last update was us confirming insurance and life insurance with bond originator. As well as us paying their proforma invoice received.
And last update from transfer attorneys was that the sellers have already signed at their office.

Since then nothing new and we have not been to offices to sign anything else.
 
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