A fee of R10’000 is charged on all purchases of vacant land facilitated by Basic Blac.
A fee of R20’000 is charged on all purchases other than vacant land over R200’000 facilitated by Basic Blac and R10’000 for smaller purchases.
All other fees are calculated into the transaction when speculating.
CALCULATIONS WHEN BUYING AN AUCTION PROPERTY R 145,326.41 Total return to client R 70,000.00 Deposit received by client R 75,326.41 ESTIMATED NETT PROFIT R 10,109.53 Interest on purchase price R 6,000.00 Repair works done R 399.00 Provision for electrical certificate R 26,366.30 New purchasers fees R 7,721.76 Your Transfer fees R 12,900.00 Arrears rates & Taxes R 20,000.00 Basic Blac Fee R 9,177.00 Sheriff's fee R 402,000.00 Purchase price on Auction R 30,000.00 Agent commission R 600,000.00 Selling Price
WHEN MUST GUARANTEES BE DELIVERED TO THE SHERIFF’S ATTORNEYS?
Each contract has its own requirements but the standard is 14 - 30 days after date of the auction. Due to the volumes the sheriff attorneys have a backlog giving you more time. However, we advise that you are credit worthy.
IS IT NECESSARY TO TRANSFER THE PROPERTY INTO MY NAME FIRST BEFORE I CAN RESELL IT?
The idea with our concept is to market and resell the property before it is registered into your name. When the new purchaser’s bond is approved, all guarantees are issued against the new purchaser’s bond and will it not be necessary for you to register a bond to finance the property.
The property will then be transferred simultaneously
If you are unable to resell the property before the pressure of the Sheriff’s attorney is too much, then the property will be transferred into your name with a bond to finance the transaction (if you are not able to buy cash).
According to the Conditions of Sale, all risks and benefits pass to you on date of the sale. You are entitled to immediate access of the property. If the property is vacant, you may take occupation thereof. If there is a tenant /the owner in the property, you are entitled to demand rent from them with immediate effect.
All risk passes to you as well. We suggest that you place the property on your existing short term insurance until you resell the property and transfer has taken place into the new purchaser’s name.