When can I as purchaser take occupation of the property?

This depends on the terms of your sale agreement. Your sale agreement would typically stipulate when you are entitled to occupy. It will sometimes be a specific date, for example; 1 June. Often the occupation date is, however, linked to the registration date of the transfer of the property at the deeds office. In such […]

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Who must obtain the electrical certificate of compliance?

The electrical certificate of compliance in terms of the relevant Electrical Installation Regulations, 1992, framed under Act no 6 of 1983, as extended by Act no. 85 of 1993 is also commonly referred to the “COC”. The contract of sale will typically stipulate that the seller has to obtain the COC at his cost. If […]

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Who qualifies for a government subsidy for the purchase of property, also referred to as FLISP?

Financed Linked Individual Subsidy Program, better known as FLISP, was developed by the Department of Human Settlements to enable sustainable and affordable first-time home-ownership opportunities to South African citizens and legal permanent residents. Only purchasers who fall into a certain salary category qualify. You should be able to find the relevant information on this site: […]

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What if there is a shortfall on the seller’s finances? In other words, there is not enough money available to cover the outstanding balance on the existing mortgage loan of the seller?

We can ask the bank to reduce the cancellation figures (the amount payable to the bank upon the cancellation of the mortgage bond) so that the transaction can indeed proceed. The banks are often prepared to grant considerable discounts on the cancellation figures, provided the seller signs an acknowledgement of debt to pay off the […]

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How much money will I as seller receive?

  You will receive the purchase price less amounts such as: the outstanding balance on your existing mortgage bond also called cancellation figures; (please note that the interest on your bond will keep running until the registration date; you should notify your bank of the sale to limit any penalty interest that the bank might […]

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