FREQUENTLY ASKED QUESTIONS
LET US ANSWER SOME OF THE MOST ASKED QUESTIONS ABOUT PREEKSTOEL
01.
What is the Reservation Fee and is it refundable?
The Reservation Fee is R15,000 and it is only refundable if your bond application is unsuccessful. It must be paid to the conveyancer’s trust account within 24 hours of the Date of Signature.
02.
How much is the deposit and when should it be paid?
A deposit of at least 10% of the Purchase Price, less the reservation fee, is required within 14 days of the date of signature.
03.
What are the payment options for the deposit?
Cash payments can be made via a written guarantee by a South African registered Commercial Bank within 30 days from the date of signature, or directly to the conveyancer’s trust account within 7 days upon request.
04.
Is a building contract required?
No, a building contract is not necessary for Phase 1 and Phase 2. You have the option to purchase the erf now and build at a later stage.
05.
When must the bond over the property be obtained?
The bond must be obtained and accepted within 30 days of the signature.
06.
What is the Stabilization Levy and when is it due?
The HOA stabilization levy is a proactive measure to build up reserves and prevent financial shocks to the homeowners' association and the residents it serves. It's a way to smooth out costs and keep the community on solid financial footing. A once-off Stabilization Levy of R10,000 is due upon registration of Transfer.
07.
Are there any monthly charges after the transfer?
Yes, monthly levies of R1,500 commence from the registration of Transfer.
08.
Who do I contact for conveyancing matters?
For conveyancing, contact Andrew Heiberg at Fairbridges Wertheim Becker Inc.,
- telephone 021 405 7300, or
- email andrew.h@fwblaw.co.za.
09.
Who can assist with bond origination?
For bond origination, contact Sonet Calitz at Mortgage Max,
- office 044 871 0083,
- cell 082 800 1966, or
-email sonet@mortgagemax.co.za.
10.
What annexures and additional documents are required with the agreement?
The agreement must include signed and dated annexures such as the approved general plan, site development plan, shared links to the Constitution, Architectural Guidelines, HOA rules, and Builders Vetting Process.
11.
How is the sales transaction secured financially?
The transaction must be secured by acceptable funding, either through cash or by applying for a mortgage bond. An appointed person will facilitate this process for you.
12.
What is the procedure after the financial guarantee is signed?
Once the finance is in place and all documents are signed, they are forwarded to the transferring attorneys. They will draft the legal documents for your signature and apply for a clearance certificate and any other required documentation to transfer the process.
13.
Does the price include all transfer duties and costs, or do I have to pay additional fees?
Transfer fees and transfer duty are included; any bond costs will be for the buyer’s account.
14.
How do I buy an erf?
Pay a R15,000 commitment deposit within 48 hours and the balance of the 10% deposit within 30 days of signature of the land sale agreement.
15.
What documents must bring with me to purchase a unit?
Copy of your ID or proof of the entity the property will be registered in.
16.
What if I do not get a home loan – will my deposit be refunded?
Yes.
17.
Can I buy a unit subject to the sale of my property?
Yes, but there will be a 72-hour notice allowing you to make the offer unconditional should another purchaser want to buy the stand.
18.
How much is the monthly levy?
The levies are estimated at R1,500 per month plus a once-off levy stabilization payment of R10,000 upon transfer of the erf.
19.
What does the levy cover?
Access security, and maintenance of the common areas of the estate.
20.
When is the first levy due?
Once the erf has been transferred into your name.
21.
Who is responsible for monthly electricity, water, and rates?
Once the erf has been transferred, the buyer will be responsible for these costs.
22.
Can I get a plot and plan or a building loan?
Yes, you can, and we can assist you with this loan through our in-house mortgage originator.
23.
How long before I must start construction on the house?
-
You will be required to commence building immediately upon transfer of bonded plot and plan properties.
-
All building operations must be completed within 24 (twenty-four) months from the FIRST transfer of the Erf from the Developer to the first registered owner.
-
For phase 1 and phase 2, the 24 (twenty-four) month timeline will not be applicable. For future phases and current contracts, the timelines will be according to the specified sales agreements.
24.
How much time do I have to complete construction once it has started?
You have 12 months.
25.
Will there be onsite management services?
There will be a Homeowner’s Association and the developer will always be represented during the development.
26.
Can I use my own architect?
The estate has appointed architects you can choose from. You can appoint your own architect, but the estate aesthetics committee will approve all designs to ensure they are in line with the estate guidelines, and at a fee of R5000 for 2 reviews.
27.
Can I use my own builder?
-
Yes, you are allowed to use your own builder for Phase 1 and Phase 2, as negotiated in the sales agreement. However, they will need to undergo a vetting process to ensure they meet the estate's standards and requirements.
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Alternatively, we have our own building company that can provide a comprehensive quote for a full turnkey solution, including administration and costs for all professionals and fees, as well as NHBRC registration. This option can provide a hassle-free experience and ensure that all construction is done to the highest standards.
28.
Who is the professional team e.g. Builder, Architect, Developer, Conveyancers, Bond Originators?
Architects:
-
Architectural Responsive Design (Pty) Ltd (ARD)
-
Mere Group (Pty) Ltd (MERE)-
Developer:
-
Vivren Properties (Pty) Ltd
Conveyancers:
-
Fairbridges Wertheim Becker
Bond Originators:
-
Mortgage Max
29.
Will there be plans that I can choose from? Where can I see them?
Yes, there are various standard plans available and can be viewed on our website.
30.
Can I design my own house?
Yes, you can, but within the architectural guidelines.
31.
Will there be an internet connection?
A fibre network will be installed by the developer. Owners are required to subscribe to an ISP to provide their individual connections and equipment.
32.
What security measures will there be?
Full security includes access control and security fencing.
33.
Are pets allowed?
Yes, within the estate house rules and guidelines.
34.
Will I be allowed to rent out my property?
Yes, within the guidelines set out in the estate rules.​
35.
Will there be schools?
There will be no schools within the development.
36.
Has the Homeowner’s Association been established?
The HOA was established and will be activated at the first HOA inaugural meeting.
37.
What amenities and recreational areas will there be?
Walking tracks, a clubhouse, and play parks.
38.
When will the estate entrance gate be completed?
The gatehouse will be completed in 2025.

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