Offer to purchase question

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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Hold the attorneys responsible for the delay. Knocked 10k of my fees because of their screw up at the time.

Re: id number for check, it's illegal to do so without a persons consent, their license can be revoked and blacklisted by the bureaus.
 
bokka1 said:
Someone ****ed up, seems like the bond attorney.

I hate Deeds Office rejections.
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This happened with me now. Rejected on the bond’s side via the Deeds office

Sadly I lost now more than R10000 in interest, as I paid the attorneys end Aug in cash (as the otp said full purchase price and fees before lodgment)

Seriously this is becoming a joke now for me

A big lesson from my story, make sure the transport leg and bond leg (the same attorney’s)!
 
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Kosmik said:
Hold the attorneys responsible for the delay. Knocked 10k of my fees because of their screw up at the time.

Re: id number for check, it's illegal to do so without a persons consent, their license can be revoked and blacklisted by the bureaus.
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I wrote now to the owners of the firm, saying endless delays have cost me now R10000.

Please advise
 
zerocool2009 said:
This happened with me now. Rejected on the bond’s side via the Deeds office

Sadly I lost now more than R10000 in interest, as I paid the attorneys end Aug in cash (as the otp said full purchase price and fees before lodgment)

Seriously this is becoming a joke now for me

A big lesson from my story, make sure the transport leg and bond leg (the same attorney’s)!
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The interest should be claimable by you from the transfer attorneys.
 
zerocool2009 said:
This happened with me now. Rejected on the bond’s side via the Deeds office

Sadly I lost now more than R10000 in interest, as I paid the attorneys end Aug in cash (as the otp said full purchase price and fees before lodgment)

Seriously this is becoming a joke now for me

A big lesson from my story, make sure the transport leg and bond leg (the same attorney’s)!
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How is there a bond involved in a cash purpose?
 
zerocool2009 said:
This happened with me now. Rejected on the bond’s side via the Deeds office

Sadly I lost now more than R10000 in interest, as I paid the attorneys end Aug in cash (as the otp said full purchase price and fees before lodgment)

Seriously this is becoming a joke now for me

A big lesson from my story, make sure the transport leg and bond leg (the same attorney’s)!
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Your money goes into a interest bearing account into transfer is complete, shouldn't be a loss.
 
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:

  1. Subject to approved and signed municipal plans on or by date of registration
  2. Subject to 100% bond being approved at prime minus x %
  3. Subject to property being vacant on day of registration/on date that bond is lodged
  4. Subject to buyer finding and securing approved seller of their current property
  5. Subject to annual financial statements and rules of conduct of said estate/complex/sectional title ownership scheme being made available on x date
  6. 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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Excellent list! I've numbered them.
To point 5.:
The Rules of Conduct (and any other rules or agreements there may be, binding the owners) need to be known early in the process, at least with regard to the question of renting out a property, long-term or for holiday letting, which may be freely permitted or restricted. One should know about this, beforehand, to see whether the way the building /complex is run is the same as what you have in mind to do with the property. Some like the hope of quiet if "owners only", others want to run an AirBnB. In my opinion this is one of the key things to be clear about, long before one would even consider putting in an OTP.

The Financial Statements... for how long back? 3 years? Are any Special Levies planned? Does the Body Corporate confirm to the laws and is it properly registered?

Minutes of the meetings, too, of the last 3 or 5 years, to see whether there has been some ongoing issue that comes up for argument each next AGM.
 
Kosmik said:
Your money goes into a interest bearing account into transfer is complete, shouldn't be a loss.
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Lol.... let me see... my interest earned so far is much less than the bond chargers. So its a bad loss. I must have said no in Aug paying the purchase price with fees then, until all my crap (seller’s side was sorted out).

No one is on the buyers side (lol)
 
zerocool2009 said:
Lol.... let me see... my interest earned so far is much less than the bond chargers. So its a bad loss. I must have said no in Aug paying the purchase price with fees then, until all my crap (seller’s side was sorted out).

No one is on the buyers side (lol)
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Which bond? Bond would only be in effect from transfer.
 
Kosmik said:
Which bond? Bond would only be in effect from transfer.
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He paid the money from an existing access bond, therefore accruing more interest. The interest earned in the account where it currently lies, even though it will be reimbursed to him, is much less that what he pays on the bond. So a net loss.
Speedster said:
I'm also befuddled by this. He says the cash sale was rejected due to a bond issue?
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This confuses me too.
 
