No. Nedbank's main objective is to minimize the default indebtedness of the property’s previous owner. Nedbank does attempt to cover the costs incurred through the purchase of the property and sale in execution process.
Who owns the Nedbank properties in possession?
All repossessed properties listed by Nedbank were previously bonded by Nedbank. When the previous owner defaulted on their financial obligations the property was put up for sale at public auction. When a property does not reach its asking price it is bought by Nedbank. As such, properties in possession are registered to, or in the process of being registered to, Nedbank.
How long does it take to register a repossessed property?
The process of registering a repossessed property in an individual’s name is more complex than a transfer between private individuals. Nedbank endeavours to make the process as swift as possible, but the registration may take between 4 and 6 months.
SUMMARY
Nedbank does NOT sell properties via online auction –
repossessed properties are listed on the MyRoof.co.za website.
Nedbank owns properties in possession and as such reserves the right to accept or decline offers at their sole discretion.
The buyer corresponds directly with Nedbank during the offer and purchase process.
Terms and Conditions
Nedbank Ltd does not guarantee vacant occupation
After the purchaser has inspected the property, he/she agrees and accepts the risks associated with the property.
If there is an error in the description of the property, such error will not be binding on the parties, who will in such an event be entitled to rectification of this agreement to describe the property as set out in the seller’s title deed.
It is agreed that the seller is obliged only to provide the purchaser with the keys that it has in its possession.
The seller will have no liability should it be found that the electrical wiring, installations and connections are faulty in the buildings on the property.
The purchaser purchases the property "as is" without warranty or any further representation as to its condition, nature or extent and subject to such conditions and servitudes as are mentioned or referred to in the current title deed or that have been imposed by law. The seller will not profit from any excess nor be answerable for any deficiency in the nature or extent of the property.
Conditions of Sale
Nedbank will not accept any offer to purchase that is subject to the sale of an existing property.
No renovations or alterations may be done to the property before registration of the property in the purchaser's name.
Transfer duty: No transfer duty is payable, which is a substantial cost saving.
Fees payable by purchaser: Transfer and registration costs are for the account of the purchaser.
Occupation of the property: The bank does not guarantee vacant occupation of the property. Should the property be occupied, the purchaser will have to obtain vacant occupation at his/her own cost.
Outstanding rates and taxes: Nedbank will pay all outstanding rates and taxes on the property until the date of registration or the date of occupation, whichever occurs earlier.
Reservation fee: The reservation fee is a non-refundable deposit payable in cash or by electronic funds transfer. No cheques will be accepted. The amount payable for the reservation fee depends on the purchase price of the property:
For a purchase price of up to R250 000
R 2 500
For a purchase price from R250 001 to R750 000
R 7 500
For a purchase price of R750 001 and more
R 12 500
The reservation fee must be paid into our account within two business days of receipt of the approval-in-principle letter (details are in the letter).
If we do not receive the reservation fee within two days of the issue of the approval-in-principle letter, the offer will be automatically revoked.
Once we have received the reservation fee, you will have 19 days from the date of the acceptance letter to provide proof of final bond grant or of cash available
The 19 days will not be extended.
The deposit will be forwarded to the transferring attorney once the proof of bond grant or of cash available has been received.
The deposit will be used towards the transfer costs.
If you do not obtain a final bond grant within the stipulated 19 days, the deposit will be forfeited and the offer will be revoked
