Offer to purchase question

Marsie27 said:
I think the rest were all buyers. Sellers don't usually earn nailbiting brownie points:laugh:.
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lol

But there's still a lot of admin **** that sellers need to think about...


We just had Elliot out to do an inventory for the international move. 1800 cubic feet. Fook me. A 40 foot container is 2000...

This is gonna hurt.
 
Marsie27 said:
I reckon this thread should be nominated for 'Most interesting/nailbiting thread of the year'. I did a quick scan earlier and it looks like 20 people have done some form of property transaction:

APoc184, GtxGaming, Fcon_Vpro, Napalm 2800, LlamaParty, Zerocool 2009, Midnights_Ghost, Speedster, DroidX, McGuywer, wtg, Friggs, Chinmaya, Viperman, Thor, Toxxyc, Powermzii, Phireside, Sinbad, Shellyb1. Anyone I missed?

So far it looks like only Thor and LlamaParty have got to registration, with Thor having the speediest completion (15/9-23/10). LlamaParty, it seems your owners' tenants got sorted?

There are still some potentially interesting situations - Toxxyc's deal being one, and heaps of really worthwhile knowledge, tips etc being shared. Great stuff!
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The MTI thread is/was also pretty nailbiting but for different reasons....

I've mostly been lurking on this thread until a few days ago but I've learned lots from it! Submitted an OTP on Friday, haven't heard back from the seller yet though...
 
Yeah this waiting to hear about the OTP is nerve wrecking. While I'm waiting for that one, so many other properties are also coming in that we want to go view, but can't make offers on because of the OTP that's currently pending. This house buying thing is not nearly as fun as it sounds in the movies.
 
newby_investor said:
The MTI thread is/was also pretty nailbiting but for different reasons....

I've mostly been lurking on this thread until a few days ago but I've learned lots from it! Submitted an OTP on Friday, haven't heard back from the seller yet though...
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I usually put between 48 to 72 hours on my offers especially when agents seem dodge - they fish for other offers once they receive yours
 
I put something like 17 days on my current one. It's in a deceased estate so I know that takes a bit longer, and I'm really keen on the place.
 
IzZzy said:
This sounds dodge. All terms must be in the offer. A bank financing you won't care that the seller is paying the transfer duty. Also, you don't know if the agent has the authority to bind the developer when s/he states the developer will pay - it might be non binding. Either it is in the OTP or don't sign.
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We put it into the contract at the end and the seller initialed it so all is well it seems.

We're just kicking ourselves now because we didn't think of saying "Subject to 100% approval at prime minus" Ugh
 
PotatoGuardian said:
We put it into the contract at the end and the seller initialed it so all is well it seems.

We're just kicking ourselves now because we didn't think of saying "Subject to 100% approval at prime minus" Ugh
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There should be like a standard list of things to go onto an OTP from the buyer's side. Some key points like:

  • Subject to approved and signed municipal plans on or by date of registration
  • Subject to 100% bond being approved at prime minus x %
  • Subject to property being vacant on day of registration/on date that bond is lodged
  • Subject to buyer finding and securing approved seller of their current property
  • Subject to annual financial statements and rules of conduct of said estate/complex/sectional title ownership scheme being made available on x date
  • Subject to favourable outcome of home inspection by an approved structure inspection authority of purchaser's choosing and at purchaser's cost.
Perhaps we can assemble a list for the buyer and one for a prospective seller and add it to the OP?
 
PhireSide said:
There should be like a standard list of things to go onto an OTP from the buyer's side. Some key points like:

  • Subject to approved and signed municipal plans on or by date of registration
  • Subject to 100% bond being approved at prime minus x %
  • Subject to property being vacant on day of registration/on date that bond is lodged
  • Subject to buyer finding and securing approved seller of their current property
  • Subject to annual financial statements and rules of conduct of said estate/complex/sectional title ownership scheme being made available on x date
  • Subject to favourable outcome of home inspection by an approved structure inspection authority of purchaser's choosing and at purchaser's cost.
Perhaps we can assemble a list for the buyer and one for a prospective seller and add it to the OP?
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One would think this is standard chalk and cheese for agents that assist with a buyer...I have dealt with a couple of estate agents during the past year or so and not a single one has taken the time to ask about our general knowledge of the whole buying process including the OTP and general buyer and seller tips. Granted, agents are not meant to be teachers but a decent one would surely gauge the level of knowledge of a potential purchaser and use it to help make a sale, not to exploit?
 
