Offer to purchase question

RedViking said:
There is no such thing as complete "peace and quiet", even if you stay in a "remote" area.
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I'm not the one going for that. And it's why I wouldn't want to live on a smallholding in the first place. I like the security of a townhouse. I don't want to be sitting with my farm patrol radio and my gun. I'm just curious. I get the vision of leaving the city to live with a septic tank and a goat and whatnot but in my mind that comes with a certain nonchalance or naivety about security. If you want a fortress, stay in suburb or a security complex where you can cower with your neighbours.
 
I'm seeing someone who sits on the couch 24/7 watching tv and rotting away... and then someone who likes the outdoors and the grass under their feet with a big garden for their children to play in.

Remember which of these houses your children and you will remember later in life.
 
Wrath of Khan MD said:
I'm seeing someone who sits on the couch 24/7 watching tv and rotting away... and then someone who likes the outdoors and the grass under their feet with a big garden for their children to play in.
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The former is watching the YouTubes made by the latter.
 
QQ regarding the OTP. We are adding the following clause: The buyers obtaining a satisfactory inspection report from a qualified and accredited property inspector at their own cost within 14 days of acceptance of offer.

If we receive a report with material defects would this impose an obligation on the seller to remedy these defects?
 
Nickster said:
QQ regarding the OTP. We are adding the following clause: The buyers obtaining a satisfactory inspection report from a qualified and accredited property inspector at their own cost within 14 days of acceptance of offer.

If we receive a report with material defects would this impose an obligation on the seller to remedy these defects?
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No, unless the OTP states that the defects will be remedied by the Seller which is highly unlikely.
 
bokka1 said:
No, unless the OTP states that the defects will be remedied by the Seller which is highly unlikely.
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Okay and will it give us an option to exit? Surely material defects render the report unsatisfactory.
 
Tomtomtom said:
Yes that's the whole point of such a clause but for the same reason it reduces the value of your OTP if you're facing any competition.
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What do you mean by "but for the same reason it reduces the value of your OTP if you're facing any competition."?
 
Nickster said:
QQ regarding the OTP. We are adding the following clause: The buyers obtaining a satisfactory inspection report from a qualified and accredited property inspector at their own cost within 14 days of acceptance of offer.

If we receive a report with material defects would this impose an obligation on the seller to remedy these defects?
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What is your understanding of satisfactory?
It can be argued satisfactory is a printed & signed copy of the damning defects upon inspection done by the qualified property inspector.
No recourse stipulated so if you want an exit you must stipulate that it as such in the OTP.
For example water damage could be accepted but foundation sagging not.
Never leave room for interpretation.

^^If the seller have the choice of option between equal or close to equal monetary OTP's to accept, they will almost always accept the one with less risk/red tape.
 
Toxxyc said:
90 days is kind of the norm.
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ands45 said:
Not sure what is standard but we were given 2 months. Note there is also generally a 72 hour clause, where the seller can give notice if they receive a better offer.
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Thanks this is helpful. I initially thought that’s super long for the seller to wait but the 72 hour clause makes sense
 
I know it's vague but if I consider to buy a property for R 1 300 000, what are all the costs I can expect for Transfer and all the insurances and requirements from the bank etc. Just trying to calculate what it would cost me monthly. I don't have life insurance or anything. Have Santam insurance for my office stuff been with them for years. My main bank is ABSA.

Currently I claim for office expenses and rent on my taxes, a privileged I will probably lose when buying.
 
RedViking said:
I know it's vague but if I consider to buy a property for R 1 300 000, what are all the costs I can expect for Transfer and all the insurances and requirements from the bank etc. Just trying to calculate what it would cost me monthly. I don't have life insurance or anything. Have Santam insurance for my office stuff been with them for years. My main bank is ABSA.

Currently I claim for office expenses and rent on my taxes, a privileged I will probably lose when buying.
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On 1.3m I think you'll be in for about 80k on additional costs.

Bond registration, transfer and a bunch of random additional costs.

You can probably get it lower by negotiating a bit but the transfer cost will be about 35k on its own.
 
ToxicBunny said:
On 1.3m I think you'll be in for about 80k on additional costs.

Bond registration, transfer and a bunch of random additional costs.

You can probably get it lower by negotiating a bit but the transfer cost will be about 35k on its own.
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And monthly extras in terms of insurances you think? Rates and taxes (which I know I area dependent)
 
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