Sign up with GoogleHi Guys
Seeing as everyone is asking property questions today, I thought I will jump in as well.
I bought off plan and the payment for the property was split up into the following:
My deposit, paid to the attorneys
Standard Bank Building loan (changes to a bond once completed), making progress payments as needed.
Now my problem at the moment is there is a shortfall to the developer, which is exactly my deposits amount. The first thing some of you might be thinking is I did not service the interim interest, but I covered all the interest as the loan progressed.
After lots of emails and checking, it seems my deposit was paid into the building loan right at the start. Now Standard Bank say the deposit should not of been paid into the building loan account, as it is treated as a normal payment from me to service the interest. (Which I was doing, with different amounts as I had cash.) The attorneys are not really providing any real answers, they are getting my documents out of archives. Which usually means they are going to trawl though the mountain of documents they handed me and point to some agreement I signed, although I cannot find any document specifically stating where the deposit goes.
It's also not possible for Standard Bank to reverse this as interest has been calculated since inception. The account has also progressed from a Building loan to a normal bond.
Can anyone who has been through something similar (bought off plan) clarify this, where did your deposit go after you paid it to the conveying attorneys?
I unfortunately don't have my deposit lying around in cash to settle with the developer, so in my view someone else has to take the punch, as I followed all procedures as required.
Seeing as everyone is asking property questions today, I thought I will jump in as well.
I bought off plan and the payment for the property was split up into the following:
My deposit, paid to the attorneys
Standard Bank Building loan (changes to a bond once completed), making progress payments as needed.
Now my problem at the moment is there is a shortfall to the developer, which is exactly my deposits amount. The first thing some of you might be thinking is I did not service the interim interest, but I covered all the interest as the loan progressed.
After lots of emails and checking, it seems my deposit was paid into the building loan right at the start. Now Standard Bank say the deposit should not of been paid into the building loan account, as it is treated as a normal payment from me to service the interest. (Which I was doing, with different amounts as I had cash.) The attorneys are not really providing any real answers, they are getting my documents out of archives. Which usually means they are going to trawl though the mountain of documents they handed me and point to some agreement I signed, although I cannot find any document specifically stating where the deposit goes.
It's also not possible for Standard Bank to reverse this as interest has been calculated since inception. The account has also progressed from a Building loan to a normal bond.
Can anyone who has been through something similar (bought off plan) clarify this, where did your deposit go after you paid it to the conveying attorneys?
I unfortunately don't have my deposit lying around in cash to settle with the developer, so in my view someone else has to take the punch, as I followed all procedures as required.