Offer to purchase question

Steamy Tom said:
buying a ~R2M house?
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Yip, transfer duty and costs line up.
zerocool2009 said:
Fee for consent from HOA? Sounds like a clearance charge
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Yeah, but @bokka1 mentioned this earlier in the thread and said that they charge exorbitant fees.

Just an update, I mailed the attorneys and said the costs are slightly more than budgeted according to the estimates.
I asked if they would consider discounting the registration fees. They responded with a 10% discount on that line item. Total cost is now ~R117k which is in line with the estimate and I am happy to accept, pretty painless. You don't ask, you won't get. So happy with that. Her timelines seem pretty quick with an estimate from mid-end November.
Hoping she can pull it off!
 
droidx said:
Yip, transfer duty and costs line up.

Yeah, but @bokka1 mentioned this earlier in the thread and said that they charge exorbitant fees.

Just an update, I mailed the attorneys and said the costs are slightly more than budgeted according to the estimates.
I asked if they would consider discounting the registration fees. They responded with a 10% discount on that line item. Total cost is now ~R117k which is in line with the estimate and I am happy to accept, pretty painless. You don't ask, you won't get. So happy with that. Her timelines seem pretty quick with an estimate from mid-end November.
Hoping she can pull it off!
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Any clearance charges towards the seller is just plain wrong!

I had a chat with Bokka1 too, if he says it stands in the contract, that buyer is lead by someone who wants to make money out of nothing.

Ask the attorney’s this, if its professional fees, please explain more. If its a runner, where were you consulted before hand?

Attorneys love to add “value add-on’s” on for nothing.

Again, I am saying this as I buy alot of property:Why must the buyer pay any fee for a certificate, and his name isnt on it yet, or the account? Its bloody stealing to say the least.

I got my attorneys to revert all clearance charges, even it was listed as “extra fees” in my OTP.

Just tell them ok cool, you will clarify that with the legal board. Watch how quickly they revert that!!!! Instantly
 
zerocool2009 said:
Any clearance charges towards the seller is just plain wrong!

I had a chat with Bokka1 too, if he says it stands in the contract, that buyer is lead by someone who wants to make money out of nothing.

Ask the attorney’s this, if its professional fees, please explain more. If its a runner, where were you consulted before hand?

Attorneys love to add “value add-on’s” on for nothing.

Again, I am saying this as I buy alot of property:Why must the buyer pay any fee for a certificate, and his name isnt on it yet, or the account? Its bloody stealing to say the least.

I got my attorneys to revert all clearance charges, even it was listed as “extra fees” in my OTP.

Just tell them ok cool, you will clarify that with the legal board. Watch how quickly they revert that!!!! Instantly
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That consent fee is charged by the HOA.
 
So mine has been plagued with issues related to getting the rates figures. It seems the complex uses uma for electricity, not sure what that is. Then coj asked for photos of the meters, now they waiting a supervisor to override and produce the figures.

Sars asked for proof of the sellers tax number, so waiting for the assessment for the transfer from Sars too.

Looks like it's going to be another month for me.
Everything else is done though, so that's at least one positive
 
wtg said:
So mine has been plagued with issues related to getting the rates figures. It seems the complex uses uma for electricity, not sure what that is. Then coj asked for photos of the meters, now they waiting a supervisor to override and produce the figures.

Sars asked for proof of the sellers tax number, so waiting for the assessment for the transfer from Sars too.

Looks like it's going to be another month for me.
Everything else is done though, so that's at least one positive
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Sars submissions have zero to do with buying property. Just make sure your tax is up to date!
 
APoc184 said:
How far along are you guys after signing?

DO you have an ETA from your attorneys yet?
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It's a bit hard to tell at the moment. When we signed they also told us mid-October. They've gotten the rates clearance stuff sorted out, and the compliance documents (gas and electric), and they just sent all the bond documentation back to the bank. Apparently that takes 7-10 days, but I don't know if they start with the transfer procedure already, or if they have to wait for the bond stuff to be finished?

How's it going that side?
 
bokka1 said:
SARS is involved in every property transfer done.
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Lol. Go read the guys statement. He needs to submit his tax for the year.

So how is that involved in this tax submission for the year?

I said his personal tax submission has zero to do with a property transfer.

Just make sure its up to date
 
zerocool2009 said:
Lol. Go read the guys statement. He needs to submit his tax for the year.

So how is that involved in this tax submission for the year?

I said his personal tax submission has zero to do with a property transfer.

Just make sure its up to date
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Both mine and sellers tax is fine. I was referring to the assessment of the transfer from Sars.
 
zerocool2009 said:
Lol. Go read the guys statement. He needs to submit his tax for the year.

So how is that involved in this tax submission for the year?

I said his personal tax submission has zero to do with a property transfer.

Just make sure its up to date
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No, he said that they are waiting for the seller's Tax Number to submit the transfer duty application.
 
zerocool2009 said:
Lol. Go read the guys statement. He needs to submit his tax for the year.

So how is that involved in this tax submission for the year?

I said his personal tax submission has zero to do with a property transfer.

Just make sure its up to date
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I bought a property for a cheap price before and they asked the seller to substantiate the selling price because they probably wanted to levy donation tax.

Luckily the delay wasn’t that bad. Btw if the agreement doesn’t state who pays donation tax, whose responsibility is it. The buyer or seller. As I said above the seller managed to substantiate the price apparently.
 
zerocool2009 said:
I know if you sell, and its unreasonable, Sars can ask 4 independent agents for a review.
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They ask for two independent valuations but that is only if the selling price is way off from the Municipal valuation or family members sell a property to each other.
 
bokka1 said:
They ask for two independent valuations but that is only if the selling price is way off from the Municipal valuation or family members sell a property to each other.
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Mine was about 20%. And I think the valuation was around 1.2 mil.

I guess the purchase price of 890k didn’t help either. Just under the transfer duties threshold?
 
beefymoocow said:
Mine was about 20%. And I think the valuation was around 1.2 mil.

I guess the purchase price of 890k didn’t help either. Just under the transfer duties threshold?
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Ja, that will attract suspicion.

The problem with SARS is that if everything goes smoothly then they are highly efficient, when they query something then you are in for a whole lot of pain with getting any info out of them. It can cause huge delays.
 
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