Sold house, how long should I wait for my money?

[gregmcc]

So I sold my house, the buyer moved in on the 2nd.

All done via a estate agent/lawyer etc.

Now how long should I wait until I get paid? I thought I would see it on the 1st but since it was a holiday i then thought it would happen on the 2nd. Still nothing

Before I go and crap all over the lawyer, should I have been paid on the 1st? How long does this process normally take?

 

[Pho3nix]

Forgive me for asking this as I'm not a property guru but ... why move out if you hadn't been paid?

 

[bwana]

Forgive me for asking this as I'm not a property guru but ... why move out if you hadn't been paid?

Occupational rent until the transfer is complete?

 

[gregmcc]

Forgive me for asking this as I'm not a property guru but ... why move out if you hadn't been paid?

If you don't move out by the date set in the contract then you need to pay the buyer occupational rent.

 

[Pho3nix]

If you don't move out by the date set in the contract then you need to pay the buyer occupational rent.

But then in the same breath;aren't they supposed to make sure the money has been paid out before moving in?

 

[cerebus]

It can take a few days. My parents in law just sold and moved out end of month, and I think the money will clear today for them.

 

[Purply]

Ye occupational rent until you get paid as it can take up to 3 months sometimes, depending on where in the process the documentation is.

 

[gregmcc]

Ye occupational rent until you get paid as it can take up to 3 months sometimes, depending on where in the process the documentation is.

Say what?! Up to 3 months??!!

So in the meantime I must get paid occupational rent.

 

[Celine]

you will get your money when the transfer has gone through.

 

[gregmcc]

you will get your money when the transfer has gone through.

How long does that process normally take?

 

[atomcrusher]

So in the meantime I must get paid occupational rent.

It depends on the wording of the contract, i.e. the Offer to Purchase, or any addendum thereto. I assume occupational rent (to benefit either the seller, or buyer, as detailed) was written into the sale documents?

 

[ToxicBunny]

How long does that process normally take?

Depends.. but usually 7 days from the date the papers are lodged with the Deeds Office.

But if the buyer has moved in and transfer hasn't taken place, they should be paying occupational rent (as far as I understand)

 

[atomcrusher]

How long does that process normally take?

I sold a property in the WC recently. Entire process from acceptance of the OTP by both parties, to registration of the property in the new owners name, took just over 3 weeks.

I also sold a property in Jhb, and that process took almost 6 months, mainly due to gross incompetence of the City of Jhb, and the delays in the Gauteng Deeds Offices.

Take heart, the W Cape Deeds office seems to be jacked up, and provided all documents are correct, and the transferring attorneys, are diligent, it should not take long

 

[gregmcc]

@atomcrusher. Yes occupational rent was written in to the contract.

Guess I will probably only see the money next week if I'm lucky.

 

[Skywalker786]

How long does that process normally take?

Greg, have you not had a discussion with your estate agent on the process. If not i suggest you do this immediately so you can manage your expectations.

Whats probably going to scare you even more is that there is a strike at the City of Jhb offices so there will probably be delays in the issuance of your rates clearance certificates, a major requirment to finalise the registration of your bond.

Get a hold of your estate agent immediately to get a detailed report on the current situation

BTW, have you already bought another house?

 

[gregmcc]

I had a discussion a while back and know the whole process can take up to 90 days from OTP until completion of the transfer.

I was just under the impression the day the buyer moves in the is the day you get paid.

 

[sgs]

Occupational rent also only gets paid out with the proceeds of the sale. So all of that will "accumulate" until the day transfer takes place. At that point the whole amount gets paid out to you - usually within a day or 2, depending on how jacked the transfer attorney is.

Talk to the transfer attorney / estate agent. They work for you - you appointed them. They are the ones that best know where in the process everything is and can give you the best advice.

 

[w1z4rd]

you will get your money when the transfer has gone through.

I laughed when I read this. Super helpful

 

[Fudzy]

Have they managed to speed up the SARS process? I sold right as they were centralizing all of their systems. Took me 3 loooooong months to get that money. That was 2 years ago and I'm still feeling the repercussions.

Really hope yours takes a lot shorter than that.

 

[flatline2010]

you will get your money when the transfer has gone through.

Even better the JHB deeds department is currently on a go slow, they move pretty glacial when not on a go slow, they must be going in reverse at the moment