Offer to purchase question

[zerocool2009]

But you are not paying the bond yet?

I am, the bond charges interest since day 1 when I did the eft. I used prepaid bond funds paying cash for a property.

So compare trust interest rates vs bond interest charges. The bank is clearly the winner here! (Meaning, the earned is WAY less than bond interest charged).

If the bond attorney’s isnt winning this week, will ask for my money back until further notice

 

[LlamaParty]

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.

Gees, that sounds frustrating! We received our invoices a few weeks ago, just after we got approved for the bond. When I signed yesterday we again got copies of both the bond and transfer invoices.

We got 10% discount on the transfer fees and 25% on the bond registration fees, just in case you need a ballpark amount to bargain for.

 

[bokka1]

I am, the bond charges interest since day 1 when I did the eft. I used prepaid bond funds paying cash for a property.

So compare trust interest rates vs bond interest charges. The bank is clearly the winner here! (Meaning, the earned is WAY less than bond interest charged).

If the bond attorney’s isnt winning this week, will ask for my money back until further notice

Okay, so you are using another property's bond to finance this one? You could have issued a guarantee from the bond but I am not sure how much that will cost.

 

[zerocool2009]

Okay, so you are using another property's bond to finance this one? You could have issued a guarantee from the bond but I am not sure how much that will cost.

That was done. Guarantees was given 1 day after the OTP signed. So the transport attorneys said ready to lodge, and no wait, bond side have a massive issue : awol deed

I will see what the cost is bond vs interest earned, and politely ask my money back till further notice (when “all” the legs are ready).

Why must things in life always cost money? Got a confirmation letter from the bank.

 

[bokka1]

That was done. Guarantees was given 1 day after the OTP signed. So the transport attorneys said ready to lodge, and no wait, bond side have a massive issue : awol deed

I will see what the cost is bond vs interest earned, and politely ask my money back till further notice (when “all” the legs are ready).

Why must things in life always cost money? Got a confirmation letter from the bank.

Why would you have paid cash from your bond if you have a guarantee? Guarantees does not accrue interest.

 

[zerocool2009]

Why would you have paid cash from your bond if you have a guarantee? Guarantees does not accrue interest.

Lol. A guarantee is to show the buyer/attorney I have the cash in hand.

The power of a flexi bond is magic.

Think you are missing my story here.

The transport attorney’s said everything is ok. I paid the buying price. Then a story the deed is awol. Thats the long and short. So money out of the bond -> interest is charged

 

[Speedster]

And so it begins... signed OTP on a new spot today. Now to see if seller accepts

 

[bokka1]

Lol. A guarantee is to show the buyer/attorney I have the cash in hand.

The power of a flexi bond is magic.

Think you are missing my story here.

The transport attorney’s said everything is ok. I paid the buying price. Then a story the deed is awol. Thats the long and short. So money out of the bond -> interest is charged

No, you said you had a guarantee in place. If you you had to pay the cash into the attorney's trust then that is not a traditional guarantee.

Where did you lose interest on your money?

 

[zerocool2009]

No, you said you had a guarantee in place. If you you had to pay the cash into the attorney's trust then that is not a traditional guarantee.

Where did you lose interest on your money?

The guarantee was the banks letter to say all funds are available plus costs.

Hell, what guarantee do you want?

Lol, I am paying a bond now. Its higher charges in interest vs the trust, you get that right?

Interest charged at 5.45% at bank. Trust account earning only at 3%

I will give the bond side (who can issue or relocate the deed 2 more weeks, then ask my money back. Will pay them once the transaction is lodged.)

 

[bokka1]

The guarantee was the banks letter to say all funds are available plus costs.

Hell, what guarantee do you want?

Lol, I am paying a bond now. Its higher charges in interest vs the trust, you get that right?

Interest charged at 5.45% at bank. Trust account earning only at 3%

I will give the bond side (who can issue or relocate the deed 2 more weeks, then ask my money back. Will pay them once the transaction is lodged.)

Did you pay money in the attorney's trust account?

That is not a guarantee, of course if the money is out of your account you are going to lose interest.

Me giving someone a bank statement of the cash available in my bank account is not a guarantee.

A guarantee is when the bank issues a formal letter that states that they will pay the money on the registration into my trust account.

If the attorney accepted a bank statement then he is in the wrong and should have asked the seller if that is acceptable. Maybe he did, we won't know.

Maybe stand back and be the seller in these instances. You don't want to find out three months down the line that your buyer is a house of straw.

In 99% of the transfers we act on behalf of the seller, not the buyer.

