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.