Mista_Mobsta said:
One would think this is standard chalk and cheese for agents that assist with a buyer...I have dealt with a couple of estate agents during the past year or so and not a single one has taken the time to ask about our general knowledge of the whole buying process including the OTP and general buyer and seller tips. Granted, agents are not meant to be teachers but a decent one would surely gauge the level of knowledge of a potential purchaser and use it to help make a sale, not to exploit?
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I am by no means experienced with this, having gone through only one purchase and one sale and purchase pending, but I share the same sentiments.

Most agents just want their comms, and they don't care whether or not you will sign yourself into a corner or end up on the street by making an error in judgement or not reading the OTP with hawk eyes.

They exploit the new buyers and sellers and play on their feelings and emotions to make the sale, as they know that they will get their money from the sale regardless. Occasionally you will get one worth their fee but these are few and far between IMHO.

The last agent we dealt with we suspect knew that the plans of the place we purchased weren't correct yet pushed ahead with the sale regardless. Only when it came down to us selling did we discover that while the plans were approved, the actual structure didn't line up with what the plans said. Not even the home inspector that I used picked up on it, but the surveyor that was here noticed it within 5 minutes of entering the premises.

If you know of a good agent by word of mouth, by all means use them. They are worth their weight in gold and can potentially save you many thousands of rands down the line.
 
So an update on my saga. Got an email today from the transport side, it was supposed to be lodged mid Oct. The feedback now, oeps sorry, it wasnt, it will be lodged tomorrow only!

I cant believe this! 6 months now for a cash buy!

What am I missing here?
 
Shellyb1 said:
I am watching yours closely . Our property was lodged on 20/10 and now waiting for registration.

We have an addendum on both our sale and purchase to move on the 6th regardless and pay/receive occupational rent. That makes planning a little easier - too much uncertainty and nobody can commit on dates so this was the best way to approach it.

So excited to move though.
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Ours is now ready for the final sign off, it's gone through all the examiners so it's a case of the master conveyencer and the attorneys signing - something like that. "Should" be a day or two.
 
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Mista_Mobsta said:
One would think this is standard chalk and cheese for agents that assist with a buyer... agents are not meant to be teachers but a decent one would surely gauge the level of knowledge of a potential purchaser and use it to help make a sale, not to exploit?
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PhireSide said:
...

Most agents just want their comms, and they don't care whether or not you will sign yourself into a corner or end up on the street by making an error in judgement or not reading the OTP with hawk eyes.

They exploit the new buyers and sellers and play on their feelings and emotions to make the sale, as they know that they will get their money from the sale regardless. ...
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I 100% think the agent only cares about the sale in our case.
 
PotatoGuardian said:
We put it into the contract at the end and the seller initialed it so all is well it seems.

We're just kicking ourselves now because we didn't think of saying "Subject to 100% approval at prime minus" Ugh
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Don't think this is something to worry about. Generally banks will provide a decent rate if you can afford it. If you can't, they won't offer you a loan. Once you get two bank offers you need to play them a bit to get the rate down.
 
zerocool2009 said:
So an update on my saga. Got an email today from the transport side, it was supposed to be lodged mid Oct. The feedback now, oeps sorry, it wasnt, it will be lodged tomorrow only!

I cant believe this! 6 months now for a cash buy!

What am I missing here?
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Maybe it's the universe trying to tell you that you have too many properties ;-)
 
IzZzy said:
It's not a bit of paperwork. The conveyancor takes risk in preparing that paperwork - if they get it wrong, then they are on the line. That risk is compensated by the charging based on tariffs.
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What are the risks involved? Do they have insurance for these risks same like medical specialist?
 
Thor said:
Do I need to contact the City of Cape Town for my rates and taxes?

I paid the levies, but I assume there should be a municipal account too?
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It is all done online by the conveyancers.

The Deeds Office and City of Cape Town is not in sync and it takes a month or two after registration to pull through the new owner's details.

You don't have to do anything.
 
We lodged 14 October.
On Thursday we asked for an update and then suddenly both sets of lawyers realized there was something wrong.
I think the bond attorneys had the wrong note on their submission and so the deeds office rejected the documents.
Also the sellers new house seems to be linked to ours, and their HOA clearance expired on 31 October.
So now we have to wait for them to get HOA clearance again and submit.
The lawyers were good up until this last part. My SO is driving me insane because we arent moving in this weekend like we planned.
 
Fcon_Vpro said:
We lodged 14 October.
On Thursday we asked for an update and then suddenly both sets of lawyers realized there was something wrong.
I think the bond attorneys had the wrong note on their submission and so the deeds office rejected the documents.
Also the sellers new house seems to be linked to ours, and their HOA clearance expired on 31 October.
So now we have to wait for them to get HOA clearance again and submit.
The lawyers were good up until this last part. My SO is driving me insane because we arent moving in this weekend like we planned.
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Someone ****ed up, seems like the bond attorney.

I hate Deeds Office rejections.
 
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