Offer to purchase question

I discovered an email yesterday that I missed that said the lawyers are just waiting for my bank to give the go ahead to lodge. So YAY finally there's progress!
 
Urgh, the managing agents for the house we sold messed up a single digit of the purchasers ID no. on the HOA clearance certificate. Council threw it out and delayed the process by 2 weeks, meaning I now have to pay two bonds for another month. :crying:
 
Hi Guys,

I have a situation with my current purchase and I am wondering if anyone has ever experienced something like this.

I am buying a place. The lawyers have indicated to me that the complex had a Home Owners Association (HOA). This HOA was deregistered in 2016.

Now on the title deed, it states that a clearance certificate from the said HOA is needed in order to transfer to the new owner. This is not possible as the HOA is deregistered at CIPC.

According to the transfering attorneys. They need to appeal to the registrar citing that the company is deregistered and that they need a directive to register without said certificate. If the registrar does not accept this then a court order will need to be issued to remove that condition.

My problem is. How were the other properties sold in the complex over the last couple of years. A court order seems like a lengthy process and will surely delay the registration in my name.
 
not sure if the bond originator was sleeping with my application, took over a week to start getting feedback
and only after I enquired about the status. not sure the normal time frames to start getting offers in.

Have now settled with ABSA, as I am a client which offered 5.9%
FNB and Nedbank offered about 5.85%, if I open an account and have my salary transferred into that account,
otherwise the rate would be +-6.1%.
 
Napalm2880 said:
Urgh, the managing agents for the house we sold messed up a single digit of the purchasers ID no. on the HOA clearance certificate. Council threw it out and delayed the process by 2 weeks, meaning I now have to pay two bonds for another month. :crying:
Click to expand...

You will be ok! I had to do it for 6 months! Somethings are out of our control
 
Question regards agent commission payment.

My agent said their branch is not VAT registered and I don't have to pay VAT on the commission.

Anyone have experience of such?
 
Caldo said:
Question regards agent commission payment.

My agent said their branch is not VAT registered and I don't have to pay VAT on the commission.

Anyone have experience of such?
Click to expand...

perfectly normal and a small score for you.

our agent was not vat registered, then during the course of the sale they became vat registered :/
 
Lawyers lodged last Thursday.
Bank sent me a mail saying bond is lodged at deeds office. I'm almost there.

Though the current owner wants to rent from me for a month, which I've allowed as I would be paying rent and bond for a few months otherwise.
 
Tremayne said:
Hi Guys,

I have a situation with my current purchase and I am wondering if anyone has ever experienced something like this.

I am buying a place. The lawyers have indicated to me that the complex had a Home Owners Association (HOA). This HOA was deregistered in 2016.

Now on the title deed, it states that a clearance certificate from the said HOA is needed in order to transfer to the new owner. This is not possible as the HOA is deregistered at CIPC.

According to the transfering attorneys. They need to appeal to the registrar citing that the company is deregistered and that they need a directive to register without said certificate. If the registrar does not accept this then a court order will need to be issued to remove that condition.

My problem is. How were the other properties sold in the complex over the last couple of years. A court order seems like a lengthy process and will surely delay the registration in my name.
Click to expand...
Dealt with a similar situation recently. Had to launch an application to the high court for an order to exclude the condition imposed by the non existent HOA.

It's a lengthy and costly process. Hope you come right.
 
What's the average time once bond documents from the bank has been signed to lodging ?
 
Got a call yesterday from the lawyers asking me to come in and sign additional papers. Apparently, there is a HOA condition in my title deed:

AND SUBJECT FURTHER TO THE CONDITION THAT THE PROPERTY MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE HOME OWNERS ASSOCIATION.

I was not aware of this from the start...I don't mind it to be honest, but question the legality of this? If the chairman of this HOA was a poephol and in charge for 20 years, he can block anyone from selling right?
 
JibbersCrabst said:
Dealt with a similar situation recently. Had to launch an application to the high court for an order to exclude the condition imposed by the non existent HOA.

It's a lengthy and costly process. Hope you come right.
Click to expand...
How long did the process take.

I am the buyer. Should this not be on the seller to resolve? In terms of costs, what does it cost roughly and who is responsible for this cost?
 
Tremayne said:
How long did the process take.

I am the buyer. Should this not be on the seller to resolve? In terms of costs, what does it cost roughly and who is responsible for this cost?
Click to expand...

The costs to remedy the problem should definitely be for the seller's account. How long it would take would depend on how quickly the attorney takes to draft and issue the application and get the ball rolling. I know there are problems in JHB and PTA (not as bad at JHB) with dates being given for unopposed applications. I highly doubt the transferring attorney would come right with the Registrar's circular, as the condition is in the title deed itself. If it goes to the deed's office, it will be rejected. So IMO, they would be wasting their time even trying and that route will only cause more delays.

In terms of costs, if it is limited to resolving the issue with the defunct HOA, one could easily look at between R30k to R60k, depending on how fancy the attorney is.

The High Courts now use an electronic filing system, "Caselines" (hastily implemented due to lockdown) and it's caused a huge backlog with court dates being given. I have seen attorneys apply for dates now and only get dates for unopposed matters in October. TIA.
 
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Tjoker said:
Got a call yesterday from the lawyers asking me to come in and sign additional papers. Apparently, there is a HOA condition in my title deed:

AND SUBJECT FURTHER TO THE CONDITION THAT THE PROPERTY MAY NOT BE TRANSFERRED WITHOUT THE CONSENT OF THE HOME OWNERS ASSOCIATION.

I was not aware of this from the start...I don't mind it to be honest, but question the legality of this? If the chairman of this HOA was a poephol and in charge for 20 years, he can block anyone from selling right?
Click to expand...
They can pretty much do what they please.

At Buh-Rein Estate here in CT, if you sell within 5 years, the HOA can make claim to 10% of the selling price.

It's a load of BS to be honest!
 
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