Results 1 to 10 of 10

Thread: Signed a Bond quotation with agency from Nedbank--I want to cancel

  1. #1
    New Member
    Join Date
    Jan 2012
    Location
    Centurion
    Posts
    8
    Thanks
    0
    Thanked 1 Time in 1 Post

    Unhappy Signed a Bond quotation with agency from Nedbank--I want to cancel

    Hi,

    I have bought a new development house,i just saw the land where it will be built. Now when I was about to go sign with attorneys,I was told that it is not a stand alone house, Its like a hostel or a complex. they have started building other houses,so I went to see. I dont like it. I told them I want to cancel. But I heard that I must pay damage or cancellation fees from people. I called the agency,they said I dont have to pay anything ,but I dont trust them because before I was told i'm getting a stand-alone and now i'm not.

    Is it true that I have to pay fees and how much do they cost,my bond is for R310 000???? I need to know because if its too much like R40000 then i would have to take the bond,since i dont have a choice,and maybe...i will see what happens next.

  2. #2
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    It can be a bit tricky buying off plan, particularly if you're not familiar with the developer's work.

    I called the agency,they said I dont have to pay anything ,but I dont trust them because before I was told i'm getting a stand-alone and now i'm not.
    Just get it in writing...

  3. #3
    Diamond Member AndyD's Avatar
    Join Date
    Jan 2010
    Location
    Cape Town
    Posts
    4,923
    Thanks
    576
    Thanked 934 Times in 755 Posts
    What documents have you signed so far with the agency or developers? Do you have copies of these documents?
    _______________________________________________

    _______________________________________________

  4. #4
    New Member
    Join Date
    Jan 2012
    Location
    Centurion
    Posts
    8
    Thanks
    0
    Thanked 1 Time in 1 Post
    I have only sign the offer to purchase and the Quotation from the bank. I have a copy of the quotation stating the price of the bond and installment amount. It also says its legally binding(i don't know what this means). It seems that the agency or developers is one company.

  5. #5
    New Member
    Join Date
    Jan 2012
    Location
    Centurion
    Posts
    8
    Thanks
    0
    Thanked 1 Time in 1 Post
    the manager called now,he said I must pay their commision and lawyers fees,because they have already draft the contract. which comes to around R20 000.
    I called Clientelel legal since I have a policy with them and they said,they don't cover such matters. I think i just have to take it and avoid too many issues,I would see what I can do with it later. I dont know why this agency people lie ...

  6. #6
    Moderator IanF's Avatar
    Join Date
    Dec 2007
    Location
    Jhb
    Posts
    2,679
    Thanks
    197
    Thanked 529 Times in 405 Posts
    I would try the consumer commission
    An unfair business practise is:
    It is any business practice which directly or indirectly has or is likely to have the effect of:
    Harming the relations between businesses and consumer.
    Deceiving any consumer.
    Unfairly affecting any consumer.
    Website contact details

    The legal policy not helping is not very good either
    Only stress when you can change the outcome!

  7. #7
    Diamond Member Justloadit's Avatar
    Join Date
    Nov 2010
    Location
    Johannesburg
    Posts
    3,479
    Thanks
    134
    Thanked 695 Times in 593 Posts
    Blog Entries
    1
    I hate these legal services which collect your monthly payment, and when you need them they simply say that it is not their port folio. Well then what is their portfolio, and what service are they offering for this monthly fee. - Always ask questions, and if you do not understand the answer, then ask them to explain it again, and again until you understand. Why do you just accept Clientelel's response?

    Maybe you should approach a lawyer, which will cost you far less than the deposit. Take the papers with you and he will advise you. Why should you continue with something that is going to burden you for the next 20 years. Remember that there is the CPA to help you in this task as well, and when property is involved or what is referred to as "Fixed Assets", very specific laws apply. If they are found lying, then you are not required to honour the agreement and can cancel and get your deposit back, as the agreement was made under false pretenses.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  8. #8
    Site Caretaker Dave A's Avatar
    Join Date
    May 2006
    Location
    Durban, South Africa
    Posts
    22,648
    Thanks
    3,304
    Thanked 2,676 Times in 2,257 Posts
    Blog Entries
    12
    Any allowable cool-off periods in terms of the CPA might have expired, but there's always the issue of misrepresentation as an option to pursue (perhaps against Clientele Legal as well as the developer )

    Quote Originally Posted by khozamtho View Post
    I think i just have to take it and avoid too many issues,I would see what I can do with it later.
    One of my early thoughts on reading your first post went some way down a similar line. The mature approach might well be to pay more attention to whether you're getting value first, and worry about whether you like what you're getting second. That way you could sell on with a reasonable return...

  9. #9
    Gold Member
    Join Date
    Jun 2010
    Location
    Johannesburg
    Posts
    843
    Thanks
    181
    Thanked 177 Times in 146 Posts
    Quote Originally Posted by khozamtho View Post
    I called Clientelel legal since I have a policy with them and they said,they don't cover such matters.
    What? Thats ridiculous. I'd cancel that policy immediately. Without knowing details, they advertise to assist you in legal matters, not to pick and choose which ones.

  10. #10
    New Member
    Join Date
    Jan 2012
    Location
    Centurion
    Posts
    8
    Thanks
    0
    Thanked 1 Time in 1 Post
    thanks for your advice guys.

    I have decided to take the bond,since its a new development and i'm not paying any deposit,not even registration cost. BUT if i have to get another lawyer then i have to pay him,besides I went to check the place again,i think the is a chance of the value going up. I will stay there for sometime and if i don't like it, I can move out and rent it out.

    @BusFact, yes this Clientele legal thing is very useless, Its the second time they are giving me this answer. Before signing the bond documents,i asked them to please look at the contract and see if maybe the are some hidden things and maybe explain the legal jargon that was there. They said they don't deal with such, if they did help me,maybe this would have been avoided.

  11. Thanks given for this post:

    Dave A (02-Feb-12)

Similar Threads

  1. Getting up the ladder at Nedbank
    By Slippy in forum General Business Forum
    Replies: 4
    Last Post: 12-Dec-11, 11:28 AM
  2. Replies: 4
    Last Post: 20-Oct-11, 03:24 AM
  3. [Question] Nedbank Bond Admin Fee
    By anakin in forum General Business Forum
    Replies: 4
    Last Post: 24-Jan-11, 08:27 PM
  4. [Question] How to cancel a property sale legally?
    By Bingmiao in forum General Business Forum
    Replies: 2
    Last Post: 26-Jun-09, 08:29 PM

Tags for this Thread

Did you like this article? Share it with your favourite social network.

Did you like this article? Share it with your favourite social network.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •