FNB Quick Sell Insolvent Estates

A property becomes an Insolvent Estate Property where a customer has been sequestrated and the Master of the Supreme Court appoints a liquidator/trustee to manage the estate.

General information about Insolvent Estate properties:

• A 10% deposit is required to be paid into the trust account of the trustee when the purchase price is between R 1 to R 750 000.00
• A 5% deposit is required to be paid into the trust account of the trustee when the purchase price is higher than R 750 000.00
• There is no discount on attorney fees as per Quick Sell Private Sale Properties
• The property is sold ‘as is’ with no suspense conditions allowed
• Risk, possession and occupation of the property passes to the purchaser on date of confirmation of the sales agreement by the liquidator/trustee
• Occupational rental is payable to the estate at a rate of 1% per month on the purchase price
• The purchaser is responsible to obtain an electrical compliance certificate
• The sales agreement is subject to approval by the Master of the Supreme Court
• Guarantees are to be delivered within 30 days of confirmation of the sales agreement by the liquidator/trustee
• Only the conveyancers on FNB's panel of conveyancers will be used.