Offer to purchase question

Moepa said:
It is a new development, so it could go a lot quicker….
what benefit would specifying an occupation date have?
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U will DICTATE the time-frame of transfer process to suit your circumstances (Discuss with Conveyancers...).
Agent has vested interest in getting COMMISSION ASAP
 
Seems like the transfer attorneys are dragging their feet. It's been over 2 weeks since the seller appointed them, and they haven't even requested any documents from me. Only made one call to tell me they have been appointed. Is this normal?
 
Just a warning : Double check your transfer attorney's are legit ! Heard a few stories last week that transfer was done via the deeds office. And the transfer attorney's AWOL with the monies paid over.
 
zerocool2009 said:
Just a warning : Double check your transfer attorney's are legit ! Heard a few stories last week that transfer was done via the deeds office. And the transfer attorney's AWOL with the monies paid over.
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They are legit. Since around 1950 as per their website. Big offices and all. I am just confused about their silence. When the agent phoned them last week, they said they will send an update via email every Friday afternoon but I haven't received any. So I was wondering if it's typical for transfer attorneys to remain silent like that.
 
s898 said:
They are legit. Since around 1950 as per their website. Big offices and all. I am just confused about their silence. When the agent phoned them last week, they said they will send an update via email every Friday afternoon but I haven't received any. So I was wondering if it's typical for transfer attorneys to remain silent like that.
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We get updates via email every Friday from the transfer attorneys for the house we are buying, less for the sale of our house but that is less of an issue for us.
 
s898 said:
They are legit. Since around 1950 as per their website. Big offices and all. I am just confused about their silence. When the agent phoned them last week, they said they will send an update via email every Friday afternoon but I haven't received any. So I was wondering if it's typical for transfer attorneys to remain silent like that.
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ALL parties involved in the transaction should receive WEEKLY STATUS REPORTS once the Conveyancers (Transfer Attorneys) have received their instructions.
Suggest contacting the estate agency Principal to raise your issues.
 
So I got the following statement from the transfer attorneys. I don't understand what is this "To Fee for Investment" means! It doesn't make sense.
 
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Bond attorney is asking me to get a building insurance policy. Below is the message from them. Is this normal? Do I need to get a building insurance before the property is registered in my name?

Good day Sir
The building insurance must be in place before we can proceed with registration of the bond to cover any losses / damage to the property.
The replacement value of the building must be Rxxx.00 and the policy must be ceded to Nedbank.
On receipt of the policy schedule, please forward a copy to me.
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s898 said:
Bond attorney is asking me to get a building insurance policy. Below is the message from them. Is this normal? Do I need to get a building insurance before the property is registered in my name?
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The banks probably need it, so it's before registration of the bond, not of the property. Iirc, @APoc184 went through something similar, but shopped around for his own insurance which was much cheaper than the quote supplied by the bank, and you can negotiate using the lower figure.

Is it a free-standing house?
 
s898 said:
Bond attorney is asking me to get a building insurance policy. Below is the message from them. Is this normal? Do I need to get a building insurance before the property is registered in my name?
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Bond-holder requires it to protect their interest in the value of the property you are mortgaging.
 
s898 said:
Bond attorney is asking me to get a building insurance policy. Below is the message from them. Is this normal? Do I need to get a building insurance before the property is registered in my name?
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Yes. Go to the Naked app, get a quote, request it from transfer date and get a certificate from them, which you send to the attorneys.
 
RanzB said:
The banks probably need it, so it's before registration of the bond, not of the property. Iirc, @APoc184 went through something similar, but shopped around for his own insurance which was much cheaper than the quote supplied by the bank, and you can negotiate using the lower figure.

Is it a free-standing house?
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yes, it's free standing house in a small complex but there's no body corporate.
 
RonSwanson said:
Yes. Go to the Naked app, get a quote, request it from transfer date and get a certificate from them, which you send to the attorneys.
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Thanks. I tried Naked's Building cover and got a quote. But they only allow up to a month before the cover starts. I don't think the transfer would take place within a month though. I don't mind paying 1 month extra but I am not sure if it's legal to have the cover while the property is not in my name.
 
s898 said:
Thanks. I tried Naked's Building cover and got a quote. But they only allow up to a month before the cover starts. I don't think the transfer would take place within a month though. I don't mind paying 1 month extra but I am not sure if it's legal to have the cover while the property is not in my name.
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Get hold of Rose via email and ask her:

[email protected]
[email protected]

edit: otherwise tell the attorneys that you will be using Naked, and tell them that you will be firming up the deal closer to the time. Don't be afraid of them, they get lots of money from you and they ought to be able to work out something that is acceptable to all 3 parties.
 
s898 said:
Bond attorney is asking me to get a building insurance policy. Below is the message from them. Is this normal? Do I need to get a building insurance before the property is registered in my name?
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Yes . Insurance is a must , same as buying a car. It will be a precondition of the bond being granted
 
s898 said:
Thanks. I tried Naked's Building cover and got a quote. But they only allow up to a month before the cover starts. I don't think the transfer would take place within a month though. I don't mind paying 1 month extra but I am not sure if it's legal to have the cover while the property is not in my name.
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Yes, you will have to get building cover however the building cover will only be payable upon successful transferring of property.

See below snippet of cover letter from OOBA

1663573601059.png

I however changed to FNB and pro-rata debit order went off the day after successful registration, which was about 2 months after I received my policy confirmation, so no need to worry about paying prior to registration..
 
Moepa said:
So I went for it - signed otp - now waiting for banks to get back to me with a loan.
will just have to cancel lease & give notice if loan comes through
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Hope everything works out. Going to be nice not having to stress about rent and landlords and agents anymore.

I did inform our new landlord that we are currently renting but with the intention to buy and did not look like they have a problem with this. So when the time comes Im sure they will hopefully work with us. We waited since April for our current accommodation because the previous tenant was buying and it took longer than expected and the landlord said unfortunately we will have to wait till they have finalised stuff. So we respected that as we know one day we will be in the same position, and waited patiently for 6 months for them to move out.

If only everyone had respect for each other in the rental industry it is really not a bad way to live. But greedy filthy slithery agents have made it unbearable.
 
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