Offer to purchase question

McGuywer said:
On the transfer costs, how does the disbursement work?
Can someone please explain that to me?



We have signed OTP on a property, got favourable home loan approval from Nedbank and we are accepting today.
We are now asking for discounts on the fees involved and I would like to be prepared (costs and know what everything is for).
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2 legs, transfer and bond side. I see nedbank gives alot discount on bond costs.

I would say google transfer costs and look at examples. Thats a good start
 
Update.

So all our boxes are ticked except for Rates Clearance Certificate from the City of Tshwane.

Attorneys confirmed that it is the last document they are waiting for and that they are ready to lodge at deeds office as soon as they receive said certificate.
 
We also got an update today :D They've received the transfer duty receipt, now just waiting on a "proceed to lodge" instruction from the bank. Hopefully we'll be at our new homes by the end of the month!
 
Now waiting for the transfer.

I think they are going to fkc me with the occupational rent.

I really hope the transfer finishes this month.
 
Thor said:
Now waiting for the transfer.

I think they are going to fkc me with the occupational rent.

I really hope the transfer finishes this month.
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I'm not sure, but I recall hearing generally 1% of the purchase price. You get refunded pro rata if transferred within the month
 
Thor said:
Now waiting for the transfer.

I think they are going to fkc me with the occupational rent.

I really hope the transfer finishes this month.
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Did you already set a price for occupational rent? Was it included in the OTP?

We left our section blank and only now after it became a possibility we filled it in and signed next to it. Seller, buyer and agent.

wtg said:
I'm not sure, but I recall hearing generally 1% of the purchase price. You get refunded pro rata if transferred within the month
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I also heard that but we negotiated with the agent and seller. Sellers are really nice and they agreed on 0.5% of the purchase price.

Neither of us really want to pay any exorbitant rent fees. And if all goes well the registration will be through by mid October, but moving will only be possible at the end of the month for them and then us. So they will be the ones paying us occupational rent.
 
wtg said:
I'm not sure, but I recall hearing generally 1% of the purchase price. You get refunded pro rata if transferred within the month
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Don’t be mad, 1% was in the days when the prime interest rate was in the 20s. With rates being so low now you can even go in at 0.3 percent.
 
dlevine said:
Don’t be mad, 1% was in the days when the prime interest rate was in the 20s. With rates being so low now you can even go in at 0.3 percent.
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Lol. If that was the case I would occupational rent the rest of life lol.

I very much doubt your 0.3%
 
Thor said:
Now waiting for the transfer.

I think they are going to fkc me with the occupational rent.

I really hope the transfer finishes this month.
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I never bought a house to stay before, only for investment purposes. But if I had to. I would negotiate before signing a deal to have my occupational rent refunded after transfer less levies and rates etc. especially if the property is empty. It’s not really costing the seller anything extra.

The only cost is really wear and tear of the fittings, plumbing etc. but if the transfer goes through and something breaks due to wear. It’s not like you can get a partial refund from the previous owner.
 
wtg said:
Lol. If that was the case I would occupational rent the rest of life lol.

I very much doubt your 0.3%
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I was offered 0.4% last week. Mainly because the place is already empty and the current owner is still paying the levies and rates.

I turned it down though since my current rent is lower and I'm in no rush to move
 
Midnights_Ghost said:
I was offered 0.4% last week. Mainly because the place is already empty and the current owner is still paying the levies and rates.

I turned it down though since my current rent is lower and I'm in no rush to move
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Yeah I guess for places that stand empty it makes sense that the seller would be more lenient
 
dlevine said:
Don’t be mad, 1% was in the days when the prime interest rate was in the 20s. With rates being so low now you can even go in at 0.3 percent.
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I'd occupational rent the rest of my life and invest the difference if that was the case, maybe in like slum / outer banks most definitely not in Tygervalley or any other CBD where the levies alone are R3k+
 
And so it starts.

3 people coming to view our current rental property today.

Hopefully one of them takes it today. Not keen on so many people coming through here.
 
Mine looks like it might take forever, this is the last update from attorney (only transfer duty receipt outstanding):
SARS INSIST TAX NUMBERS INCORRECT. REQUESTED SELLERS TO PLEASE PHONE
SARS IN THIS REGARD.
 
wtg said:
Mine looks like it might take forever, this is the last update from attorney (only transfer duty receipt outstanding):
SARS INSIST TAX NUMBERS INCORRECT. REQUESTED SELLERS TO PLEASE PHONE
SARS IN THIS REGARD.
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Oh damn!

Sorry to hear that. Hopefully it is something that can easily be fixed or set straight. But yeah. Already causing a delay while they have to sort it with SARS.
 
APoc184 said:
Oh damn!

Sorry to hear that. Hopefully it is something that can easily be fixed or set straight. But yeah. Already causing a delay while they have to sort it with SARS.
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I doubt this is a quick fix. On a separate note, for me to change my bank details and for SARS to release the 'hold' on my profile, SARS told me it takes up to 21 working days. And they did not lie, it has been 3 weeks and they still have not paid my tax refund. Luckily my change of bank details does not impact the transfer
 
wtg said:
Mine looks like it might take forever, this is the last update from attorney (only transfer duty receipt outstanding):
SARS INSIST TAX NUMBERS INCORRECT. REQUESTED SELLERS TO PLEASE PHONE
SARS IN THIS REGARD.
Click to expand...

Think mine will take longer than yours... my add is in the newspaper for my awol deed! Lol
 
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Reactions: wtg
Hi guys, apologies if I'm hijacking this thread, but I think it is related.
Bond is about to be settled and will now need to source my own structural insurance, any good and affordable providers you can recommend?
 
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