 

[zerocool2009]

Did you pay money in the attorney's trust account?

That is not a guarantee, of course if the money is out of your account you are going to lose interest.

Me giving someone a bank statement of the cash available in my bank account is not a guarantee.

A guarantee is when the bank issues a formal letter that states that they will pay the money on the registration into my trust account.

If the attorney accepted a bank statement then he is in the wrong and should have asked the seller if that is acceptable. Maybe he did, we won't know.

Maybe stand back and be the seller in these instances. You don't want to find out three months down the line that your buyer is a house of straw.

In 99% of the transfers we act on behalf of the seller, not the buyer.

Lol. You assume way to much. The bank gave a formal letter, and it didnt cost 1c. I did the EFT on instruction, ready to lodge. As that was one of my points in the OTP. I dont believe in deposits or EFT when an OTP is accepted.

Lol, I am not a player. I know there are way to many bad stories out there! I am for sure not wasting someone’s time.

 

[zerocool2009]

Did you pay money in the attorney's trust account?

That is not a guarantee, of course if the money is out of your account you are going to lose interest.

Me giving someone a bank statement of the cash available in my bank account is not a guarantee.

A guarantee is when the bank issues a formal letter that states that they will pay the money on the registration into my trust account.

If the attorney accepted a bank statement then he is in the wrong and should have asked the seller if that is acceptable. Maybe he did, we won't know.

Maybe stand back and be the seller in these instances. You don't want to find out three months down the line that your buyer is a house of straw.

In 99% of the transfers we act on behalf of the seller, not the buyer.

I know, the 99% part. Well, I would love to find out who will refund me interest on this “mess”. Will gladly keep you posted

 

[bokka1]

Lol. You assume way to much. The bank gave a formal letter, and it didnt cost 1c. I did the EFT on instruction, ready to lodge. As that was one of my points in the OTP. I dont believe in deposits or EFT when an OTP is accepted.

Lol, I am not a player. I know there are way to many bad stories out there! I am for sure not wasting someone’s time.

A formal letter is not a guarantee.

I can have R10 mil in my bank account and the bank confirms this in a formal letter, tomorrow I withdraw all the money and then I can use the formal bank letter for toilet paper.

 

[zerocool2009]

A formal letter is not a guarantee.

I can have R10 mil in my bank account and the bank confirms this in a formal letter, tomorrow I withdraw all the money and then I can use the formal bank letter for toilet paper.

Lol! Thats not how I roll.

 

[bokka1]

Lol! Thats not how I roll.

I trust that you understand that there are people that roll that way.

Why? I have no idea. BUT it happens a lot.

So I have to look after the interest of my client, that is my job.

 

[zerocool2009]

I trust that you understand that there are people that roll that way.

Why? I have no idea. BUT it happens a lot.

So I have to look after the interest of my client, that is my job.

So your worry is only to keep the seller happy?

I understand daily thief’s thrive on others! Its bloody sad to say the least. But I know the wheel turns.

 

[bokka1]

So your worry is only to keep the seller happy?

I understand daily thief’s thrive on others! Its bloody sad to say the least. But I know the wheel turns.

Have you sold a property? Do you want your own attorney to look after your own interest or that of the buyer?

Attorneys can not appear on behalf of the seller and the buyer, otherwise there would be a conflict of interest. He has to act on behalf of the person who gives him a mandate.

And in most cases that is the Seller.

I am typing this as more of a general info session and not specifically to the quoted post.

 

[wtg]

I trust that you understand that there are people that roll that way.

Why? I have no idea. BUT it happens a lot.

So I have to look after the interest of my client, that is my job.

Explains why mine takes days to respond to a simple question. What are the prerequisites to getting the sars transfer duty receipt? Besides guarantee and signing with bond and transfer attorney? And how long does it take usually?

 

[beefymoocow]

I might be making a cash offer to a seller. I’m thinking of putting in a clause that I will pay 10% of the purchase price in 7 days of acceptance and a further 10% percentage each month until the property is ready for lodging then I pay the remaining amount. I’m assuming the lawyers won’t have a problem with it if the seller agrees right? I have the money it’s just in my flexi bond.

 

[beefymoocow]

I might be making a cash offer to a seller. I’m thinking of putting in a clause that I will pay 10% of the purchase price in 7 days of acceptance and a further 10% percentage each month until the property is ready for lodging then I pay the remaining amount. I’m assuming the lawyers won’t have a problem with it if the seller agrees right? I have the money it’s just in my flexi bond.