As we are all well aware, the current economic state in South Africa remains at a struggle. One of its end results is the cancellation of mortgage agreements, because the borrowers defaulted in payment of the agreed installments on his/her mortgage loan. This leads to legal action instituted by the attorneys instructed by the associated bank and a judgement is obtained in high court. The property is then attached and sold by the Sheriff at a sale in execution. If the auction of the property results in a price lower then the bank’s reserve price, the property is bought into possession.
This repossessed property is also known, and commonly referred to, as Property In Possession, or PIP in short.
The public can now purchase a Property In Possession (PIP) directly from the bank. Many advantages arise when considering the purchase of a Property In Possession (PIP). Advantages are:
- When you buy as a non-VAT vendor, No transfer duty will be payable (this is the fee due to South African Revenue Services),
- The property rates and taxes will be covered by the bank until the date of registration,
- The transfer involved is often processed much quicker to minimize maintenance costs of the property for the bank, and
- Many repossessed properties may require repair and renovation. This can be viewed as an excellent opportunity for investors to upgrade the property and increase its value significantly.
Some additional information concerning Property In Possession (PIP):
- The property for sale will be sold “voetstoots” (as is) and the bank is not accountable for any repairs to the property,
- Alarm systems are not always included in the purchase price,
- Conveyancing fees in respect of transfer and bond registration costs will be called for by the conveyancers to enable registration of transfer and any bonds in the Deeds Registry. Only conveyancers on the bank’s panel of conveyancers will be used for this process.
- There is no warranty presented by the bank that the purchaser will be able to obtain vacant occupation of the property,
- In the case where a property is guarded, an appointment must be made with the specific security company prior to viewing the property.
If you are interested in buying a Property In Possession (PIP) from First National Bank, why not go and check out the available offers on the MyRoof website. You can go and make an offer online right now. Online offers take less than one minute to do!
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