Offer to purchase question

APoc184 said:
Awesome!

If you don't mind. Would you detail on what exactly you saved and what you asked/told the attorneys to get it changed.

Our Transfer Fees invoice is coming on Monday. So want to be prepared.

Thanks
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A few posts back I posted a snip of my invoice, they had some fees that seemed fishy to me (that lead me to ask here).

I called the attorney assigned to my transfer and asked her to explain each of the fees. The levy clearance apparently is for the buyers account even though its not on their name yet (dont see the logic in that, but ok) . One was an agent fee for almost R2k, I mentioned to the attorney that I didn't appoint any agent and if they did to make their life easier then that's for their account, and it was removed from the invoice (Thanks to @zerocool2009 for that advise)

My Bond Reg and Transfer is being done by the same firm, I mentioned a discount would be appreciated. The bond leg gave 25% and the transfer leg gave 10%.
 
Midnights_Ghost said:
A few posts back I posted a snip of my invoice, they had some fees that seemed fishy to me (that lead me to ask here).

I called the attorney assigned to my transfer and asked her to explain each of the fees. The levy clearance apparently is for the buyers account even though its not on their name yet (dont see the logic in that, but ok) . One was an agent fee for almost R2k, I mentioned to the attorney that I didn't appoint any agent and if they did to make their life easier then that's for their account, and it was removed from the invoice (Thanks to @zerocool2009 for that advise)

My Bond Reg and Transfer is being done by the same firm, I mentioned a discount would be appreciated. The bond leg gave 25% and the transfer leg gave 10%.
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Great thanks.

Will certainly check all our line items carefully. Same firm is also doing our bond and transfer so I will definitely be asking them for a discount if not already included. We already paid the bond invoice and they included a 10% discount on their fees there.

Nice to know the transfer leg can also give us even more discount.
 
Thats great news! R8k is R8k.

Guys, if you buy or sell, understand who’s responsibility is what. Even if you are buying and it says you must pay for clearance certificates (in the OTP), ask why?

An update from my side:
The deed is awol from the property I am busy with buying.

The bonded bank dont have any reference. The previous transfer attorney is also (shoulders up). Deeds office too! One mega big f-up (to call it nicely)

This is Africa hey!
 
zerocool2009 said:
Thats great news! R8k is R8k.

Guys, if you buy or sell, understand who’s responsibility is what. Even if you are buying and it says you must pay for clearance certificates (in the OTP), ask why?

An update from my side:
The deed is awol from the property I am busy with buying.

The bonded bank dont have any reference. The previous transfer attorney is also (shoulders up). Deeds office too! One mega big f-up (to call it nicely)

This is Africa hey!
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That should not be a real problem, maybe cause a 14 day delay but it should not if they plan properly.
 
APoc184 said:
We have the same. Same attorneys are doing our bond registration and transfer. Bond and transfer both need their own Deeds Office Search Fee as I understand it.

We got a discount on both invoices on the attorney fees. Not on any of the other lines.
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We're also signing on Monday :D
 
zerocool2009 said:
The issue sadly on my side, after 8 weeks I only heard the deed is “gone”, after paying the purchase price
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Most probably the bank only notified the attorney now that they can't find it. I am 99% certain that the bank lost it.

As said, it is a non-issue.
 
bokka1 said:
Most probably the bank only notified the attorney now that they can't find it. I am 99% certain that the bank lost it.

As said, it is a non-issue.
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Its been tracked now to the previous transport attorneys? (Its becoming a joke)

My luck hey
 
Signed.

Apart from the power of attorney and random tidbits, pretty much just signed everything we have signed or received on previous occasions. Stuff like the bond quote, life insurance, property insurance, etc.

All the signing was done with a clerk and not the actual attorney. She popped in for about 10min to find out if we have any questions and also explained why nothing really happened the last 2 weeks. Apart from drafting the documents, the seller also "forgot" to pay the clearance figures they received from the municipality. Those figures were only valid for 7 days and when he forgot to pay they had to request the figures again. She confirmed he made the payment in full for everything now, including their invoices.

She says it is pretty safe for us to give notice at our current rental property at the end of this month and that we will be in our new home by the end of October.
 
APoc184 said:
She says it is pretty safe for us to give notice at our current rental property at the end of this month and that we will be in our new home by the end of October.
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Nice! Big congrats.
We are going to view a property tomorrow. I have a good feeling about this one.
 
Another question (regarding the quoted text below).

I got an email from the transfer attorney with a document attached for consent for investment mandate. "the Agent" refers to the transfer attorneys, why am I paying them an admin fee of 1.5% of interest when I just paid them R27k for their services as their invoice stated?

I called the office but the lady had already left for the day, I will call again tomorrow morning. I just want some clarification on this beforehand.

I put down a significant deposit that would be earning some good interest, over the next month or two, I'm guessing

The client agrees that the Agent shall be entitled to an administration fee in consideration for the services provided. The fee deduction will be reflected on the client's statements and is at present 1.50% of interest. The fee structure is subject to change and the client will be notified of such changes as and when they occur.
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Midnights_Ghost said:
Another question (regarding the quoted text below).

I got an email from the transfer attorney with a document attached for consent for investment mandate. "the Agent" refers to the transfer attorneys, why am I paying them an admin fee of 1.5% of interest when I just paid them R27k for their services as their invoice stated?

I called the office but the lady had already left for the day, I will call again tomorrow morning. I just want some clarification on this beforehand.

I put down a significant deposit that would be earning some good interest, over the next month or two, I'm guessing
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I had to sign a letter to for investing my deposit (after my mix up which still isnt resolved). In short, what I did, I called the attorney's, as they also wanted a cut on the interest earned (admin fees). I asked them a timeline when are they lodging roughly. I also asked to understand clearly that a R500 admin fee to deposit money into a trust (is unreasonable), and why must they earn interest on other's money.

If I am in your shoes "Midnights Ghost", ask when are they lodging (a timeline)
 
APoc184 said:
Signed.

Apart from the power of attorney and random tidbits, pretty much just signed everything we have signed or received on previous occasions. Stuff like the bond quote, life insurance, property insurance, etc.

All the signing was done with a clerk and not the actual attorney. She popped in for about 10min to find out if we have any questions and also explained why nothing really happened the last 2 weeks. Apart from drafting the documents, the seller also "forgot" to pay the clearance figures they received from the municipality. Those figures were only valid for 7 days and when he forgot to pay they had to request the figures again. She confirmed he made the payment in full for everything now, including their invoices.

She says it is pretty safe for us to give notice at our current rental property at the end of this month and that we will be in our new home by the end of October.
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I don't know why Attorneys don't see the clients. It is a pet peeve of mine.
 
bokka1 said:
I don't know why Attorneys don't see the clients. It is a pet peeve of mine.
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Not going to lie. The communication from these attorneys leave a lot to be desired. Especially with regards to replying to simple emails queries. We usually have to phone and talk to them directly after they do not reply after a day or two.
 
Wrt to the investment accounts, we require written authorisation to invest the money in an interest bearing account. Otherwise the interest goes to the Law Society.

There are obviously extra admin fees on our side and these investment accounts are audited seperately which also incur further costs.
 
Midnights_Ghost said:
Another question (regarding the quoted text below).

I got an email from the transfer attorney with a document attached for consent for investment mandate. "the Agent" refers to the transfer attorneys, why am I paying them an admin fee of 1.5% of interest when I just paid them R27k for their services as their invoice stated?

I called the office but the lady had already left for the day, I will call again tomorrow morning. I just want some clarification on this beforehand.

I put down a significant deposit that would be earning some good interest, over the next month or two, I'm guessing
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In principle I agree with you - I mean you're paying all these other fees, why in the world should someone be able to collect on your interest earned?
As a rand amount though, it will still be really small - I mean a million rand deposit would earn say R20k in interest over 2 months, max. Probably half that in our low interest environment. 1.5% of that is at most R300. So just weigh that up in terms of how much time to spend on it.
But like I say, the principle of it does rile you up - give me a fee and I'll pay it, don't try nickle and dime me along the way.
 
Sepeng said:
In principle I agree with you - I mean you're paying all these other fees, why in the world should someone be able to collect on your interest earned?
As a rand amount though, it will still be really small - I mean a million rand deposit would earn say R20k in interest over 2 months, max. Probably half that in our low interest environment. 1.5% of that is at most R300. So just weigh that up in terms of how much time to spend on it.
But like I say, the principle of it does rile you up - give me a fee and I'll pay it, don't try nickle and dime me along the way.
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Lets take my example now.

I have paid more than R1kk in CASH. Its in trust at a low rate. The attorney's are paddling like ducks to sort the issues out, 5 weeks now, and I must still pay a BOND.

So, am I losing out ? (for sure). The bond interest is much higher than the trust. Then someone else wants a cut of the invested money also.

I am at a stage to say, "please refund me", call me when you are ready to lodge please
 
Oh. Also forgot to mention.

Yesterday when the attorney popped in to find out if we have any questions she mentioned that we should try and pay her fees ASAP so that nothing else gets delayed.
I mentioned to her that we only received the proforma invoice/statement from the bond department (already paid) and nothing from her for the transfer department.
She was adamant that she sent it in the very first email contact with us. I immediately checked on my phone and there was nothing. No worries, she said. It is in our file and the clerk will give us the copy. She and the clerk pages through everything and does not find anything. She says it is not an issue and that she will go and make a reprint in her office and come give it to us before we leave. Needless to say she never popped in again and we left.

Back at the office I phoned her up again and reminded her to forward us the invoice. Again she says it was in our first contact email. Again I told her there is nothing and that her first contact with us was a weekly progress report. She then pulls the invoice up on her computer and immediately realises that she did not send it to us because she was not the first appointment on the file.

2min later I finally had the invoice in my mailbox. A 4% discount on fee already applied because they are handling both the bond and transfer.

I still went ahead and asked via email for a bigger discount if possible. Not expecting a reply soon. So will probably have to phone again later today or tomorrow morning before I pay.
 
zerocool2009 said:
Lets take my example now.

I have paid more than R1kk in CASH. Its in trust at a low rate. The attorney's are paddling like ducks to sort the issues out, 5 weeks now, and I must still pay a BOND.

So, am I losing out ? (for sure). The bond interest is much higher than the trust. Then someone else wants a cut of the invested money also.

I am at a stage to say, "please refund me", call me when you are ready to lodge please
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But you are not paying the bond yet?
 
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