Offer to purchase question

[bokka1]

Anyone taken advantage of capital legacy when buying a home. Might try them if I buy a 2 mil plus home?

https://www.capitallegacy.co.za/launch2020/assets/img/HomeVantageBrochureFA.pdf

Rather just get normal life insurance to cover the estate expenses and make your wife / family member the executor.

Like any other life insurance it really is only a bargain if you die quickly.

 

[I.am.Sam]

hi everyone

someone mentioned to me that if you buy a property in a trust there isnt any transfer fees or something

how does it work

And whats the definion of a trust when buying property ?

 

[zerocool2009]

hi everyone

someone mentioned to me that if you buy a property in a trust there isnt any transfer fees or something

how does it work

And whats the definion of a trust when buying property ?

The only perk is when you die (in short), but you need to audit it yearly. And there are fees involved ! (nothing is for free).

 

[Speedster]

The only perk is when you die (in short), but you need to audit it yearly. And there are fees involved ! (nothing is for free).

No need for a yearly audit. And there are significant tax benefits on rental properties, assuming you have children.

 

[Speedster]

hi everyone

someone mentioned to me that if you buy a property in a trust there isnt any transfer fees or something

how does it work

And whats the definion of a trust when buying property ?

Not quite true. Costs are exactly the same as for an individual. A trust is a juristic entity registered at the master of the high court.

 

[MidnightZA]

So my place registered today

One thing I noticed is the seller removed the 2 ceiling fans, said they were faulty and replaced it with 2 small light fittings, for the CoC to be issued. Also damaged the paint where the cables were but she said she will sort that out. OTP stated all fittings and fixtures will remain. It seems she wanted to take a shortcut and not fix the fans

What are my options here?

 

[Toxxyc]

Get her to replace the fans. Simple.

 

[MidnightZA]

Get her to replace the fans. Simple.

I told the agent to get her to put it back and fix the wall. I feel she is going to put it back in a non-working condition and say its my problem since the CoC was issued and the transfer went though already.

Can I request she knock of the costs of the purchase price and I will install new fans, and fix up the wall?

 

[McGuywer]

I told the agent to get her to put it back and fix the wall. I feel she is going to put it back in a non-working condition and say its my problem since the CoC was issued and the transfer went though already.

Can I request she knock of the costs of the purchase price and I will install new fans, and fix up the wall?

I would do this.

 

[Sinbad]

I told the agent to get her to put it back and fix the wall. I feel she is going to put it back in a non-working condition and say its my problem since the CoC was issued and the transfer went though already.

Can I request she knock of the costs of the purchase price and I will install new fans, and fix up the wall?

If she puts the broken ones back the CoC is invalidated surely?

 

[MidnightZA]

I would do this.

I asked the agent to give her that option now. He is following up and will get back to me

If she puts the broken ones back the CoC is invalidated surely?

The transfer is done already. The valid CoC was only needed for that

In the mean time I did update the attorneys so they know what's happening and I will update them again once I get an answer back from the agent

 

[bokka1]

I told the agent to get her to put it back and fix the wall. I feel she is going to put it back in a non-working condition and say its my problem since the CoC was issued and the transfer went though already.

Can I request she knock of the costs of the purchase price and I will install new fans, and fix up the wall?

Did you check if they worked when you viewed the property? Id they did not work then there is no need for her to replace. If they worked then she must give you working ones.

The CoC does not come into play here.

 

[Sinbad]

Did you check if they worked when you viewed the property? Id they did not work then there is no need for her to replace. If they worked then she must give you working ones.

The CoC does not come into play here.

The CoC is for the installation. If different electrical fittings are put in, the CoC is no longer valid afaik.

 

[bokka1]

The CoC is for the installation. If different electrical fittings are put in, the CoC is no longer valid afaik.

It seems that the new fittings are covered by the CoC.

The OP's problem is that he wants working ceiling fans.

 

[Sinbad]

It seems that the new fittings are covered by the CoC.

Yes. But putting the old ones back is an issue...?

 

[MidnightZA]

Did you check if they worked when you viewed the property? Id they did not work then there is no need for her to replace. If they worked then she must give you working ones.

The CoC does not come into play here.

Unfortunately I did not test. I took the agents word for it when he said all fixtures were working and in order. A bit clumsy on my end

The CoC is for the installation. If different electrical fittings are put in, the CoC is no longer valid afaik.

I believe it was done prior to the CoC being issued. She had them replaced since it would have been more of an effort to get the fans working for the CoC to be issued

 

[Toxxyc]

Yes, but if the fans didn't work, the seller should have stated it in the OTP. Then buyer would have known. OTP states you MUST declare what you know is broken.

So issue is buyer assumed they were working, because seller didn't say they weren't, and now they're gone, and buyer is not happy because it's a fixture, and may not be removed.

 

[Sinbad]

Unfortunately I did not test. I took the agents word for it when he said all fixtures were working and in order. A bit clumsy on my end



I believe it was done prior to the CoC being issued. She had them replaced since it would have been more of an effort to get the fans working for the CoC to be issued

I get that. My point is putting the old fans back in should invalidate the CoC unless I misunderstand things totally.

She needs to get an electrician to fit new fans and issue a CoC reflecting them.

 

[MidnightZA]

Yes. But putting the old ones back is an issue...?

The issue comes into play, what if they arent working when they put it back. Was it not working 100% before removal or damaged after removal. It will just be speculation

That's why I would rather opt for a the seller to knock off the quote of the repairs from the purchase price.

 

[MidnightZA]

I get that. My point is putting the old fans back in should invalidate the CoC unless I misunderstand things totally.

She needs to get an electrician to fit new fans and issue a CoC reflecting them.

I dont disagree that the old fans will invalidate the CoC. It should. But now that the transfer is done, why should the seller care if the CoC is valid?