Fcon_Vpro said:
He has an existing bond that funded the cash purchase
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Sinbad said:
He obviously took money out of his existing bond to buy the property.
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zerocool2009 said:
This happened with me now. Rejected on the bond’s side via the Deeds office

Sadly I lost now more than R10000 in interest, as I paid the attorneys end Aug in cash (as the otp said full purchase price and fees before lodgment)

Seriously this is becoming a joke now for me

A big lesson from my story, make sure the transport leg and bond leg (the same attorney’s)!
Click to expand...
Check post above. I can understand the extra interest, but why would there be a bond issue at the deeds office?
 
Alrighty. So new question. The offer is still pending on the house we made the offer on. However, since reading this thread and speaking to many a dude, I'm not entirely comfortable that the offer I made is "right", so to speak. Too much and go wrong, and I didn't "cover" myself enough on the OTP.

For instance, I didn't stipulate an empty house, and that's bothering me. I also didn't stipulate that I want Prime interest rate MAX, and nothing more. I also didn't mention that I want to see the rates/taxes documents to know what I'll pay for a place like that. Stuff like that.

So while that has been bothering me, we've been looking at other houses as well, and well, yesterday we stumbled upon an absolute diamond. A bit more than what we wanted, but the house is spotless. Move and in stay. 4 bedrooms, 2 bathrooms, open plan kitchen/dining/living room areas, fireplace, second living area at the front of the property where I can set up a huge office, amazing lapa and swimming pool, HUGE garden flat, enough undercover parking, tool shed, veggie patch, borehole, the works. THE WORKS.

And now the question - can I withdraw the OTP I sent in on the other place? I'm not sorry about the other place, and I really wouldn't mind if it's accepted, but I just feel like there's something "off" about that place. We stopped there again yesterday and there doesn't look to be any movement from the tenants in there to get their **** and move out. That worries me.
 
Toxxyc said:
Alrighty. So new question. The offer is still pending on the house we made the offer on. However, since reading this thread and speaking to many a dude, I'm not entirely comfortable that the offer I made is "right", so to speak. Too much and go wrong, and I didn't "cover" myself enough on the OTP.

For instance, I didn't stipulate an empty house, and that's bothering me. I also didn't stipulate that I want Prime interest rate MAX, and nothing more. I also didn't mention that I want to see the rates/taxes documents to know what I'll pay for a place like that. Stuff like that.

So while that has been bothering me, we've been looking at other houses as well, and well, yesterday we stumbled upon an absolute diamond. A bit more than what we wanted, but the house is spotless. Move and in stay. 4 bedrooms, 2 bathrooms, open plan kitchen/dining/living room areas, fireplace, second living area at the front of the property where I can set up a huge office, amazing lapa and swimming pool, HUGE garden flat, enough undercover parking, tool shed, veggie patch, borehole, the works. THE WORKS.

And now the question - can I withdraw the OTP I sent in on the other place? I'm not sorry about the other place, and I really wouldn't mind if it's accepted, but I just feel like there's something "off" about that place. We stopped there again yesterday and there doesn't look to be any movement from the tenants in there to get their **** and move out. That worries me.
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Please refer to the first few pages of this thread... Deja Vu!
 
Sinbad said:
An OTP is legally binding until it lapses.
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This, unfortunately. @Toxxyc, do you remember if there was a rat clause in the OTP that you completed?

This allows the seller to continue marketing the property even if they receive your OTP, and they can accept another offer in this timeframe (usually 72 hours). If someone else put an offer in and this clause is in effect, it could be your way out.

Otherwise you could probably talk nicely with the agent and seller and ask if they will accept you pulling out of the deal, however I'm not sure of the legal implications hereof (and I'd of course want to see them shred the document with my own eyes if this were the case).
 
droidx said:
Check post above. I can understand the extra interest, but why would there be a bond issue at the deeds office?
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If someone buy's CASH using another bond. In my OTP I said in BOLD, I will pay once we lodge. I was told 27 Aug 2020 the legal (transferring side) is ready to lodge. So I did the EFT's with FEES. Then all the worms climbed out of the can's. Issue on issue on issue. So to summarize, I am paying a "bond" now for 2 months (and nothing on my name). Hope it makes sense
 
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