Thanks for dropping by Safe Investing South Africa. I am on a journey to build wealth my way. For any questions or comments, feel free to contact me.

21 Aug 2013

DECEASED ESTATE TRANSACTION UPDATE

A few weeks ago I wrote an update on my deceased estate transaction. I had basically thrown a towel as this transaction is approaching a full year in existence. I actually sent a "thanks but no thanks" type of email to the lawyers when they sent me this:
Dear Mrs... Thank you for your email of the 20th of July. You are quite correct to say that this has been a tough transaction but we have reached the stage where the transfer documents have now been forwarded to Cape Town for registration in the Deeds Office. We anticipate registration to occur towards the end of August. 
Yours faithfully
Ok, it seems that we are finally putting this matter to rest. We are to pay the remainder of the money beginning of September. What I found interesting though is the email from the lawyer that reads:
Dear Mrs...
As we are expecting registration early September 2013 please let us have the purchase price iro the above-mentioned transaction.
Please note that there has been a delay caused by FNB losing the original Title Deed and Bond which has to be simultaneously cancelled with registration of transfer.
Awaiting to hearing from you shortly.
Then the bank delays this process further. But really, it doesn't matter much. I still think the transaction was worth the wait. I managed to lock the price for the whole year. I only paid the lawyers fees in the year and kept my money in the money market account for the year.

What is exciting me the most is the fact that I will do a small development in this property. I may add a few two bedroom units in the land. Lets hope the municipality wont give me problems. if they do, I may have to re-sell the property. It would hurt to do that because even my parents went to see it. They really loved it.

Well, that's my deceased estate transaction update. Will I ever buy from a deceased estate again? I don't know. I actually doubt it. Would you consider buying from a deceased estate?

0 comments:

Post a comment